If your credit card is stolen, you are responsible for paying the first $50 of the fraudulent charges; the credit card company is responsible for the rest. Mobile payment transactions are not covered as comprehensively by legislation, which means the terms and conditions may vary depending on the individual credit card company or mobile banking application provider.

To find out how fraudulent charges will be treated by your credit card company or application provider, call or read the fine print. Make sure you know how disputes will be handled, and most importantly what is the extent of your obligation if fraudulent activity does occur.