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Any sudden unknown transaction on credit card increases the heartbeats. But there is no need to panic. Your quick action of one or two minutes can save the entire loss and get the money back. Just take the right steps at the right time, because these actions that start as soon as the fraud occurs become a shield for you and sometimes even get you the entire money back.
With increasing credit card usage, cases of fraud are also increasing rapidly. Many times an unknown transaction or a sudden debit message can put any cardholder under stress. In such a time, it is most important to take immediate and correct steps, so that the loss is reduced and the money is returned.
As per RBI rules, the cardholder gets zero liability on unauthorized transactions. But this is possible only when the fraud is reported on time and the prescribed conditions are fulfilled.
Recognize fraud and take immediate action. As soon as you see any suspicious transaction, immediately check the SMS, app notification or statement. If after checking everything it becomes clear that it is a fraud, then report it immediately.
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The first step is to stop the loss. Block the card instantly through bank app, netbanking or 24×7 helpline.
File a formal complaint with the bank. Fill the dispute form giving complete details of the fraud. Mention these things in it – transaction ID, amount, date and that you did not give permission.
Complain on all official channels. It is important to lodge complaint on time and in writing. Complain through bank customer care and RBI complaint management system. File an FIR in the nearest police station.
Keep the evidence safe. Keep documents like SMS, FIR, screenshot, email etc. safely. These help a lot in chargebacks and refunds.
Monitor the account regularly. Follow-up regularly after complaint. Check status of fund reversal.
