Got a "chip and pin"credit card?  The chip and pin are supposed to protect against fraud. Chris Olsen with the fine print clause that could leave you on the hook.

These days most people have a credit card with a computer chip in it which is designed to cut down on fraud.

The PIN numbers can make the difference between security -- and liability. And while we used to count on our credit cards to cover us in the event of theft or fraud, it's no longer automatic. The fine print on Visa's zero liability policy spells it out. In the event of fraud it says "Visa cardholders must establish that the transaction is not their responsibility."

Part of that responsibility is to not pick an obvious PIN number, or write it down, or you will be "presumed to have contributed to the unauthorized use of (the) card and shall assume all liability."

That means "zero liability" is now potentially your liability. Canada's Ombudsman for Banking and Investment Services, Douglas Melville, says your chip credit card is unique, so if it's compromised you'll have to answer some tough questions.

"The firms are going to be very sure the bad guys had your card. How did that happen how did the individual get your card and some times more importantly how did they get your pin," Melville said.

So guarding your pin becomes even more vital.

And you should have a different pin for each card. Using the same pin for all your cards is dangerous.

"What is the natural coping strategy? You are going to make all the cards the same pin," Melville said.

"These are very risky strategies that could turn around and bite you in terms of liabilities for transactions if the bad guys get a hold of your cards."

And if those bad guys have figured out your PIN any delay in reporting lost or stolen cards could have you covering all the losses.

As a consumer you want to make sure that you will not be held responsible should your credit card ever be lost or stolen. Treat your card like it is cash and your PIN like it's the combination to the vault.

With a report from CTV British Columbia's Chris Olsen