Credit card misuse & harassement by bank.
Kathiresh Nadar
(Querist) 21 January 2014
This query is : Resolved
Hi All
On 17th April 2012 i lost my purse in Mumbai, i had credit cards in the purse. In some matter of time it got swiped of 40,000 Rs. After Blocking all my cards (2 credit cards). I went to filed a police complaint for the same.
I raised a dispute with HDFC & Standard Chartered for the same to reverse the transaction. Which was accepted by HDFC bank & was reversed. But Standard Chartered never did & is adding interest to the amount and its getting piled up to around 86K.
I had collected Transaction slips from the Retailer where purchased was made & i can see that they have not taken any Identity proof or even matched the signature with that on card for high value transactions which should have been done as per RBI mandatory rules.
Now from the last two years i am continuously being harassed by the Credit card companies for the payments. I am very much depressed, please suggest me a solution for the same.
EDIT1
1. I blocked the card in 30 mins. AS i came to know after 30 mins only i was travelling. By the time i blocked the cards there were 3 transactions done in the cards. 2 on HDFC which HDFC reversed & 1 on STANDCHART around 30K, which standard chart is not reversing.
2. I had also complained in Banking Ombdsum, but they could not help and supported the bank. Have complained to all teams in stand chart, but all are saying that i have to pay up.
3. The police were of zero help, they were not at all interested in investigating the case. when ever i went, yes we are checking.
4. I thought that it was RBI rules http://indiatoday.intoday.in/story/Using+credit,+debit+cards+Carry+photo+ID/1/53580.html
But banks have initaited this to prevent fraud.
Still i blocked the card within minuites of transactions. The banks could have blocked the transactions.
Thanking You
Kathiresh Nadar.
Kumar Doab
(Expert) 21 January 2014
You have posted that:
“Which was accepted by HDFC bank & was reversed.”
“I had collected Transaction slips from the Retailer where purchased was made & i can see that they have not taken any Identity proof or even matched the signature with that on card for high value transactions which should have been done as per RBI mandatory rules.’
Quote all of these to M/s Standard Chartered Bank.
{Which RBI rules are cited by you? Please make a reference of these in this thread}
“Now from the last two years i am continuously being harassed by the Credit card companies for the payments.
‘
Which are these CC companies?
Are these recovery agents?
Record all such calls.
If rules are in your favor then you can approach BO, DCDRF and close the matter forever.
Guest
(Expert) 21 January 2014
If you had not intimated the Bank regarding the Card Lost you are liable to pay it
Rajendra K Goyal
(Expert) 21 January 2014
Send legal notice to Bank and file Consumer complaint. If Parmanant Lok adalat 9Public Utility Service) is working in your district lodge complaint with them.
Guest
(Expert) 21 January 2014
Please Nadar with out misguiding the Experts come out with facts.If you had genuinely blocked the cards on right time they would have re issued the same to you.
ajay sethi
(Expert) 21 January 2014
you lost your wallet on 17th april 2012 . when did you intimate standard chartered bank about loss ? if you had immediatedly blocked card it would not have been misused . any how record threats received from agents . lodge police complaints against them
Kumar Doab
(Expert) 21 January 2014
Was it a photo card?
Was it a secure pin card for which security pin is to be entered for each transaction?
You seem to be right that the vendor engaged by Bank/CC company has to match the signatures and there should be an agreement with applicable T&C ......................
Did you demand that bank (s) /CC company (ies) should supply you the CCTV footage from vendor so as to find out who swiped the card?
The police can find out who swiped the card with help of CCTV footage.
Bank (s) /CC company (ies) are under obligation to co operate.
Which RBI rules are cited by you?
The RBI is central bank and guidelines have statutory force.
Provide all details and it might be possible to confront the bank.
Kathiresh Nadar
(Querist) 21 January 2014
Thanks Experts for you suggestions.
1. I blocked the card in 30 mins. AS i came to know after 30 mins only i was travelling. By the time i blocked the cards there were 3 transactions done in the cards. 2 on HDFC which HDFC reversed & 1 on STANDCHART around 30K, which standard chart is not reversing.
2. I had also complained in Banking Ombdsum, but they could not help and supported the bank. Have complained to all teams in stand chart, but all are saying that i have to pay up.
3. The police were of zero help, they were not at all interested in investigating the case. when ever i went, yes we are checking.
Kumar Doab
(Expert) 21 January 2014
Which RBI rules are cited by you?
Was it a photo card?
Did you demand that bank (s) /CC company (ies) should supply you the CCTV footage from vendor so as to find out who swiped the card?
