ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Dalal Street Corner: Market ends flat even as FII selling nears exhaustion; what should investors do on Friday?
  • Exclusive: June GST collections estimated at Rs 1.37-1.39 lakh cr, sources tell Zee Business ahead of announcement on 1 July
  • Eknath Shinde sworn in as 30th Chief Minister of Maharashtra, Fadnavis becomes Deputy CM
  • Gold Price Today: Weaker Rupee to hold yellow metal slide domestically, amid strengthening Dollar; analyst suggests strategy
  • Monsoon session of Parliament to begin on July 18; to end on August 12
Read in App
Business News » Personal Finance News

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

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.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
ATM Debit card pin code fraud: Money debited from your account without your consent? Here is what you should do
There are many situations when your debit card can be lost and it can be misused. Photo: Pixabay

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.
 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Debit Carddebit card data breachRBIBank ATMsCredit Cards
Written By: Pooja Jaiswar
Updated: Wed, Jan 30, 2019
05:13 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
RBI guidelines on credit, debit cards: All you need to know about new rules RBI guidelines on credit, debit cards: All you need to know about new rules
Lost your SBI debit card? A step-by-step guide on how to block, reissue a new one Lost your SBI debit card? A step-by-step guide on how to block, reissue a new one
Useful info for SBI customers: How to generate new PIN for debit card? You have to do this Useful info for SBI customers: How to generate new PIN for debit card? You have to do this
Online credit and debit card rules to change from January 1; know how tokenization to impact transactions Online credit and debit card rules to change from January 1; know how tokenization to impact transactions
Debit or Credit card CVV: Know why it’s the most important number  Debit or Credit card CVV: Know why it’s the most important number

LATEST NEWS

GST Council Meeting: Full details of goods and services, where rates hiked or slashed

Stocks to buy today: MTAR Tech, Apollo Tyres, Minda Industries and Bharti Airtel among list of 20 stocks for profitable trade on June 30

Anil Singhvi Strategy on June 30: Support zone on Nifty is 15675-15750 and Bank Nifty is 33000-33125

Rupee gains 5 paise to close at 78.98 against US dollar

Toyota India set to unveil Toyota Hyryder tomorrow, Check details here

Statiq raises USD 25.7 mn in funding round led by Shell Ventures

Lay-offs rise as stagflation worries mount; Zee Business' research explains impact

Maruti Suzuki Brezza 2022: Launch today! Check key highlights; live streaming link here

KYC for Demat account, Single-use plastic ban to IPO rule change - here is a list of important changes that come into effect from 1 July

Indian and Offshore Gaming Sites Are in the Same Boat, Experts Remind

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV