Can a stolen credit card be recovered? Will the bank compensate?

Credit cards are a consumption tool in our daily lives, but when we use credit cards, we may sometimes encounter situations where the credit card is stolen. If your credit card is stolen, the impact will be quite serious. Regarding credit card fraud, some people also ask: Can credit card fraud be recovered? Will the bank pay compensation if my credit card is stolen? Let’s answer it for you today.

Can a stolen credit card be recovered?

There is a chance of recovery if your credit card is stolen. Once your credit card has been fraudulently used, you should immediately call the police and inform your bank. The bank and the police will try their best to help you recover your losses.

Probability of recovery for credit card fraud

If your credit card was stolen in China, the chance of recovery is not particularly high. Especially if the amount of fraud is small, the case cannot be filed.

If it is stolen abroad, because consumption abroad often requires pre-authorization, the chance of recovering the stolen money will be greater, because you can request to cancel the pre-authorization.

Is the cardholder responsible if the credit card is stolen?

If a credit card is stolen, it will not only involve the cardholder, but also the thief, the card-issuing bank, and the consuming merchant.

After you call the police, the liability and compensation proportion that each of the card-issuing bank, merchant and cardholder should bear will be determined based on whether there is any fault and the degree of fault.

So as long as you prove that you are not at fault in card fraud, you do not need to be responsible.

Will the bank compensate you if your credit card is stolen?

If it is confirmed that the credit card fraud is the bank's responsibility, then the bank will need to bear the losses caused by the fraud and compensate the cardholder.

In addition, most banks now have fraud protection. When your credit card is fraudulently used within 72 hours or 48 hours after reporting the loss, even the bank must protect the card holder. Compensation for losses caused by persons.

The above is the answer to "Can a stolen credit card be recovered? Will the bank compensate?" If your credit card has been stolen, you need to call the police immediately, as there is still a chance of recovery. If the card is stolen and swiped, the bank will pay a certain amount of compensation after it is verified that the cardholder is not at fault. And if the bank is responsible, it will naturally need to compensate.

What does credit card pre-authorization mean?

Many people use credit cards, but they don’t know much about certain functions of credit cards. A friend checked into a hotel and used his credit card to make purchases. At night, he found that his credit card had been blocked. Therefore, a series of credit card pre-authorization practices have emerged. What exactly does bank card pre-authorization mean? How long is the pre-authorization period? How should pre-authorization be used reasonably?

What does credit card pre-authorization mean?

Credit card pre-authorization refers to a transaction in which the card issuer or its agency confirms the permission to freeze the amount before deducting the money from the special merchant. The customer service staff of China UnionPay said that there are two ways to cancel the completed pre-authorized transaction. One is for the cardholder to swipe the card and perform the operation online; if the card cannot be provided, an application can be made to the acquiring bank and the transaction can be canceled through the inter-bank communication. Account adjustment completed. However, if the revocation is completed by swiping the card online, the pre-authorization is still there, and offline transactions can be performed (no card swiping is required). However, if the revocation is completed by other methods, the pre-authorization should be gone, and the card must be swiped for subsequent transactions.

The merchant freezes a portion of the cardholder's funds before consumption. Only after the cardholder signs the payment can the merchant formally deduct the funds. The frozen funds are neither directly deducted from the account nor transferred to the merchant's account, but are temporarily frozen. This is something that friends who often stay in hotels know better. For example, credit card pre-authorization is widely used in the hotel industry and the car rental industry.

How to avoid the risks caused by pre-authorization

The risk level of pre-authorization transactions is the same as that of ordinary card consumption. Please note that hotels or air ticket agencies may require it due to shortage of rooms or air tickets. The cardholder provides a credit card guarantee. If the customer needs to cancel the order, but the order is not processed before the time specified by the merchant, the merchant will deduct the one-day room fee or air ticket price as agreed. In this case, no chargeback can be made. Merchants can usually use manual card pressing or POS online processing to handle pre-authorization. The specific process is consistent with traditional consumption. Only during final settlement, pre-authorization is required to complete the transaction and complete formal transaction settlement.

