Credit card misuse
Lakshmipathy
(Querist) 09 August 2014
This query is : Resolved
My wife's credit card was stolen along with the pincode{kept with the card) and over Rs.50000 was taken from the ATM and also was used to purchase over Rs. 800000. from a jewelery shop. I found out about this misuse the next day as the bank sent my wife a SMS advising her about the ATM withdrawal. I checked immediately to verify about any purchases and found that the card was used in 2 jewelery shops and purchases worth RS.80000 was made. I advised the bank immediately and a stop was put on the card and filed a dispute claim about the purchases and requested the bank not to honor the claims from the merchants as the transactions were made without verifying the ID of the purchaser. Despite this the bank paid both the merchants and now claiming the amount from me. I paid off amount withdrawn from the ATM but refused to pay the amount paid to the merchants as I feel that due diligence was not exercised by the merchants and the bank.Pl advise if the bank can force me to pay the amount
Guest
(Expert) 09 August 2014
Theft of credit card along with identity on account of careless handling of the PIN/ Password by the holder of the credit card doen not make liable the bank to refuse payment to the merchants when credit card is already operated by the miscreants before intimation of theft by the holder. You could have immediately responded to the SMS of the bank reporting transactions, not the next day.
I don't think you would gain anything by refusing payment of the dues, except earning bad credit in the CIBIL making your wife ineligble for any loan or credit. Even you would earn bad credit, if the card was your additional & supplementary card issued for your wife. Contrarily, the bank can sue you in the court for recovery of their dues.
However, you may try your luck to convince the bank on no fault of yours, but with most humbly.
Sudhir Kumar, Advocate
(Expert) 09 August 2014
credit card stolen --- not your fault if misused.
credit card reported stolen with pin ------- 100% your fault.
why it should not be believed that you gave credit card and pin No to someone and later raised cry of it being stolen.
better block credit card and you will have to pay the debt.
ajay sethi
(Expert) 09 August 2014
agree with experts
Lakshmipathy
(Querist) 09 August 2014
I have accepted the liability for paying the amount taken from ATM. The Merchants failed to verify the ID of the purchaser which is incumbent in case of large purchases. The bank had ample time to to investigate the dispute claim which was lodged verbally the same day as the purchase and a written claim was filed the very next day. The bank took immediate action to put a stop on the credit card but failed to so in paying the merchant in spite of a pending dispute claim specifically on these fraudulent purchases.As such I am not going to pay the amount being claimed by them.
Devajyoti Barman
(Expert) 09 August 2014
Write complaint to Banking Ombudsman. If it does not work then go to consumer forum.
Kumar Doab
(Expert) 09 August 2014
The CC is lost with PIN. The PIN was not protected by CC holder.
The vendor is under obligation to obtain signature and verify with scanned signature printed on card (some banks print scanned signature), relate with photo if it is photo card, check ID etc………………………
The bank has not taken any action on its
vendor.
Lodge police complaint, obtain CCTV footage, and attempt to identify the fraudster and book him for recovery and punishment.
Write to bank to lodge police complaint and demand that it should acquire CCTV footage from ATM and vendor should supply to you and also the copy of agreement it has with vendors showing guidelines for the vendor to follow.
Usually the CC are say; Mastercard, Visa and these have an agreement with vendors.
You can also directly demand the CCTV footage from Bank that owns ATM and vendor.
The police and court can acquire CCTV footage.
Find as many faults as you can.
Approach a local lawyer dealing in such/consumer cases and proceed under the expert advise of your lawyer and approach DCDRF.
Uday Kumar
(Expert) 17 August 2014
Now a days Alert for each transaction is given on registered mobile nos, Please verify if you received such alert and for these 2 transaction you have not received such transaction on mobile.
Pay the money under protest, Meantime get register FIR for Lost Credit Card, and after due Legal Notice go for a Consumer Complaint, You will get some benefit. But suggest not to refuse payment as that will affect CIBIL
