yes credit card is a fraud business,when you decided to quit from it, you will never allowed to do so, it will go one agent to another so on upto the card reaches 1 lakh, the maximum value of the card is 20,000. you might have swiped the card for 10000 to 15000, you would have paid 30k to 40k.they will never allow you to file in court...they will exploit you at the most, they have gundas,ex-policeman etc.i'm the most sufferer still i cannot find solution to this...they even sent an legal notice to me to my company which was received by somebody,becoz of that i lost my job...i dont know what to do....plz do help me to overcome this...through this message board. if i was in WESTERN COUNTRIES, i can sue them to million dollars....on seeing my poor background(father is a driver(65 yr old)),mother home maker,nobody is her for me to help.i got the credit card through proper paying of vehicle loan,they came to my house marketed the card....card date is aug'03 valid upto aug'06.validity period is over, i have hardly used it for only 8months from the date of receiving, i have purchased in between 13k to 15k....plz help me through this message board.....by sasi,TN
RE:credit card fraued
by saleem baig on Feb 08, 2007 08:36 PM Permalink
i dont think all the credit cards are fraud some credit cards which which are not of standard quality are fraud. i think on the earth lots of bisines is going onn by using credit cards.
It is simple if credit card companies implement technology asking PIN number either for cash withdrawal or purchase so that all these can be stopped.But i guess banks themselves don't want it intentionally either could be because of expenditure involved or any unknown reasons.
My HSBC credit card was used by some one for transaction worth 200 USD, can anyone help me on that i was not getting the details of the transaction from the Bank might be it could have been done by them, anyone tell me where to go with the complaint
The use of a credit card is in two occasions.The first occasion is swiping the card to make a payment and the second is making payment for online purchases. A credit card fraud occurs in the first case when it falls in wrong hands either when it gets misplaced or when it is stolen. In both cases the credit card company can be notified about the loss and a potential for fraud prevented. In the second case of buying things on line. Fraud can be prevented by subscribing to only secured sites.In this case the CVV number is provided to the company to whom payment is made. In this case, the CVV only connects with the card number but does not connect to the card holder.These days, credit card companies send an SMS after mailing the credit card bill, they can surely send an SMS for transactions made online.This can be an automated process which will link the mobile number with the credit card number.This data is already made available to telemarketing companies so there should not be any difficulty.Another link to the customer is to link the Credit Card number to his e mail address.. In this way the card user can be alerted when a transaction is made and fraud can be prevented.
The only way to prevent credit card misuse other than the owner of the credit card is DEBIT CARD like transaction, i.e. if the Debit Card is swiped the transaction is validated by a pin no. entry in swipe machine. Similar facility if provided by the banks in CREDIT CARDS it can prevent misuse.
That these days if you go to merchant establishments and use your card, the sales draft has the entire credit card number and the expiry date? The sales draft is the piece of paper which comes out from the POS machines which we sign and take a copy. Be careful, at least in between the banks were investing in technologies to encrypt the first 12 digits and displaying the last 4 digits only . Now the entire number along with the expiry date is visible. And if you make a mistake of throwing your copy of the sales draft in the bin, you have it. If someone picks it up, they can transact even without the CVV. LOL...is this a way in which banks in India are moving dispute liabilities towards customers? Do write back .
RE:Have you noticed?
by Mahendra Barde on Feb 02, 2007 08:07 AM Permalink
Such Banks are to be treated as 101% irresponsible. Just because they say what is correct and is to be followed up by customers is ridiculous. I say, this is wrong and blunder some. When such case occurs for the first time and is known to them(bank), they have to take immediate corrective action and rectify such mistake including even compensating the affected customer. So far as the digital simulations of actual expected real-time accurate transactions is concerned, it is my experience as software and banking expert that it is a continuous up gradation process. And if this logic is not acceptable such bank should eliminate dependence on digital systems in their operations. Customers are to be respected and only such banks have a chance to survive as future banks!
Someone made a Draft of Rs 43500 using my colleague Credit Card and changing the address too through Phone Banking. He asked the Customer support to stop that Draft but it got encashed and now he is just trying to figure out the person.
RE:Draft made on ICICI Credit card of Rs 43500.
by on Feb 01, 2007 11:32 PM Permalink
If anyone can help then Plz. It all happened in last two week of January 2007.
I strongly feel that just like in r/o ATM cum Debit Cards issued by most of the banks with pin number, the banking establishments issuing credit cards can also introduce a user pin number, so that the concerned person can only know the same and operate with the pin number fixed by him, for each and every transaction, irrespective of the personal transaction or online transaction. Thus in this way we can prevent best, from misuse of credit card frauds.
RE:Credit Card Frauds - Misuse of the Card - Preventive Steps - Regarding
by sameerchand Patankar on Feb 02, 2007 09:44 AM Permalink
BUT EVEN IN CASE OF DEBIT CARDS,ONE DOSENT REQUIRE THE PIN NUMBER TO PROCESS A MERCHANT TRANSACTION..... SO I DONT UNDERSTAND UR POINT
RE:Credit Card Frauds - Misuse of the Card - Preventive Steps - Regarding
by Debgiri SANYAL on Feb 02, 2007 06:08 AM Permalink
YEs, that is a good idea but it involve costs. Indian banks are not keen to incur the cost. Also for web transactions, there is a concept of dual security - in MasterCard world, it is called as Secureauth and in the Visa world, it is called 3D secure. Indian banks needs to invest in these technologies.
Can you believe that even banks like Citi and Hdfc says to go and talk to merchants if you dispute a transaction? I mean if it is genuinely not your transaction, the bank would force the cardholder to pay rather than going through an entire process of dispute. Indian banks are the worst....cheats the customer wherever they can.