Kathiresh Nadar
(Querist) 21 January 2014
It was not RBI rules, sorry i never searched it I thought that it was RBI rules
http://indiatoday.intoday.in/story/Using+credit,+debit+cards+Carry+photo+ID/1/53580.html
As per the above article its a initiative taken by the banks.
Still i blocked the card within minuites of transactions. The banks could have blocked the transactions.
The Credit Card was not photo card.
CCTV is not available at the merchant place.
Devajyoti Barman
(Expert) 21 January 2014
I think raising dispute in the consumer forum is the only hope left to you and that too if no FIR is registered on the same issue.
Kumar Doab
(Expert) 21 January 2014
You should preferably proceed under expert guidance of your lawyer specializing in such cases.
It is felt that you may not get relief from BO.........................and if the time is elapsed the charges on CC shall keep on mounting.
If you do not acknowledge debt in writing/recorded phone calls after 3y the debt may be time barred.
However delinquency from CIBIL etc shall not be removed.
Moreover M/s Standard Chartered Bank is known to sell the debt to one M/s Shaha Finlease..........................................there are many threads on it.
You may pursue various guidelines issued by RBI e.g; the one mentioned in link posted by you and previous Master Circulars of each year e.g: 2013,02012, 2011 etc.....................
The extract from these three years is given below whereas for previous year of 2010, 2009, 2008 in which this CC and 1st CC was issued to you....................
Did the Bank issue signature laminated, card with PIN to you? Since 2009 RBI has advised for signature laminated, card with PIN.
If not you may claim it as default and lapse at the end of bank.
M/s HDFC Bank might have reversed charges due to these guidelines, then why M/s Standard Chartered Bank won’t????????
Moreover demand the copy of agreement of Bank/CC with VISA/Mastercard and with vendor at which CC was swiped, copy of charge slip and why signature was not matched by vendor, CCTV footage from vendor etc..............? Thus demand that bank is to claim payment from vendor.
Make the vendor a noticee in your complaint too.
-----Master Circular on Credit Card, Debit Card and Rupee Denominated Cobranded Prepaid Card operations of banks: July 1, 2013
http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=8087
9 Fraud Control
9.1 Banks/NBFCs should set up internal control systems to combat frauds and actively participate in fraud prevention committees/ task forces which formulate laws to prevent frauds and take proactive fraud control and enforcement measures.
9.2 With a view to reducing the instances of misuse of lost/stolen cards, it is recommended to banks/NBFCs that they may consider issuing (i) cards with photographs of the cardholder (ii) cards with PIN and (iii) signature laminated cards or any other advanced methods that may evolve from time to time.
10 Right to impose penalty
Reserve Bank of India reserves the right to impose any penalty on a bank/NBFC under the provisions of the Banking Regulation Act, 1949/the Reserve Bank of India Act, 1934, respectively for violation of any of these guidelines.
IN addition to it you may also go thru:
-----Master Circular No.DBOD.FSD.BC.23/24.01.011/2012-13 dated July 2, 2012
http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7338&Mode=0
9. Fraud Control:
9.2 With a view to reducing the instances of misuse of lost/stolen cards, it is recommended to banks/NBFCs that they may consider issuing (i) cards with photographs of the cardholder (ii) cards with PIN and (iii) signature laminated cards or any other advanced methods that may evolve from time to time.
-----Master Circular No. DBOD.FSD.BC.14/24.01.011/2011-12 dated July 1, 2011
http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=6543
9. Fraud Control:
9.2 With a view to reducing the instances of misuse of lost/stolen cards, it is recommended to banks/NBFCs that they may consider issuing (i) cards with photographs of the cardholder (ii) cards with PIN and (iii) signature laminated cards or any other advanced methods that may evolve from time to time.
There are many threads on CC that you may find relevant e.g;
http://www.lawyersclubindia.com/experts/Credit-card-defaulter-time-limitations--446061.asp#.Ut6VatK6aXY
http://www.lawyersclubindia.com/forum/Standard-chartered-and-shaha-finlease-95120.asp#.Utl35tK6a3Y
http://www.lawyersclubindia.com/experts/Credit-card-problem--446451.asp#.Utl4H9K6a3Y
http://www.lawyersclubindia.com/experts/Credit-card-defaulter-time-limitations--446061.asp#.Us7ig9IW1MA
http://www.lawyersclubindia.com/forum/Harrasment-by-icici-banks-recovery-agents-76271.asp#.UUc5U0pFZ_4
http://www.lawyersclubindia.com/forum/Credit-card-robbery-fraud-in-china-94830.asp#.Ut6UgNK6aXY
You can search decisions of consumer forums at:
http://www.confonet.in/
including the ones involving CC and M/s Standard Chartered Bank
