Been a victim of credit card fraud? Here are the documents you need to submit
To avoid falling victim to a credit card fraud, follow safe practices like never sharing sensitive financial information, setting transaction limits for transactions, never leaving your card unattended, using your card only on reliable and secure websites, and regularly reviewing your card statements to track your account activity.
The popularity of digital forms of payment has made transacting much simpler and convenient. However, that popularity has also led to an alarming rise in instances of financial fraud. A recent primer by BankBazaar titled ‘Secure Payments – A Guide to Transacting Safely’ reports that in 2023 alone, there have been 1.13 million cases of financial fraud, 6659 of which were cases of digital fraud.
Falling victim to a credit card fraud can be great distressing, not just financially but also mentally. At a time when incidents of fraud are rising, it is increasingly important for you to be aware of the recourse available to you. Promptly reporting the incident is the first, most important step when it comes to tackling fraud. The next step is to provide evidence to support of the incident so you may recover the lost funds.
What to do if you’ve lost money in a fraud
Documents Needed to Report a Fraud
The documents you’ll need to report the fraud will depend on whether the transaction has originated within India or abroad. Once you get your card(s) blocked, the bank will issue you a new replacement card. Your blocked card’s account will remain active unless it has been frozen.
Domestic transactions
International transactions
To report international fraudulent transactions, you must submit the Customer Dispute Form and Incident Letter along with the following additional documents to your bank or concerned financial authority:
The customer’s liability in cases of fraud can vary based on how quickly the fraud is reported and the attempts made by the cardholder to protect their information. To avoid falling victim to a credit card fraud, follow safe practices like never sharing sensitive financial information, setting transaction limits for transactions, never leaving your card unattended, using your card only on reliable and secure websites, and regularly reviewing your card statements to track your account activity.
The writer is the CEO of BankBazaar.com
The popularity of digital forms of payment has made transacting much simpler and convenient. However, that popularity has also led to an alarming rise in instances of financial fraud. A recent primer by BankBazaar titled ‘Secure Payments – A Guide to Transacting Safely’ reports that in 2023 alone, there have been 1.13 million cases of financial fraud, 6659 of which were cases of digital fraud.
Falling victim to a credit card fraud can be great distressing, not just financially but also mentally. At a time when incidents of fraud are rising, it is increasingly important for you to be aware of the recourse available to you. Promptly reporting the incident is the first, most important step when it comes to tackling fraud. The next step is to provide evidence to support of the incident so you may recover the lost funds.
What to do if you’ve lost money in a fraud
Documents Needed to Report a Fraud
The documents you’ll need to report the fraud will depend on whether the transaction has originated within India or abroad. Once you get your card(s) blocked, the bank will issue you a new replacement card. Your blocked card’s account will remain active unless it has been frozen.
Domestic transactions
International transactions
To report international fraudulent transactions, you must submit the Customer Dispute Form and Incident Letter along with the following additional documents to your bank or concerned financial authority:
The customer’s liability in cases of fraud can vary based on how quickly the fraud is reported and the attempts made by the cardholder to protect their information. To avoid falling victim to a credit card fraud, follow safe practices like never sharing sensitive financial information, setting transaction limits for transactions, never leaving your card unattended, using your card only on reliable and secure websites, and regularly reviewing your card statements to track your account activity.
The writer is the CEO of BankBazaar.com
