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Most credit cards come with a fraud protection guarantee that helps keep your account safe from unauthorised transactions. Also known as zero liability or fraud money-back guarantees, these policies allow you to get a refund if fraudulent charges are made to your account.
Here, you can compare credit cards that offer fraud protection guarantees and learn how this feature works. We also go through a range of other credit card security services and what else you’ll need to compare so you can find a credit card that works for you.
This security feature protects you against the loss of money from fraudulent transactions. To get your money back after fraud, you’ll need to report any unauthorised transactions to your credit card provider as soon as possible. They will then investigate the charges to confirm that the activities are fraudulent. After that, your provider will put the money back into your account and follow up with any other steps needed to protect your credit card from future fraud (such as issuing you with a new card and cancelling the old one).
You should contact your credit card provider immediately if your card is lost or stolen, or if you suspect a criminal has accessed your details online. That way the provider can protect your account against future fraudulent transactions. This step could also help speed up the refund process if fraudulent transactions are made after your card has been lost or stolen
Each credit card provider has slightly different processes around fraud and they are outlined in your credit card terms and conditions. But generally, you’ll need to meet the following requirements to be covered by a fraud money-back guarantee:
How to avoid credit card fraud, traps and scams
Depending on the credit card you choose, you could enjoy added protection on your account with the following features:
Many credit cards now let you tap-and-go for payments under $100. While this can be convenient when you’re in a hurry, it also gives people a way to use stolen cards without instant detection.
Fortunately, contactless payments will also be covered by your card’s fraud guarantee or zero liability policy. So if your card is stolen and used for tap-and-go transactions, you’ll still be able to get your money back.
The same applies to transactions made from a mobile app, such as Apple Pay, Google Pay or Samsung Pay. As well as being covered by your card’s fraud protection, these apps have their own security features, including security codes or thumbprint verification that can add another layer of security to your account.
Find out more about contactless payment technology
Keep these features in mind so you can find a card that offers you security and other benefits to suit your spending habits and goals:
Whether you're shopping in a store, online or over-the-phone, credit cards come with a variety of features to help keep your account and your money safe. Now that you know more about fraud protection guarantees, you can compare a range of different credit cards and find one that offers the right mix of features for you.
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