The Credit Card Thread

Bomi · 23rd November 2010, 22:09

Nothing to worry about. Report the misuse of your card in writing to the issuing bank and take an acknowledgement. They will remove the suspect transactions from your bill in good faith and investigate with the merchant. If the merchant is able to prove that you actually put through these transactions (by providing your signature, etc.) then you will be asked to pay for these + interest + a penalty for raising a false complaint. If the merchant is unable to provide proof, life goes on as usual (the fraudulent transactions have already been removed from your bill).
As an added precaution, you can ask you bank to issue you with a new card.

There are very few restaurants/establishments which have the facility of swiping cards at the customers table. This requires a GPRS terminal for which the merchant acquirer charges a steep monthly rental (2000-5000)

CrackedHead · 23rd November 2010, 23:05

Quote:

Originally Posted by para_7k

I have been using a Citibank VISA card for the last 2 years. Today, I used the card at a restaurant during my lunch time.

Where was this - In India? Were all the other transactions online in nature?

Look at the +ve side - the amount involved is small and you and the bank caught the irregularity right away. Have some faith in the dispute resolution process and keep us posted.

A police complaint against the restaurant should be considered - since its likely that they are cloning other peoples cards also.

para_7k · 24th November 2010, 06:55

Quote:

Originally Posted by Bomi

Nothing to worry about. Report the misuse of your card in writing to the issuing bank and take an acknowledgement. They will remove the suspect transactions from your bill in good faith and investigate with the merchant. If the merchant is able to prove that you actually put through these transactions (by providing your signature, etc.) then you will be asked to pay for these + interest + a penalty for raising a false complaint. If the merchant is unable to provide proof, life goes on as usual (the fraudulent transactions have already been removed from your bill).
As an added precaution, you can ask you bank to issue you with a new card.

The same procedure was mentioned by the bank. Can you please let me know if a police complaint is required for this ?

The card has been blocked and a new card is on the way.

Quote:

Originally Posted by CrackedHead

Where was this - In India? Were all the other transactions online in nature?

Look at the +ve side - the amount involved is small and you and the bank caught the irregularity right away. Have some faith in the dispute resolution process and keep us posted.

A police complaint against the restaurant should be considered - since its likely that they are cloning other peoples cards also.

My card is an Indian card but the fraudulent transactions are all in USD.

aargee · 24th November 2010, 08:15

@para_7k - Every credit card has an insurance of theft; check your offer letter/booklet for how much money it is being insured for. Until you've reached that amount, there's nothing to worry. It usually is about Rs 50K for most cards.

Since Citibank & you're aware of this theft, nothing to worry & you WILL not have to pay for these fradulent transactions.

gavinimurthy · 24th November 2010, 09:21

For online transactions one has to enter the CVV number (normally three digit) also along with the card number. This CVV number is normally on the back of the card besides the signature panel.

If you handover your card to a third party, it is very simple to note down your card number and the CVV number and use it subseqently for online transactions. It is prudent to note down the CVV number seperately and blank it out/scrape it out from the card, in case we intend to use it in restaurents etc where the card is swiped in our absence.

https://www.strategicprofitsinc.com/.../cvv_info.html

Card security code - Wikipedia, the free encyclopedia

"This provides a level of protection to the bank/cardholder, in that a corrupt merchant cannot simply capture the magnetic stripe details of a card and use them later for "card not present" purchases over the phone, mail order or Internet. To do this, a merchant would also have to note the CVV2 visually and record it, which is more likely to arouse the cardholder's suspicion."

Murthy

jigbarai · 24th November 2010, 09:42

isnt there a new security level in place these days where there is a passcode as well (after the cvv) which one has to enter for an online transaction to go thru ?

it is the feature called 'secured by visa/mastercard' and all credit cards are supposed to be registered for this ?

para_7k · 24th November 2010, 10:05

Quote:

Originally Posted by aargee

@para_7k - Every credit card has an insurance of theft; check your offer letter/booklet for how much money it is being insured for. Until you've reached that amount, there's nothing to worry. It usually is about Rs 50K for most cards.

Since Citibank & you're aware of this theft, nothing to worry & you WILL not have to pay for these fradulent transactions.

@aargee, When I talked to the bank, they told me that I'm liable until the fraud is proved.

Quote:

Originally Posted by gavinimurthy

. It is prudent to note down the CVV number seperately and blank it out/scrape it out from the card, in case we intend to use it in restaurents etc where the card is swiped in our absence.

Murthy

Yes, I could have done that. Big Mistake.

Thanks for this tip.

Quote:

Originally Posted by jigbarai

isnt there a new security level in place these days where there is a passcode as well (after the cvv) which one has to enter for an online transaction to go thru ?

it is the feature called 'secured by visa/mastercard' and all credit cards are supposed to be registered for this ?

