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Old 3rd February 2016, 09:41   #76
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I'm a long-term ICICI customer, and have been a fraud victim myself (credit card in my case, and relatively smaller amounts), so I do have some first-hand insight on how it works with them.

First and foremost, if you're blaming yourself, STOP. This happens to the most careful and paranoid of us. It doesn't matter how carefully we safeguard our info, there are plenty of places where an info leak can happen, including at the bank itself.

As to their redressal mechanism:

1. You will be asked to submit a CDF (Customer Dispute Form) specifying exact transactions that you want to dispute. In my case, they refunded the disputed amounts upfront, with the rider that they'll take that money back if their investigation doesn't prove fraud. Refunds may also happen post-investigation. Whatever they're doing in your case, GET EVERYTHING IN WRITING, COUNTERSIGNED BY AN AUTHORISED SIGNATORY.

2. Cancel and destroy your cards, in that order. Get fresh ones issued. Insist on chip & PIN based cards.

3. Most banks now provide fraud protection and liability waivers on all cards. It's basically insurance against such occurrences, and you won't be hassled going around proving your case. Explore this option.

4. As long as the bank is satisfied you didn't make these transactions, you will get your money back. If you don't, take it to the next level (banking ombudsman) . You are NOT at the bank's mercy.

In the future, try to keep your funds distributed across multiple accounts. Frauds can happen despite the best precautions, and keeping your money distributed ensures you aren't penniless while it's being sorted out.

Good Luck, update this thread on how this progresses.
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Old 4th February 2016, 03:31   #77
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Default Re: ATM Fraud: advice to safe guard my money and ensure refund

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Originally Posted by s_pphilip View Post
I am assured by my bank, ICICI not to worry, they have promised that I will be credited full refund after their internal investigation. Supposedly their insurance will pay them after investigation. Since my fiance is in the gulf, it may take a bit longer for her to get this credited back. I am secretly being optimistic, though I am worried at how my new year is shaping, in fact I have been asking around on how to change and improve my time. I am sure there must be better things to come once I get all this behind me.
s_pphilip, Please don't bother yourself much about whether you will get it back or not. You DEFINITELY will get your money back.

How do i know this for sure? Because i was a victim of debit card fraud 6 months back. My ICICI debit card details along with my PIN were skimmed by somebody in Mumbai and a sum of close to 48000 Rs was stolen from my account through cash withdrawals from an ATM in Thane.

Raised a case with ICICI and submitted proof of stay that i was in fact in Bangalore at the time of the fraudulent withdrawals. I took a screenshot of my company's swipe in/swipe out details for the said day and mailed it to them. And within 1-2 months i got my entire money back.

So, please don't lose sleep over this, you will get your money back.
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Old 4th February 2016, 06:32   #78
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Default Re: ATM Fraud: advice to safe guard my money and ensure refund

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I had enough of this roller coaster, Friends wish me lots of luck and good fortune for this new year!
I wish you the best - think things will get resolved soon. No worries with ICICI!

Here's what I suggest - keep a separate account for cash withdrawals. I have a gold zero balance account from ICICI on the basis of my residential complex. That account never has more than 50k in it ever - it is filled up only with monthly transfers for cash expenses. I NEVER use my salary account debit card for any physical transactions ever! I'm Paranoid but I simply don't trust technology anymore in these matters.
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Old 5th February 2016, 10:46   #79
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Default Re: ATM Fraud: advice to safe guard my money and ensure refund

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I wish you the best - think things will get resolved soon. No worries with ICICI!

Here's what I suggest - keep a separate account for cash withdrawals. I have a gold zero balance account from ICICI on the basis of my residential complex. That account never has more than 50k in it ever - it is filled up only with monthly transfers for cash expenses. I NEVER use my salary account debit card for any physical transactions ever! I'm Paranoid but I simply don't trust technology anymore in these matters.
+1, I am kinda equally paranoid about my cards.

I don't use my main account's card anywhere, at merchants or online. Only 1 beneficiary is added to it, that's my other account. I usually transfer a certain amount to my other account, whose card I use only at ATMs. For NEFT transfers etc also I use this account.

For online transactions I use a credit card, on which I have blocked international transactions.

These days, we get the option of creating prepaid virtual card as well for the online transactions.
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Old 9th February 2016, 14:44   #80
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Default Re: ATM Fraud: advice to safe guard my money and ensure refund

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+1, I am kinda equally paranoid about my cards.

I don't use my main account's card anywhere, at merchants or online. Only 1 beneficiary is added to it, that's my other account.
While I use my salary account Debit card for most of the ATM transactions and NEFT, I limit ATM withdrawals mostly to ATMs in my office campus or ATMs attached with a branch. Immediately after salary credit I normally keep just enough money required in the immediate future in the salary account, rest transferred to another account. I have multiple savings accounts, so if fraud happens with one account my exposure will not be more than 20%.
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