What to do if your credit card is misused?


In my article “Is your internet banking safe?“, we have seen that what are the risks while using net banking & credit card transactions and how to avoid it. But what to do if something goes wrong? What steps need to be taken in case of misappropriation of your credit card?

Let’s check it out…

credit card

1. Report it to issuing bank immediately. Bank will take action only if they are informed, they are not liable unless you file a complaint immediately.

2. Card should be requested to blocked immediately to avoid any further transaction.

3. Don’t forget to note down the name of the customer care executive and complaint reference number. This is a very critical information to have for further proceedings.

4. Send a mail or physical letter and keep a copy of the same as a record with dispatch details.

5. File a police complaint (FIR) and retain a copy.

6. If you do not get a satisfactory answer from the bank within 30 days of lodging the grievance, approach banking ombudsman*.

7. The ombudsmen should resolve the issue within 30 days but if you are unsatisfied then write to the appellate authority, The RBI’s (Reserve Bank Of India) Deputy Governor.

 

* Ombudsman – The Government of India has designated several ombudsmen (sometimes called Chief Vigilance Officer or CVO) for the redress of grievances and complaints from individuals in the banking, insurance and other sectors being serviced by both private and public bodies and corporations. The CVC (Central Vigilance Commission) was set up on the recommendation of the Santhanam Committee (1962–64).

Source: ETWealth

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3 Responses to What to do if your credit card is misused?

  1. vijay kumar says:

    very useful information. Thanks for sharing.

  2. Yogesh sharma says:

    Great dude, you are enlighting the web with some very techi articles for internet commerce users. Keep enlighting.

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