The maximum limit of credit card pre-authorization

The pre-authorization limit generally does not exceed the upper limit of the card's available limit. Since pre-authorization only takes up the limit, when the merchant completes the confirmed transaction without pre-authorization, It is impossible to request money from the bank, so no handling fees and interest will be incurred. If the customer does not make settlement within 30 days after the pre-authorization occurs, the pre-authorization will be cancelled.

What should I do if my China Merchants Bank credit card is stolen and pre-authorized? Urgent

If you have a China Merchants Bank credit card and you receive an unknown consumption text message from our bank, or you need further confirmation of certain transaction information, please call our customer service hotline --- enter the account opening certificate number #- --- Check the password and enter the manual to assist you. If necessary, the staff will advise you to report the loss of your card. If fraud is involved, it is recommended that you report the case and the bank will assist the public security agency in the investigation.

What does credit card pre-sale right mean?

Credit card pre-authorization refers to a transaction in which the card issuer or its agent confirms the permission to freeze the limit before debiting the money from the special merchant.

Credit card pre-authorization does not equal actual payment, but only temporarily withholds a certain amount.

Example:

When a cardholder checks into a hotel, the hotel estimates the amount of consumption based on the number of days of stay and the hotel's prepayment deposit regulations, and requires the cardholder to swipe his credit card for "pre-authorization". Deposit is required immediately. The hotel cashier took away 1,200 yuan. In fact, the money was still on the credit card and was not paid to the hotel. It was just that the amount was frozen. The POS form was blank and was not a proof of bank card deduction.

When checking out, the hotel will destroy the original blank pre-authorization POS form and proceed with the "pre-authorization completion" procedure for checkout based on your actual consumption. (Some banks call it "pre-authorization confirmation").

The "Pre-authorization confirmation" form is a new form issued by the hotel. The hotel will ask you to swipe your card and sign again. The actual consumption amount will be deducted from the pre-authorization amount, and the remaining amount will be frozen funds. will be released. The amount swiped by the card at this time is the actual fee paid to the hotel.

Extended information:

Notes on using credit card pre-authorization:

1. Pre-authorization will occupy the credit limit

Credit card pre-authorization will occupy For credit card limits, generally speaking, the pre-authorized limit cannot exceed the upper limit of the card's available limit. Once the pre-authorization is confirmed, the corresponding funds in the card will be frozen and cannot be used until the pre-authorization is canceled or repaid after use.

Because credit card pre-authorization takes up the credit card limit, in order to prevent the limit from being insufficient when the pre-authorized transaction amount is relatively large, it is recommended that cardholders bring more cash or multiple credit cards.

2. How to unfreeze the pre-authorized limit

The cardholder can request the merchant to cancel immediately after checkout. Generally, the pre-authorized limit can be restored immediately. If the cardholder does not cancel in time, the bank will generally cancel it automatically after 30 to 45 days and restore the corresponding limit.

In addition, cardholders can also convert pre-authorization into actual consumption for deduction. If you pre-authorize 1,000 yuan and only actually spend 800 yuan, the remaining 200 yuan will be automatically returned to the card.

3. Carefully check the signature issued by the POS machine

When applying for pre-authorization, you must carefully check the signature issued by the POS machine. The transaction type will be clearly marked in the type column on the signature. , if it is a pre-authorized transaction, sign after confirmation. If not, discuss with the merchant to modify the transaction type.

It is recommended that cardholders activate the SMS notification function of their credit cards so that they can know their consumption status in real time.

4. If the credit card pre-authorization is not revoked, there will be subsequent risks

It is best to revoke your credit card pre-authorization immediately after the actual transaction occurs. This is because after the transaction is canceled or completed, if If the cardholder fails to process the pre-authorization within the time specified by the merchant, the merchant can revoke the pre-authorization or perform a deduction operation, and the bank will not refuse the payment. In other words, if you do not cancel the pre-authorized transaction in time, repeated deductions may occur.

5. Protect card information such as credit card verification codes

It is not uncommon to use credit card pre-authorization to steal credit cards. This kind of theft often occurs overseas. This is because foreign pre-authorization You do not need to enter a password to authorize the transaction. As long as the other party knows your credit card, expiration date, verification code and other information, the fraud can be completed. Therefore, to prevent pre-authorization fraud, it is necessary to protect the credit card information.