hard money loan First Aid for Credit Card Fraud

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If there is a suspicious transactions on your credit card, then you need to take the following actions immediately.

Action 1: Get your Credit Card Blocked immediately by contacting the call centre

Action 2: List all the Transactions you have not done with the Amounts and the Description that appears on your Statement. Ask the executive if it was an Internet transaction or a Physical Swipe.

If it is a physical swipe then it means someone has got hold of your physical card, then assume your money is not going to come back.

Step 3: Ask th! e Call Centre Executive where in the website is the "Transaction Dispute Form" displayed. Download the form, fill with the necessary details pertaining to fraudulent transactions and amounts and send to the Banks. Also scan and mail to the Banks Customer Service ID. It is better to write a covering letter to the bank asking for a charge-slip retrieval if these are physical card swipes.

Ask the Call Centre when you can contact them next for an update and keep the details of your calls / mails.

Step 4: If the Transaction was an Internet Transactions which was done withou! t the Card being physically swiped request for a Temprory Cred! it (whic h is given for a period of 45 days) and initiate a Chargeback process. This is a process where the Bank does an investigation with the vendor and reverts back to you with a decision within 45 days. For disputes on Internet Transactions there is a good chance of being ruled in the customers favour. Keep following up with the bank regularly. For physical swipes where the Card has been stolen, the customer is at the mercy of the fraud investigations done by the Bank.

Step 5: If you have received a Temprory Credit, you do not need to make a payment for those transactions. Else please make your minimum payment due! to avoid being reported to CIBIL

Step 6: In case of p0hysical swipes, you will need to accept whatever the bank rules, in the case of Internet Transactions, you can write to the Nodal Officer of the Bank or the Banking Ombudsman and escalate the complaint further if you get a satisfactory resolution

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