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Cracking a pin code of your debit card has become a child’s play for various fraudsters these days. In most of the cases, you are barely aware about what went wrong. There are many situations when your debit card can be lost and it can be misused. Apart from this, another reason can be hacking of your debit card  pin which can be used at ATMs to withdraw money. Like it or not, hackers know their game and will fool you to quite an extent. 
If you do not want be among those people who wake up one morning and receive a message that a certain amount has been debited from their bank account without your consent. Or if you are among those who have just witnessed a lost of debit card. Then you better hurry up in reporting the theft or unauthorized transactions, because RBI does allow banks to recover your amount. However, if any further delay takes place from your end, then you will be the one in loss. Nobody likes to lose their money for no reason, and hence, it is always advisable to stay vigilant and alert.
For your information, banks are needed to provide you customer service 24X7 through multiple channels like website, phone banking, SMS, e-mail, IVR, a dedicated toll-free helpline, reporting to home branch, etc. for reporting unauthorised transactions that have taken place and/ or loss or theft of payment instrument such as card, etc.
Apart from this, you are also allowed to instantly respond by ‘Reply’ to the SMS and e-mail alerts when you receive a message of an unauthorised transactions. Also, a direct link for lodging complaints, with specific option to report unauthorised electronic transactions is provided by banks on homepage of their website. 
<blockquote data-lang="en">गुरुवार को आएंगे <a href="https://twitter.com/hashtag/Vedanta?src=hash&amp;ref_src=twsrc%5Etfw">#Vedanta</a> <a href="https://twitter.com/hashtag/NMDC?src=hash&amp;ref_src=twsrc%5Etfw">#NMDC</a> के नतीजे, क्या है <a href="https://twitter.com/hashtag/ZeeBusiness?src=hash&amp;ref_src=twsrc%5Etfw">#ZeeBusiness</a> का अनुमान जान लेते हैं आशीष चतुर्वेदी से।<a href="https://twitter.com/AnilSinghviZEE?ref_src=twsrc%5Etfw">@AnilSinghviZEE</a> <a href="https://twitter.com/AshishZBiz?ref_src=twsrc%5Etfw">@AshishZBiz</a> <a href="https://t.co/MAWK63isFU">pic.twitter.com/MAWK63isFU</a>
— Zee Business (@ZeeBusiness) <a href="https://twitter.com/ZeeBusiness/status/1090574197913542658?ref_src=twsrc%5Etfw">January 30, 2019</a></blockquote>
<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>Where could you go wrong and lose your money?
The moment you receive an unauthorised transaction message, then you must immediately contact your bank. 
In case, if the loss is due to negligence by a customer, such as where he has shared the payment credentials, the customer will bear the entire loss until he reports the unauthorised transaction to the bank. Any loss occurring after the reporting of the unauthorised transaction shall be borne by the bank.
Further, there can be a situation where neither the bank or customer is responsible for the unauthorised transaction but lies elsewhere. Then you must report the bank about the transaction, notified as per RBI. 
If the complaint is filed within 3 working days of the fraud, then there will be no liability on you and better chances for recovering your money. However, if the delay is done further between 4 to 7 working days of the fraud, then you will be liable for the loss. If you continue to delay over 7 working days in reporting the unauthorised transactions, then your loss will depend upon your bank’s policy. 
If a fraud is created under basic savings bank account, then you be liable for Rs 5,000 loss, and if the same is done in all other savings bank account then you will bear Rs 10,000 loss. Further, if the fraud is created under current, cash, credit, overdraft accounts and also credit cards having limit Rs 5 lakh, then you will bear Rs 25,000 loss. These will occur when you fail to report the bank about the unauthorised transactions within 3 days. 
If you have taken precautions and filed for your unauthorised transactions specified in the above time manner, then your loss will be compensated within 90 days of the reporting. 
In case of debit card/ bank account, the customer does not suffer loss of interest, and in case of credit card, the customer does not bear any additional burden of interest.
Hence, it is always advisable to make sure you are alert in reporting your unauthorised transactions, if you do not want to lose your money. Also to avoid falling in this situation, try not to share your financial credentials with anyone either be your spouse, family or friends. Also, take proper precautions for possible theft when carrying your debit and credit card outside home.

