I am currently reading an article about Internet shopping security and it says some consumers' credit card numbers were stolen and the hacker publicized those numbers. It writes: " In terms of the actual consumers, their liability is at most $50 or zero. In general, credit card holders are only responsible for up to $50 of any unauthorized charge."
My question is, what does "liability" mean here? Does it mean "responsibility" or "loss" or anything else?
The company lost the numbers, will consumers lose/pay $50?
What does unauthorized charge mean?
'liability' means being responsible for something, such as a debt. If someone steals my credit card and runs up charges of hundreds of dollars, do I have to pay (am I liable/responsible) for all of that amount to the credit card company? Fortunately no. Crredit card companies limit a person's liability in the event of fraud, and in this case, it is to 50 dollars.
An 'unauthorized charge' is any debit made to your credit card for a purchase or payment of a service you did not ask for or solicit. That includes any fraudulent charge to the card.