Comments on: Did You Know: Credit Card Companies In India Will No Longer Be Liable For Transactions That Happen Before A Card Loss Is Reported

By: ashish

ashish — Fri, 20 Aug 2010 10:27:32 +0000

I had a HSBC credit card which was lost and I reported the loss of credit card on 15th June 2010, but there were already some fraudulent transactions (total 8 transactions, worth Rs. 11382/- in total, were incurred on this card on 6th and 8th June 2010.
I reported FIR at Police department, and then I filled up and signed the dispute form and sent it alongwith FIR scanned copy at info@hsbc.co.in. on 19th June2010.

The charge-slips were not signed by me and the signature also does not tally with my signature recorded with HSBC.

HSBC denied the dispute claim raised by me saying that the transactions were done before the card was reported as LOST CARD. so they expect the disputed amount to be settled by me.
Also in other communications they have stated that all the transactions are authorised and settled electronically with the merchant bankers and there is no mannual intervention.
I again raised the issue with Nodal officer HSBC, and Country head – personal finance department of HSBC. But all of them are denying their HSBC’s responsibility for not matching the signature on chargeslip
I would like to know following things.,

1) what are the rules and regulations set by RBI for such fraudulent transactions (signature not matching on chargeslips) and responsibility of Card Issuer Bank.

Now I have no option left, but to apply for reversal of these transactions and compensation at Banking Ombudsman.

Please guide me how I can proceed with this issue?
If possible please send me a draft of letter to be sent to Banking Ombudsman.

My email – ashish_b1965@yahoo.co.in

By: ashish

ashish — Fri, 20 Aug 2010 10:25:44 +0000

The charge-slips were not signed by me and the signature also does not tally with my signature recorded with HSBC.

1) what are the rules and regulations set by RBI for such fraudulent transactions (signature not matching on chargeslips) and responsibility of Card Issuer Bank.

Now I have no option left, but to apply for reversal of these transactions and compensation at Banking Ombudsman.

Please any banking lawer guide me how I can proceed with this issue?

By: rohitsoni

rohitsoni — Thu, 20 May 2010 13:14:22 +0000

the same thing happen with me
i was owning HDFC Golden credit dard.

i was in muscat,
once i visit the shopping mall there, any how the card was drop my pocket without my knowledge.
after three-four days suddenly when i check my wallet i found cad missing.
immediately i found customer care contact from internate and
i inform the bank about the card loss, when i ask about the credit, they said its all RS. 30000/- being used, the card was used in the same shopping mall on the same date, where i visit.
second day i file a police complain, and also fortunately get the CCTV footage of the persons who swap the card.
I submit all the document to the head office(chennai) and branch office (Surat).
But the hdfc bank still sending the payment bill, instead of doing any search
or for any cooperation.
the local branch are always telling us to talk with call center number
I REALLY FEDUP WITH THE BANK POLICY

CONCLUSION:
” STAY AWAY FROM CREDIT CARD, BETTER USE DEBIT CARD”

By: sukhada chitari

sukhada chitari — Mon, 30 Mar 2009 14:26:43 +0000

It happened to me as well. I lost my ICICI credit card at Kentucky, USA. (My purse was stolen from my car)
I reported loss in 5 hours. ICICI bank is asking me to pay Rs.15,000 which were used by thieves.
Bank is not ready to give me any details about my dispute. (dispute was resolved in favor of bank)
Banks make policies and rules to cover themselves. I’m surprised how government is supporting these rules. Is there any way to launch complaint at consumer court or something like that in India?

By: venkatesh hathwar

venkatesh hathwar — Sat, 24 Jan 2009 04:55:35 +0000

hi i lost my HSBC card also and after i got the stament only i found i lost my card because i never used this card so somebody used for 30000 so can u help me to solove this problem

By: Thomson

Thomson — Sun, 07 Sep 2008 15:17:44 +0000

Guys this happened to me too. I was under stress for over 3 months as the fraud amounted to 91OOO/- within 24hours.
I received all the charge slips and also saw the video of the culprits on CCTV. But CITIBANK still wanted me to pay. Also they have given it to me in writing that the merchant has no responsibility to check the signature which means that the signature has no relevance when a fraud happens.
RBI is the culprit here as they are responsible for ensuring customer interests.
I have now decided not to have any card with limit over 20K. Carry only one and use the other when this expires. Atleast this way i can save myself in case i loose a card.
My research also shows that Stanchart has a gold card with an insurance cover before reporting to the bank of around 40000/-. I will be applying for this card and use this as my primary card.

