Credit Card fraud. What should we do? This is BNM’s guide for banks

Credit Card fraud. What should we do? This is BNM’s guide for banks

Please always know the number to call if you detected any unauthorized use of your credit card

The customer service number should be in your handphone because if you lose your card, you will need to quickly call the call centre to stop the card before any further usage. If there’s a fraud and you received the SMS, they usually say call the number at the back of your card. Well… what if you do not carry the card with you? This is why the first thing we should do is to save the number into our handphone. I know, these days we can go online to search for the number but which is faster?

Just call a number in your phone or to search the bank and look for the customer service number…? Below is what BNM says when it comes to credit card / disputed bank charge.

Article in malaymail.com If you’ve ever lost a credit card or had a disputed bank charge, you know how frustrating it can be trying to get it resolved. Often, the headache doesn’t end with the problem itself,  it continues when you don’t know where to complain, or when updates on your case are hard to come by.

Under the new rules, FSPs must acknowledge complaints within the next day, and inform customers of their decision within five working days (WD) for simple cases and no later than 20 WDs for complex cases.

In special circumstances, FSPs may get an extra 10 WDs if they need documents from third parties, such as medical, forensic, or police reports. 

If third-party documents can’t be obtained within 30 WDs, a final decision or alternative resolution must be issued within 60 WDs of receiving the complaint. Do read the details in full here: Article in malaymail.com

Fraud, unauthorized use of my credit card in the UK?

Just this evening, I received a SMS telling me that there was a transaction for me in UK. Sigh… I am in Malaysia, how to do a transaction in the UK? Worst still, it’s for food delivery. Nope, I did not order it and thus, I immediately called my bank and informed them that this is an unauthorized use of my credit card. After verification, they proceeded to block the card and informed me that they will investigate and revert within 45 days. Not sure if I heard correctly but I think that’s what they said.

Anyway, the whole conversation was professional and the customer service took immediate action. They will send me the new card within 3-10 days. Well… I am traveling in 2 days. Usually they could replace my card within the next day but they said this time, they were unable to do so. Well, I will use my other card instead. The below shows the SMS they sent to me after my call. My credit card has been blocked.

Credit Card fraud has happened a few times for me

Always pay attention to the SMSes sent to you. Usually these unauthorized usage are in the morning hour when you are still sleeping and may not be able to call the bank immediately. It’s okay, call your bank and inform or sometimes they will call you to reconfirm too. The only thing which is cumbersome is that the card is rendered useless and any auto-billing would have to be redone. Sigh. This is something I have to concentrate on when the new card arrives.

Hope all are aware and will take necessary steps if any fraud is detected.

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