Credit Card Fraud: As digital payments increase, quick online approvals and people’s dependence on cards for everyday expenses are increasing, the cases of digital fraud are also increasing rapidly. In such a situation, if you have also fallen into the clutches of fraudsters or you are afraid of being defrauded, then do not panic. If you take the right action at the right time, your money can be saved.
RBI (Reserve Bank of India) says that customers can get complete protection from credit card fraud, but only if they report the fraud on time and fulfill the necessary conditions. To help you, here is an easy guide, by following which you can keep your money secure if you become a victim of credit card fraud.
block your card
Your first step will be to prevent any damage from occurring. As soon as you notice any suspicious transaction, block your card immediately without any delay. You can do this easily through mobile app, net banking page or 24×7 customer care number. This will not only provide relief but will also help in avoiding excessive unauthorized charges. In such a situation, it is important to keep checking the credit card statement from time to time.
Give information to the bank
If you notice any suspicious transaction, do not forget to inform your bank about it. In most cases, banks will ask you to fill a dispute form. This form usually requires filling in details like transaction amount, date, ID and a written statement confirming that you have not authorized the payment. This step is necessary to start the investigation.
To make your case stronger, register your complaint on all official channels like bank’s customer care, RBI’s complaint management system. Apart from this, you can also lodge a formal FIR at your nearest police station.
save record
Save every information related to fraud. This includes text alerts, FIR copies, screenshots of transactions and emails exchanged with the bank. These records can help you support your claim and recover your money based on the bank’s terms and RBI rules.
It is necessary to take follow up
After submitting all the documents, follow up with the bank. Keep an eye on the chargeback timeline, check if the amount has been reversed and read your subsequent statements carefully. Staying alert ensures that no new problems arise. Usually the bank investigates within 7 to 45 days after filing the complaint.
Filing a complaint does not necessarily guarantee your refund, but taking action at the right time is likely to yield a positive outcome. Credit card fraud can happen to anyone at any time. For this both awareness and action are necessary. To avoid this, there is a need to stay updated about scams and follow basic security practices.
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