On 21-Jan-10 early morning hours three fraudulent transactions were carried out by unknown people on my credit card. I already declared these transactions as unauthorised and fraudulent on the same day morning as a reply to HSBC’s e-mail alert. Telephoned to customer care immediately and faxed a dispute form same day as adviced by bank. I was told by BANK for 30 days that investigation is going on and this amount (INR53117/-) will be credited to my account. Though I followed up all these 30days, I did not get a conclusive reply. When I insisted for settling as BANK started demandin for payment everyday, they concluded in a haste that as these transactions went through Verified by Visa, I am liable to pay.
The transactions were approved neglecting my own instruction not to approve these transactions on the same day. The transactions couls be easily trancable as the statement says Rs.48117/- thru cleartrip travel and others are mobile bills (Idea and bharti). Though the fault is with bank, it is harassing me everyday to pay this amount, though I have filed a police complaint and RBI. Is it fair to punish a customer who decided to use credit card for his own convenience, but bank approved some frauds transactions neglecting card holders intervention?
Verified by visa secured procedure is hopeless as it allows re-registration of a card’s password many times without involving the card holder. It requires card number, name, date of birth, expiry date and cvv, if vbv password is to be reset- which we do when we forget the password. But with this reset, a fraud can reset anyones password, as he has all the details related to the card. This cannot be held as a reliable proof as well as security for online transactions. I request all those concious about our rights as well as right to security on online transaction to respond to this and urge RBI too have a fool proof security or to ask the bank not to neglect card holder’s telephonic/ e-mail instructions during online transactions where huge amounts are invoved.
Futher it is ironical that my card was automatically blocked by the card immediately after these transaction as HSBC understood it as fraudulent, send alerts to me but neglected my instructions, approved payment and now harassing me to get the money back. It happens only as card holder is the easy scape goat for bank.