Cracking a pin code of your debit card has become a child’s play for various fraudsters these days. In most of the cases, you are barely aware about what went wrong. There are many situations when your debit card can be lost and it can be misused. Apart from this, another reason can be hacking of your debit card  pin which can be used at ATMs to withdraw money. Like it or not, hackers know their game and will fool you to quite an extent. If you do not want be among those people who wake up one morning and receive a message that a certain amount has been debited from their bank account without your consent. Or if you are among those who have just witnessed a lost of debit card. Then you better hurry up in reporting the theft or unauthorized transactions, because RBI does allow banks to recover your amount. However, if any further delay takes place from your end, then you will be the one in loss. Nobody likes to lose their money for no reason, and hence, it is always advisable to stay vigilant and alert.For your information, banks are needed to provide you customer service 24X7 through multiple channels like website, phone banking, SMS, e-mail, IVR, a dedicated toll-free helpline, reporting to home branch, etc. for reporting unauthorised transactions that have taken place and/ or loss or theft of payment instrument such as card, etc.Apart from this, you are also allowed to instantly respond by ‘Reply’ to the SMS and e-mail alerts when you receive a message of an unauthorised transactions. Also, a direct link for lodging complaints, with specific option to report unauthorised electronic transactions is provided by banks on homepage of their website. गुरुवार को आएंगे #Vedanta #NMDC के नतीजे, क्या है #ZeeBusiness का अनुमान जान लेते हैं आशीष चतुर्वेदी से।@AnilSinghviZEE @AshishZBiz pic.twitter.com/MAWK63isFU— Zee Business (@ZeeBusiness) January 30, 2019Where could you go wrong and lose your money?The moment you receive an unauthorised transaction message, then you must immediately contact your bank. In case, if the loss is due to negligence by a customer, such as where he has shared the payment credentials, the customer will bear the entire loss until he reports the unauthorised transaction to the bank. Any loss occurring after the reporting of the unauthorised transaction shall be borne by the bank.Further, there can be a situation where neither the bank or customer is responsible for the unauthorised transaction but lies elsewhere. Then you must report the bank about the transaction, notified as per RBI. If the complaint is filed within 3 working days of the fraud, then there will be no liability on you and better chances for recovering your money. However, if the delay is done further between 4 to 7 working days of the fraud, then you will be liable for the loss. If you continue to delay over 7 working days in reporting the unauthorised transactions, then your loss will depend upon your bank’s policy. If a fraud is created under basic savings bank account, then you be liable for Rs 5,000 loss, and if the same is done in all other savings bank account then you will bear Rs 10,000 loss. Further, if the fraud is created under current, cash, credit, overdraft accounts and also credit cards having limit Rs 5 lakh, then you will bear Rs 25,000 loss. These will occur when you fail to report the bank about the unauthorised transactions within 3 days. If you have taken precautions and filed for your unauthorised transactions specified in the above time manner, then your loss will be compensated within 90 days of the reporting. In case of debit card/ bank account, the customer does not suffer loss of interest, and in case of credit card, the customer does not bear any additional burden of interest.Hence, it is always advisable to make sure you are alert in reporting your unauthorised transactions, if you do not want to lose your money. Also to avoid falling in this situation, try not to share your financial credentials with anyone either be your spouse, family or friends. Also, take proper precautions for possible theft when carrying your debit and credit card outside home. 

Banks are needed to provide you customer service 24X7 through multiple channels like website, phone banking, SMS, e-mail, IVR, a dedicated toll-free helpline, reporting to home branch, etc. for reporting unauthorised transactions that have taken place and/ or loss or theft of payment instrument such as card, etc.

