Online fraud, why pay for protection?

hallamj

Am I right in assuming that credit card companies have to refund money taken via fraudulent transactions over the internet and doesn't this make their card protection schemes whee you have to pay a premium each year completely worthless?

I ask because I was recnetly a victim of online fraud, noticing £130 had gone out of my HSBC mastercard account to an online gambling firm, a transaction I had not made. The woman at the call centre was banging on for ages about this card protection, but they refunded the full amount within two weeks regardless.

Thanks
Jim

jonesMUFCforever

Shush!
The banks don't want you to know that!
I agree with every word you say.

You are not liable for any fraudulent debt incurred unless they can prove you were negligent with your card.