Visa debit cards offer zero-fraud liability to customers whose debit cards are lost, stolen or used in fraudulent transactions, Visa explains. This applies to both online and offline purchases. The guarantee does not apply to Visa corporate or purchasing cards or to transactions not processed by Visa.
Visa's guarantee of zero liability for its debit-card customers is designed to allow consumers to shop worry free, according to Visa. Customers are advised to review their monthly statements and report any unauthorized charges to their financial institutions immediately. The financial institution is responsible for investigating any potential instances of fraud.
Visa replaces funds fraudulently removed from debit card accounts within five business days of notification, explains Visa. Replacement funds are withheld or rescinded by the issuer if there is gross negligence or fraud on the part of the cardholder, a delay in reporting the unauthorized charge, or in order to investigate or verify the claim. Account standing and history are also considered by the issuer. Replacement funds cannot be returned to an account until after the fraudulent transaction has posted.
Debit cards are most often used for everyday purchases, such as at gas stations, department stores and grocery stores, Visa notes. They are also popular for automatic payments of recurring bills.