ATM Debit card pin code fraud: Money debited from your account without your consent? Here is what you should do

news-atm-debit-card-pin-code-fraud-money-debited-from-your-account-without-your-consent-here-is-what-you-should-do-83036

Cracking a pin code of your debit card has become a child’s play for various fraudsters these days. In most of the cases, you are barely aware about what went wrong. There are many situations when your debit card can be lost and it can be misused. Apart from this, another reason can be hacking of your debit card  pin which can be used at ATMs to withdraw money. Like it or not, hackers know their game and will fool you to quite an extent.  If you do not want be among those people who wake up one morning and receive a message that a certain amount has been debited from their bank account without your consent. Or if you are among those who have just witnessed a lost of debit card. Then you better hurry up in reporting the theft or unauthorized transactions, because RBI does allow banks to recover your amount. However, if any further delay takes place from your end, then you will be the one in loss. Nobody likes to lose their money for no reason, and hence, it is always advisable to stay vigilant and alert. For your information, banks are needed to provide you customer service 24X7 through multiple channels like website, phone banking, SMS, e-mail, IVR, a dedicated toll-free helpline, reporting to home branch, etc. for reporting unauthorised transactions that have taken place and/ or loss or theft of payment instrument such as card, etc. Apart from this, you are also allowed to instantly respond by ‘Reply’ to the SMS and e-mail alerts when you receive a message of an unauthorised transactions. Also, a direct link for lodging complaints, with specific option to report unauthorised electronic transactions is provided by banks on homepage of their website.  गुरुवार को आएंगे #Vedanta #NMDC के नतीजे, क्या है #ZeeBusiness का अनुमान जान लेते हैं आशीष चतुर्वेदी से।@AnilSinghviZEE @AshishZBiz pic.twitter.com/MAWK63isFU — Zee Business (@ZeeBusiness) January 30, 2019 Where could you go wrong and lose your money? The moment you receive an unauthorised transaction message, then you must immediately contact your bank.  In case, if the loss is due to negligence by a customer, such as where he has shared the payment credentials, the customer will bear the entire loss until he reports the unauthorised transaction to the bank. Any loss occurring after the reporting of the unauthorised transaction shall be borne by the bank. Further, there can be a situation where neither the bank or customer is responsible for the unauthorised transaction but lies elsewhere. Then you must report the bank about the transaction, notified as per RBI.  If the complaint is filed within 3 working days of the fraud, then there will be no liability on you and better chances for recovering your money. However, if the delay is done further between 4 to 7 working days of the fraud, then you will be liable for the loss. If you continue to delay over 7 working days in reporting the unauthorised transactions, then your loss will depend upon your bank’s policy.  If a fraud is created under basic savings bank account, then you be liable for Rs 5,000 loss, and if the same is done in all other savings bank account then you will bear Rs 10,000 loss. Further, if the fraud is created under current, cash, credit, overdraft accounts and also credit cards having limit Rs 5 lakh, then you will bear Rs 25,000 loss. These will occur when you fail to report the bank about the unauthorised transactions within 3 days.  If you have taken precautions and filed for your unauthorised transactions specified in the above time manner, then your loss will be compensated within 90 days of the reporting.  In case of debit card/ bank account, the customer does not suffer loss of interest, and in case of credit card, the customer does not bear any additional burden of interest. Hence, it is always advisable to make sure you are alert in reporting your unauthorised transactions, if you do not want to lose your money. Also to avoid falling in this situation, try not to share your financial credentials with anyone either be your spouse, family or friends. Also, take proper precautions for possible theft when carrying your debit and credit card outside home.  

Banks are needed to provide you customer service 24X7 through multiple channels like website, phone banking, SMS, e-mail, IVR, a dedicated toll-free helpline, reporting to home branch, etc. for reporting unauthorised transactions that have taken place and or loss or theft of payment instrument such