Imagine you check your online statement and, to your surprise, there is a charge on there that you didn’t make? And to make things worse, the transaction was originated from a location where you don’t even travel! Immediately you get scared because you don’t know if you are responsible for this charge and you have other bills to pay, so you definitely need the money. The good news is that the 1975 Fair Credit Billing Act (FCBA) will protect you from those unauthorized charges.

According to the NY Times article, “Disputing a Charge on Your Credit Card,” in the 12 months leading up to Sept. 30, 2012 Visa had $765.9M in transactions under review and MasterCard had about 15M questionable transactions.  Granted that is only .037 percent and .05 percent of all transactions, but it’s still a lot of money and transactions!  Of these disputed transactions, about 20 percent of them are due to fraud.

Read More: 5 Ways to Effectively Dispute a Credit Card Transaction

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