By: Bangalore Forum

Bangalore Forum — Mon, 01 Sep 2008 19:54:23 +0000

What if your credit card fraud happens online? That too on big brands like indiatimes!!! We had a case in 2006 and still Indiatimes is not responding.

By: Mandar Potdar

Mandar Potdar — Mon, 01 Sep 2008 11:46:49 +0000

Hi,
It is common knowledge that if you use the credit card at some shop, the shop owner NEVER verifies the signature, which is the only way for him to verify identity. Assuming that the person who has stolen your card uses it in a shop and has signed the slip with a signature which does not match even remotely, shouldn’t the shopkeeper be held responsible? In case of frauds on internet, the merchant (online shop owner) bears the brunt.
-Mandar

By: aditya agrawal

aditya agrawal — Sat, 28 Jun 2008 12:56:39 +0000

To
R. Shankar Narayan – Asst Vice President,
Card Services,
HSBC
Subject: Currency conversion & hidden charges on international transactions

I purchased an item using my HSBC credit card in US dollars on the Internet. The seller turned out to be a fraud. I stopped my payment but HSBC has not refunded my 3.5% for currency conversion.
Take an E.g. lets say I paid $100 ($1= 40 rupees) so total in rupees. is 40*100=Rs.4000.
Now add currency conversion rate 3.5 % i.e. 4000 X 3.5 % = Rs140.
Total paid to seller Rs4140. I should be refunded Rs4140.

I paid $45.43 by mistake two times (24th May 08 & 25th May 08) and was charged Rs1996.89 for each transaction inclusive of 3.5% currency conversion fees according to HSBC. I canceled both the transactions on 25th May 2008 as the sellers account did not exist. I received two refunds of Rs1876.98. They said they will not refund the currency conversion charges of 3.5%.

If you calculate 3.5% of Rs1876.98 (amount refunded) you get Rs.65.70. That means I should have been charged Rs1876.98 Rs65.70= Rs1942.68 (Total Rs1942.68 X 2 = Rs3885.36) since I paid for the amount twice.

Why are you charging me Rs1996.89 instead of Rs1942.68

what are the hidden charges you are levying on me? No one is giving a logical answer. Customer care say dollar fluctuates. I have spoken to them for more than hours on my phone (Ashish Mukerjee ashishmukherjee@hsbc.co.in ), sent emails to nodalofficerinm@hsbc.co.in & info@hsbc.co.inon 20th June 2008 on receiving the statement but no reply.

When I paid on 24th May 2008 I was charged Rs1996.89 and when I paid & received a refund on the 25th May 2008 I was also charged Rs1996.89 then you cannot say the difference is due the fluctuation in the dollar. Why the refunds are less?
The issue is not the amount but I have been using your credit card regularly to make international transactions & this is the first time I have found out the hidden charges which you are charging me. I have always trusted the reply I have received from your customer care executives & today I feel cheated & betrayed. I must have spent at least at least 200-300 dollars in the past but since I never had a break up so I was unable to calculate the charges. I was about to make your payment when I found these hidden charges
Please investigate into matter immediately. I will not be responsible for the late payment till the matter is resolved. I have contacted you well in advance before the due date through phone & email. I have also written a letter & given it to your HSBC bank in Indore to forward to you.

Please take the matter seriously. I will not be responsible if I have to take unpleasant action.

Awaiting your reply
Aditya Agrawal

By: joseph

joseph — Wed, 11 Jun 2008 02:34:27 +0000

I lost my credit card in Rome and i could inform the Bank only after reaching home i.e next day. Meantime the fradulant transaction already taken place for Rs.85,000/=.
Now for the last10 months the HDFC bank is behind me for making the payments.

My experience with Credit card was good till 10 month back. Now i feels one should use card from the bank where thay will support you when this type of problem comes in front of you.
HDFC bank is not ready to give me transaction slip / merchant details to contact the merchant.
If you are travelling the flight from Rome to India
How you will be able to lodge a complaint in 24 hrs call center.
What is the responsiblity of merchant?
Bank is not interested to know all this.

For information of HDFC Card users.