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Parks Zeigler, PLLC - Attorneys At Law

Elizabeth City, NC 252-679-8880
Virginia Beach, VA 757-453-7744
Chesapeake, VA 757-312-0211
Roanoke, VA 540-299-5299

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Blog

Virginia Attorney Explains How The Truth In Lending Act Protects Your Small Business From Fraud

April 9 Categorized: Small Business Representation

Small Business Is Not Immune From Fraud

The news is full of stories of small businesses and individuals harmed by online fraud and identity theft.  Most people associate fraud protection as only applicable to individuals but many of the same defenses are available to small business owners.  

The Truth in Lending Act

The Truth in Lending Act (TILA) provides protection for both consumers and small businesses. When it comes to business transactions, you are only liable for fraudulent activity up to $50. The small business owner needs to take the same steps as an individual consumer when fraudulent activity is suspected. 

  1. Immediately report the issue to the credit card company. 
  2. Dispute any unauthorized charges immediately.
  3. Follow up the dispute with a certified letter detailing your concerns and evidence as to why the transaction was fraudulent.

CONTACT OUR EXPERIENCED VIRGINIA SMALL BUSINESS ATTORNEYS

Contact us Today

Protect Your Small Business From Fraud

However, it is important to know that there are several circumstances unique where these protections may not apply to a small business owner:

  • You issue a credit card to more than 10 employees. In this case, your card issuer has the right to change its liability policy removing you from some of the TILA protections.
  • You allowed someone else to use the card. In this case, you will be liable if you allow someone else to use the card and he or she causes the unauthorized charges.
  • You fail to report the fraud. Any fraudulent activity reported more than 60 days after the unauthorized purchases were made may not be protected and you could be held liable.

Protecting your identity and credit is crucial when starting and/or maintaining a small business. 

If you have any questions about protecting your small business, please contact us today! 

Call us toll-free at 888-691-9319 or you can fill out this short form to get started. 


Related information

Small Business Representation in Virginia
The Threat of Business Identity Theft
The Ins and Outs of Small Business Credit

Brandon H. Zeigler

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Parks Zeigler, PLLC
Virginia Beach Office

  • 4768 Euclid Road, Suite 103
    Virginia Beach, Virginia 23462-3810
  • 757-453-7744
  • 757-453-7578
Directions

Parks Zeigler, PLLC
Chesapeake Office

  • 524 Albemarle Drive, Suite 200
    Chesapeake, Virginia 23322-5500
  • 757-312-0211
  • 757-453-7578
Directions

Parks Zeigler, PLLC
Roanoke OFFICE

  • 25 Church Ave SW
    Roanoke, Virginia 24011-2010
  • 540-299-5299
  • 540-299-5295
Directions

Parks Zeigler, PLLC
Elizabeth City Office

  • 201 East Elizabeth Street
    Elizabeth City, NC 27209
  • 252-679-8880
  • 252-254-1380
Directions
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