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Credit Card Fraud Reporting !!!!

Let’s understand in this video

you should not share your mobile banking passwords, PIN, OTP, CVV, or card details with anyone.

Banks must ask their customers to mandatorily register for SMS alerts and wherever available register for e-mail alerts, for electronic banking transactions.

The SMS alerts shall mandatorily be sent to the customers, while email alerts may be sent, wherever registered.

On receipt of the report of an unauthorized transaction from the customer, banks must take immediate steps to prevent further unauthorized transactions in the account.

Customer’s liability
Time taken to report the fraudulent transaction from the date of receiving the communication

1. within 3 days – zero liability
2. Within 4 to 7 working days – The transaction value or the amount mentioned in Table 1, whichever is lower
3. Beyond 7 working days – As per the bank’s Board approved policy

The banks shall put in place a suitable mechanism and structure for the reporting of customer liability cases to the Board or one of its Committees.

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