My wallet containing cash and payment cards was stolen. Unfortunately thief managed to withdraw some money from the card before it was blocked. I heard that a bank has to compensate all losses in such cases. Is it really so and what should I do in order to receive my money back?

It is important to know when exactly the card was utilised by the thief, was it before you reported to the bank or after. However, even if the thief managed to utilize your card before you were able to report to the bank, it is still possible to receive compensation.

In this case the possibility of receiving compensation depends on the way thief used your credit card or charge card. The bank, which issued the card, is not liable for losses if the card was utilised with help of identification code. However, if a thief used your card in a shop where payments are verified by the buyer’s signature instead of the identification code, and representative of the shop didn’t verify signatures on the card and on the receipt, or simply didn’t give meaning to the difference between the signatures, then you are entitled to receive compensation from the bank.

According to Section 311, Paragraph 1 of the Consumer Rights Protection Law, “If a consumer’s charge card has been illegally utilised, he or she has the right to request the credit institution, which has issued the charge card to the consumer, to revoke the relevant charge or repayment of the illegally debited amount.” According to Section Section 311, Paragraph 2 of the Consumer Rights Protection Law, “If the consumer asserts that his or her charge card has been illegally utilised, and if the credit institution, which has issued the charge card to the consumer cannot prove that the relevant charge was verified with an identification code or any other proof of identification or that the consumer has acted negligently or in bad faith, it shall repay the illegally debited amount.”