Yes, it occured to me only this morning. For me, the online transactions have been failing as I did not set a Verified by Visa Password.

I'm going to talk to the bank today to find out how these transactions went through.

It's all so very strange and confusing!

benbsb29 · 24th November 2010, 10:06

Quote:

Originally Posted by jigbarai

isnt there a new security level in place these days where there is a passcode as well (after the cvv) which one has to enter for an online transaction to go thru ?

it is the feature called 'secured by visa/mastercard' and all credit cards are supposed to be registered for this ?

Exactly what i was thinking. I have my SCB credit card registeref for this, since that is the one i use on a regular basis. I am prompted for the same when i use it to pay my electricity bills as well.

For those who havent signed up for this as yet, please do so, it would help minimize fradulent online transactions.

rohan_iitr · 24th November 2010, 10:22

Quote:

Originally Posted by jigbarai

isnt there a new security level in place these days where there is a passcode as well (after the cvv) which one has to enter for an online transaction to go thru ?

it is the feature called 'secured by visa/mastercard' and all credit cards are supposed to be registered for this ?

This security feature is mandatory only for online transactions on Indian websites.

For websites in other countries, credit card number and CVV number are sufficient for making online transaction.

Rohan

gavinimurthy · 24th November 2010, 10:23

Quote:

Yes, it occured to me only this morning. For me, the online transactions have been failing as I did not set a Verified by Visa Password.

I'm going to talk to the bank today to find out how these transactions went through.

It's all so very strange and confusing!

Verifyed by Visa/Master card is controlled by the online store.

"Where can I shop with Verified by Visa?
Look for the Verified by Visa mark on participating online stores or check the list of current merchants by clicking here."

Shopping online without Verified by Visa

Can I get the benefit of Verified by Visa security at online stores that are not participating in the service?No. However more and more online stores are offering Verified by Visa. In the meantime, if an online store you trust is not yet participating, use common sense and follow our shopping tips.

Visa Southeast Asia | Frequently Asked Questions
******

It is obvious that trusted establishments only have this safeguard.

Murthy

Gansan · 24th November 2010, 10:34

@para_7k
Please post the name of the suspect restaurant so that others can be careful. If you are hesitant then kindly PM it to me.

para_7k · 24th November 2010, 10:35

I thought it was more of a bank initiative. All of my recent online transactions never went through without vbv.

I have written a mail to Citibank. Let's see their reply.

================================================== ======

Hi,

I have been using the VISA cashback card xxx for some time. Last evening I got a call from Citibank suspecting fradulency on some online transactions. I confirmed the transactions as fraud and blocked my card immediately. The following are the transactions indicated by Phone banking:

white caps - 8$ -
colfax market place - 226 Rs / 5$
tommy hilfiger - 1 re
pay billing.com - 1 re
payrknet.com - 88 rs 48 / 2$
gery store - 3327.99 / 60$ -

In my card, I do not remember doing any online transactions at least in the last 6 months. Also, many of my transactions have been failing. When I checked with Citibank, I was told that the transactions failed because I did not set a Verified by Visa Password.

I did not opt for a vbv password as I did not require to make online transactions with this card.

NOW, I SEE THAT THE ONLINE TRANSACTIONS HAVE SUCCEEDED IN SPITE OF ME NOT OPTING FOR A VERIFIED BY VISA PASSWORD.

CAN YOU PLEASE CHECK HOW THESE ONLINE TRANSACTIONS WENT THROUGH THE VERIFIED BY VISA PROCESS.

AWAITING YOUR REPLY.

================================================== ======

gavinimurthy · 24th November 2010, 10:51

It is interesting that only 7 stores have opted for this security feature in India so far.

benbsb29 · 24th November 2010, 12:31

Bangalore One online bill payment also supports it.

mobike008 · 24th November 2010, 15:21

Quote:

Originally Posted by NetfreakBombay

Food for thought:

NY Times Exec: Credit Cards Make People Beautifully Ignorant Of Their Spending - The Consumerist

$60/month as delivery charges for newspaper that costs $1 per day or $30/month? Looks like some numbers got mixed up in a major way.

Nevertheless, the point remains that merchants are making a nice packet due to auto renewals via credit card. This applies purely to US markets.

In India, they ( Readers Digest is one example) is trying their best to sell their goods/services via. door delivery. I think there are just a fraction of urban population who avails this kind of service.

