Identity theft is big business for criminals. According to the Federal Trade Commission (FTC), identity theft reports more than doubled from 2019 to 2020, from 650,572 to 1,387,615. Credit card fraud is one of the most common forms of identity theft, making up roughly 28% of all reports the FTC received.
Federal law limits your liability for fraudulent purchases on a credit card to just $50. But some credit card companies go the extra mile and won't hold you liable for any unauthorized purchases at all.