LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • 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
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS

Read in App
Business News » Personal Finance News

Debit card fraud? Here's what you must do immediately

Government has been pushing for less-cash society centered around digital transactions. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Debit card fraud? Here's what you must do immediately
With digital currency comes a new set of problems. Photo: Pixabay
Written By: Hitisha Jain
Updated: Wed, May 10, 2017
02:52 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Never share your bank debit card details, PIN number  - this woman lost Rs 50,000 over food bill fraud Never share your bank debit card details, PIN number - this woman lost Rs 50,000 over food bill fraud
Central Bank of India account holder? New debit card launched - RuPay Select | TOP FEATURES, BENEFITS Central Bank of India account holder? New debit card launched - RuPay Select | TOP FEATURES, BENEFITS
SafePay! Contactless debit card transaction facility from IDFC First Bank - All you need to know SafePay! Contactless debit card transaction facility from IDFC First Bank - All you need to know
PNB Prepaid Cards: Know about these 2 prepaid card facilities here and why you should take it! PNB Prepaid Cards: Know about these 2 prepaid card facilities here and why you should take it!
OTP-based SBI ATM withdrawal extended round the clock; Know here when service starts OTP-based SBI ATM withdrawal extended round the clock; Know here when service starts

Government has been pushing for less-cash society centered around digital transactions. However, with digital currency comes a new set of problems. 

On February 28, Anand Naidu's (name changed) salary account was 'hacked' and Rs 60,500 was laundered. 

"I was travelling back from my home town and it took me a while to understand what has happened. I immediately called customer care but their server was down till the next day morning. I immediately mailed the bank for which a service request (SR) was raised the next day."

"The same day I visited the bank to get a reson for closure of the SR, received the mail next day saying the transaction was done using ATM PIN second level authentication," Naidu explained. 

Further, the bank asked Naidu to file a complaint with the nearest police station. Naidu did the needful and visited the bank to ask for 2nd and 3rd level escalation. 

"Finally I mailed headservice quality of the bank and got a response on April 10. On April 28, they said that ATM PIN was used for transaction, but provided no clarification when the ATM card was with me always how was the transaction possible without the card and no OTP getting generated," Naidu added. 

After following up with banks for two weeks, Naidu received a reply from the bank saying, "We have referred the case details to our Internal Ombudsman of the Bank (Appointed on the directive of Reserve Bank of India to look into the complaints), who has examined the case and expressed that the reply being given by the Bank's internal grievance mechanism is in order."

"The transaction, as confirmed from our records, has undergone a ATM PIN authentication, which is a second level authentication specifically meant for online transactions done through merchant web sites. The bank's system does not recognise one individual from the other, as long as the correct values have been used. As the transaction was qualified by information known only to you, the bank is NOT in a position to repudiate the transactions with the merchant on the basis of your dispute. We, therefore, regret to inform you that the bank will not be able to accede to your claims with regard to the disputed transactions," the bank told him. 

Speaking with Zeebiz, Adhil Shetty, CEO & Co-founder Bankbazaar.com, details on what to do in case of a debit card fraud. 

He said, there are four steps which are utmost important in such case. They are:

1. Time is of essence. Act as fast as you can, preferably within 24 hours from the date and time of the fraudulent transaction.

2. The first step is to report the fraud and get the card blocked. Call the card provider’s customer service number immediately, and follow it up with a written letter. Make sure you keep a copy of the letter for your records along with the details of the customer complaint numbers and dates you make follow-up calls.

3. Reset your login password, PIN, security answer, and all other details as soon as possible.

4. If your card has been used to transact on legitimate websites or merchants, contact them immediately and try to see if the transaction can be stopped and reversed.

So, before you use debit cards from now, make sure you know how to handle the situation in case it is hacked and act quickly.

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 FraudDigital transactiondebit card fraud casedebit card hackedDIGITAL CURRENCYATM PIN authenticationsafe digital transactions
RELATED NEWS
Never share your bank debit card details, PIN number  - this woman lost Rs 50,000 over food bill fraud Never share your bank debit card details, PIN number - this woman lost Rs 50,000 over food bill fraud
Central Bank of India account holder? New debit card launched - RuPay Select | TOP FEATURES, BENEFITS Central Bank of India account holder? New debit card launched - RuPay Select | TOP FEATURES, BENEFITS
SafePay! Contactless debit card transaction facility from IDFC First Bank - All you need to know SafePay! Contactless debit card transaction facility from IDFC First Bank - All you need to know
PNB Prepaid Cards: Know about these 2 prepaid card facilities here and why you should take it! PNB Prepaid Cards: Know about these 2 prepaid card facilities here and why you should take it!
OTP-based SBI ATM withdrawal extended round the clock; Know here when service starts OTP-based SBI ATM withdrawal extended round the clock; Know here when service starts

LATEST NEWS

Chinese telecom giant Huawei ropes in former Brazilian President Michel Temer to advise on 5G

IPO alert! Stove Kraft mobilises over Rs 185 crore from anchor investors

Budget 2021: What IT wants from FM Nirmala Sitharaman - a Cyber Security Policy like Income Tax, GST

Tata Power Solar wins Rs 1,200 crore order to set up 320 MW project from NTPC

WATCH! PM Modi distributes land allotment certificates to indigenous people in Assam's Sivasagar

MahaDAO's ARTH goes live in India; over 5000 investors foresee a solution to currency depreciation

Tata Motors launches i-Turbo petrol variant of premium hatchback Altroz

Budget 2021 expectations from Healthcare Sector II Details Explained

Traffic violations fine: NEVER EVER drive on wrong side of the road in this city, you may lose your driving licence permanently

LG can boost its corporate value by restructuring mobile biz

  • 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
Copyright © Zee Media Corporation Ltd. All rights reserved