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Act Fast! Spot Suspicious Transactions? Here's Your Immediate Action Plan Against Credit Card Fraud
- •Immediately contact your card issuer via official channels to report suspicious transactions, block your card, and raise a formal complaint.
- •Secure all payment channels; consider getting a replacement card if details are compromised, as blocking only stops transactions, not account closure.
- •Preserve all evidence, including SMS alerts, screenshots, and complaint reference numbers, and do not delete anything until the dispute is settled.
- •Report fraud within three working days for zero liability under RBI's framework; delayed reporting can alter liability.
- •Follow up on verbal reports with formal disputes, provide requested documents promptly, and never share sensitive information like OTPs or PINs with anyone claiming to help.
Key Questions Answered
When you spot an unauthorized transaction, check the merchant name and amount, then immediately contact your card issuer via its official app, website, or customer care number to block the card and raise a formal complaint. You should also secure other payment channels, preserve all evidence like SMS alerts or screenshots, and request a replacement card if you suspect details were compromised.
Under the RBI framework, a customer can have zero liability for unauthorized electronic transactions if the incident is reported within three working days of receiving the bank's communication. Reporting after three working days can alter the extent of your liability depending on the circumstances, bank policy, and whether any customer negligence occurred.
Once notified of an unauthorized transaction covered by the RBI framework, banks must provide a shadow reversal of the disputed amount within 10 working days without waiting for an insurance settlement. Furthermore, the bank must resolve the complaint and establish liability within a period not exceeding 90 days.
