Credit Card Fraud: The RBI (Reserve Bank of India) states that customers can be fully protected from credit card fraud, but only if they report it promptly and meet the necessary requirements.

Credit Card Fraud: As digital payments grow, people increasingly rely on online approvals and cards for everyday expenses, and cases of digital fraud are also increasing rapidly. So, if you've fallen prey to fraudsters or are worried about being scammed, don't panic. Taking appropriate action at the right time can save your money.

The RBI (Reserve Bank of India) states that customers can be fully protected from credit card fraud, but only if they report it promptly and meet the necessary requirements. Here's a simple guide to help you keep your money safe if you become a victim of credit card fraud.

Block Your Card

Your first step should be to prevent any losses. As soon as you notice a suspicious transaction, block your card immediately. You can easily do this through your mobile app, net banking page, or 24x7 customer care number. This will not only provide relief but also help prevent excessive unauthorised charges. Therefore, it's important to check your credit card statement regularly.

Inform the Bank

If you notice a suspicious transaction, be sure to inform your bank. In most cases, banks will ask you to fill out a dispute form. This form typically includes details such as the transaction amount, date, ID, and a written statement confirming that you did not authorize the payment. This step is necessary to initiate an investigation.

To strengthen your case, file your complaint through all official channels, such as the bank's customer care and the RBI's complaint management system. Additionally, you can file a formal FIR at your nearest police station.

Save Records

Save all information related to the fraud. This includes text alerts, FIR copies, screenshots of transactions, and emails exchanged with the bank. These records can support your claim and help you recover your money based on the bank's terms and RBI regulations.

Follow-up is essential

After submitting all documents, follow up with the bank. Monitor the chargeback timeline, check whether the amount has been reversed, and carefully read your subsequent statements. Staying alert helps ensure that no new problems arise. Typically, the bank investigates within 7 to 45 days of filing a complaint.

Filing a complaint won't necessarily guarantee your refund, but taking timely action is likely to yield positive results. Credit card fraud can happen to anyone at any time. Awareness and action are essential. To avoid it, stay updated on scams and follow basic security practices.