Don’t Pay To Bank On Credit Card Frauds If You Report In First 3 Days: RBI
Credit Card Frauds are common, you get a call from a fake bank representative for upgrades and scheme. Consumer got trusted on the basis of authentication process and duped for money. After getting into trap, while complaining to bank, the Bank says you have to pay everything, they are not liable. Thanks to RBI, now has a fresh directive, you don’t have to pay if you report to bank within the first 3 days. Remember the first 3 days are crucial. RBI introduces “Zero” / “Limited Liability” for fraudulent or unauthorized electronic transactions. RBI released final guidelines, a customer will bear ‘zero’ liability in case of a fraudulent transaction if there is contributory fraud or negligence on the part of the bank. The case is similar even if there is no involvement of the bank. So, in case of a third party breach, where there is no involvement of the bank, the customer will bear zero liability if the fraud is reported to the bank within three working days of receiving communicatio