How to handle Credit card charges which are not real transactions but by the act of cyber criminals:
Most of the credit cards in India is secured with secondary level authentication as per the RBI new guidelines. It means now all credit cards are chip based and all transactions using POS will be authenticated by the card holder in the form of credit card pin. But most of the international transactions happens without these type of authentication and it will cause huge financial burden.
You may get a message like this “Dear Customer,
The transaction on your IndusInd Bank Credit Card ending 5007 for USD 1655.4 on 25/04/17 04:11 at CL TRIP CHARGES is Approved.
Please call 18602677777 for further queries.
IndusInd Bank “
For example I have used IndusInd Bank CREDIT CARD. These type of international transactions happens during our night time and there will be a chance of even credit card risk team will not call and confirm the transactions. Generally Indusind Bank calls and confirm high value transactions but during mid night such kind of fraudulent transactions happens.
What steps should be followed once you get such alert of transactions by email or sms?
Call up support number of Credit card provider and notify about such transactions and get your card blocked. There will be a chance of repeated mis-use as your credit card details were available with cyber criminals.
Once fraudulent transactions happens there will be 30 days time for merchant to claim the amount for settlement. Before that make sure you send your charge dispute form which will be available most in their website. You can fill and send the scan to the email id as provided. In our case IndusInd Bank here is the link to download charge dispute form
Kindly follow safe practice of checking the website where you will be using your card. Some of the website particularly steal your details . There are chances of mis-use of your card details when shared in POS. Sooner you report the same you will be in safer side and can aviod such frauds.