credit-card-frauds-india

RBI Holds Emergency Meeting with Indian Banks as they Lose Rs 30 Cr in Credit / Debit Card Fraud

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Credit Card Fraud IndiaIndian Banks are facing a tough situation as Card Skimming has led into a Massive scam and transactions occurring outside Indian Borders has led these financial institutions to face a loss upto Rs 30 Crore in the last one month. The worst affected Banks are HDFC Bank, ICICI Bank, Citibank, SBI Cards and Axis Bank.

In most cases, the Debit / Credit card is in physical possession of the holder who is very much within Indian borders. However, transactions are occurring in Mexico, Spain, United States etc. RBI has already mandated for an additional security check – Extra Password for Online Transactions – Verified by Visa or MasterSecure Code. So despite such security in place, how did this fraud happen ? The password doesn’t come into picture as the Victims Card Details were skimmed [copied without your knowledge] from Transaction Machines, ATMs, or from Credit Card Processing agencies

Read moreRBI Holds Emergency Meeting with Indian Banks as they Lose Rs 30 Cr in Credit / Debit Card Fraud

OneAssist’s WalletAssist Protecting you Against Credit Card Frauds, Emergency Bill Payments, etc

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OneAssist founded by Gagan Maini and Subrat Pani wants to Help and simplify a common man’s worries. Gagan and Subrat have been in the service industry for almost 20 years (each) and have often pondered upon the fact that a few essentials that form a part of our everyday life also significantly increases their dependency on them – mobile phone, credit and debit cards, KYC / financial documents, passport, etc. Loss of any of these could be disruptive and leaves a person stranded & helpless. The core proposition is to offer assistance in times of these emergencies, helping people helping people to lead an uninterrupted life, despite losing his mobile or a wallet or travel documents etc. All this just on one call. One particular product that is of our interest is the WalletAssist.

WalletAssist, as the name suggests, is most relevant for people who carry Credit Cards / Debit Cards. WalletAssist member- on event of loss of a wallet will be able to call the helpline from anywhere in the world and ALL the cards in the wallet will be blocked immediately.

What Benefits WalletAssist Members Get in the unfortunate event of Loss of their Wallet or Credit / Debit Card ?

Read moreOneAssist’s WalletAssist Protecting you Against Credit Card Frauds, Emergency Bill Payments, etc

Indian Consumer Rights on Fraudulent Card Transactions + Disputed Charges

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The Indian Credit Card Industry is bogged down with Thousands of Complaints of Fraud and Disputed Charges. The RBI is trying its best and thus we approached the RBI with your questions and here is what the bank has to say.

As a Credit Card Customer of a Bank regulated by RBI, what are my rights when a fraudulent transaction occurs on my card which is reported to the bank as disputed transaction?

RBI’s Response is as follows,

(i)In terms of Paragraph 4 of the Master Circular on Credit Cards Operations [PDF] of Banks, Banks have been advised that the card issuing bank should ensure the wrong bills are not raised and issued to customers. In case, a customer protests any bill, the bank should provide explanation and if necessary documentary evidence to the customer within a maximum period of 60 days with the spirit to amicably redress the grievances

(ii)Further,

Read moreIndian Consumer Rights on Fraudulent Card Transactions + Disputed Charges