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Reporting Credit Card Fraud
Cynthia Said:what happens when credit card fraud happens?
We Answered:First, I assume that the bank was told that the card was stolen (or compromised). If not, STOP READING AND GO CALL THE BANK NOW!
If the person is caught, they will be arrested and tried for fraud, but that doesn't get you your money back. You will need to get a lawyer and sue the person if you want to try to collect from him/her.
However, since you say that your mom went to the bank and found that she owed them 1000, it sounds like this is not a credit card, but a debit card. She can dispute the fraudulant charges, but you will need to look at the debit (or credit) card agreement to find out about the process. Also in the agreement, there should be details about what responsibility your mom has (had) in reporting (timeline, etc.) and how much she will be responsible for if she met the requirements in that timeline.
I don't envy your position. Best of luck with it.
For such risks and happenings, I never go for any credit card. And I guess a debit card is more and better than a credit card to avoid such frauds. Thanks for your help!