As you probably know, federal law limits your liability to $ 50 for unauthorized credit card charges. But this limit is applicable only if you notify your bank within 60 days. That is why it is absolutely crucial to check your bank statements and credit card regularly.
A retired Colorado learned this lesson the hard way. Don Godding never looked his statements. He simply made his minimum payments of $ 200 every month without ever knowing its actual balance. So when an identity thief charged nearly $ 11,000 to the Godding credit card within two months, Godding had no idea until it was too late. Since Goddard continued to pay and never denied the accusations, Bank of America assume they were legitimate, and when the card was discovered, Bank of America demanded $ 2,500 immediately. Since Goddard was not $ 2500, he decided to transfer the entire balance to a Chase account. In doing so, he assumed full responsibility for the debt, and now he was forced to take a part-time job to pay a minimum of $ 500 each month.
There are protections for consumers, but take some degree of personal responsibility in order to benefit from these protections. Godding blames himself, and said, "Be careful. To observe. Watch what you do. "Take his advice, and check your statements often. For added protection, you may want to consider the protection or monitoring credit report against identity theft.