Despite all your care, your has been stolen, and now there are charges outstanding on it that you never authorised. Are you liable for those charges?
That all depends on the organisation that issued your credit card. If that organisation subscribes to the Banking Code, there are very definite limits to your liability if your card is stolen. The Banking Code Standards Board is an organisation whose mission it is to ensure that banks and building societies adhere to certain rules in dealing with their account holders. Membership in the BCSB is voluntary, but banks and building societies who are members promise to abide by certain rules in the way that they conduct business and treat their customers. These rules include rules on how to deal with lost or stolen credit cards.
According to the Banking Code, section 12:
Liability for losses
12.11 If you act fraudulently, you will be responsible for all losses on your account. If you act without reasonable care, and this causes losses, you may be responsible for them.
As long as you have not acted with complete recklessness, or participated in fraud, you are protected by the following section of the Banking Code.
12.12 Unless we can show that you have acted fraudulently or without reasonable care, your liability for the misuse of your card will be limited as follows.
• If someone else uses your card, before you tell us it
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