We indians are smarter and at most times do keep a good track of where our money is going

23rd November 2010, 22:09	#511
Bomi BHPian Join Date: Oct 2005 Location: Mumbai Posts: 284 Thanked: 76 Times	Nothing to worry about. Report the misuse of your card in writing to the issuing bank and take an acknowledgement. They will remove the suspect transactions from your bill in good faith and investigate with the merchant. If the merchant is able to prove that you actually put through these transactions (by providing your signature, etc.) then you will be asked to pay for these + interest + a penalty for raising a false complaint. If the merchant is unable to provide proof, life goes on as usual (the fraudulent transactions have already been removed from your bill). As an added precaution, you can ask you bank to issue you with a new card. There are very few restaurants/establishments which have the facility of swiping cards at the customers table. This requires a GPRS terminal for which the merchant acquirer charges a steep monthly rental (2000-5000)
	() Thanks

24th November 2010, 08:15	#514
aargee Senior - BHPian Join Date: Jan 2010 Location: KATSTN Posts: 6,093 Thanked: 9,073 Times	@para_7k - Every credit card has an insurance of theft; check your offer letter/booklet for how much money it is being insured for. Until you've reached that amount, there's nothing to worry. It usually is about Rs 50K for most cards. Since Citibank & you're aware of this theft, nothing to worry & you WILL not have to pay for these fradulent transactions.
	() Thanks

24th November 2010, 09:21	#515
gavinimurthy BHPian Join Date: May 2010 Location: AP-!6 Posts: 161 Thanked: 10 Times	For online transactions one has to enter the CVV number (normally three digit) also along with the card number. This CVV number is normally on the back of the card besides the signature panel. If you handover your card to a third party, it is very simple to note down your card number and the CVV number and use it subseqently for online transactions. It is prudent to note down the CVV number seperately and blank it out/scrape it out from the card, in case we intend to use it in restaurents etc where the card is swiped in our absence. https://www.strategicprofitsinc.com/.../cvv_info.html Card security code - Wikipedia, the free encyclopedia "This provides a level of protection to the bank/cardholder, in that a corrupt merchant cannot simply capture the magnetic stripe details of a card and use them later for "card not present" purchases over the phone, mail order or Internet. To do this, a merchant would also have to note the CVV2 visually and record it, which is more likely to arouse the cardholder's suspicion." Murthy
	() Thanks

24th November 2010, 09:42	#516
jigbarai BHPian Join Date: Sep 2009 Location: Mumbai Posts: 554 Thanked: 29 Times	isnt there a new security level in place these days where there is a passcode as well (after the cvv) which one has to enter for an online transaction to go thru ? it is the feature called 'secured by visa/mastercard' and all credit cards are supposed to be registered for this ?
	() Thanks

24th November 2010, 10:34	#521
Gansan Senior - BHPian Join Date: May 2009 Location: Chennai Posts: 4,413 Thanked: 4,921 Times	@para_7k Please post the name of the suspect restaurant so that others can be careful. If you are hesitant then kindly PM it to me.
	() Thanks

24th November 2010, 10:35	#522
para_7k BHPian Join Date: Feb 2009 Location: chennai Posts: 469 Thanked: 93 Times	I thought it was more of a bank initiative. All of my recent online transactions never went through without vbv. I have written a mail to Citibank. Let's see their reply. ================================================== ====== Hi, I have been using the VISA cashback card xxx for some time. Last evening I got a call from Citibank suspecting fradulency on some online transactions. I confirmed the transactions as fraud and blocked my card immediately. The following are the transactions indicated by Phone banking: white caps - 8$ - colfax market place - 226 Rs / 5$ tommy hilfiger - 1 re pay billing.com - 1 re payrknet.com - 88 rs 48 / 2$ gery store - 3327.99 / 60$ - In my card, I do not remember doing any online transactions at least in the last 6 months. Also, many of my transactions have been failing. When I checked with Citibank, I was told that the transactions failed because I did not set a Verified by Visa Password. I did not opt for a vbv password as I did not require to make online transactions with this card. NOW, I SEE THAT THE ONLINE TRANSACTIONS HAVE SUCCEEDED IN SPITE OF ME NOT OPTING FOR A VERIFIED BY VISA PASSWORD. CAN YOU PLEASE CHECK HOW THESE ONLINE TRANSACTIONS WENT THROUGH THE VERIFIED BY VISA PROCESS. AWAITING YOUR REPLY. ================================================== ======
	() Thanks

24th November 2010, 10:51	#523
gavinimurthy BHPian Join Date: May 2010 Location: AP-!6 Posts: 161 Thanked: 10 Times	It is interesting that only 7 stores have opted for this security feature in India so far. DDSL Internet Service Provider Fibre2fashion Online Fashion Portal Indian Railways Online Ticketing Manorama Online Shopping Mall NBC India Bookstore Net4India Internet Service Provider Popleys Jewellery Mall Murthy Last edited by gavinimurthy : 24th November 2010 at 10:53.
	() Thanks

24th November 2010, 12:31	#524
benbsb29 Team-BHP Support Join Date: Nov 2006 Location: Brisbane Posts: 9,837 Thanked: 11,954 Times View My Garage	Bangalore One online bill payment also supports it.
	() Thanks

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