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 communication regarding the transaction.

The RBI has also sought to protect the customer when there is loss due to his/her own negligence, like sharing one's password. The RBI has said that the customer will bear the entire loss only if the unauthorized transaction is not reported to the bank.

The maximum liability of the customer – in case of his/her own negligence or where the loss is caused by a third party – will be Rs 5,000 for basic savings bank account and Rs 10,000 for other accounts. For credit cards with limits above Rs 5 lakh and for current, cash credit and overdraft accounts of limits above Rs 25 lakh, the maximum liability will be Rs 25,000.

Read the full News at IndiaTVNews.com

Stay Safe From fraud calls, always confirm at customer care for any offer or deal, from no angle Bank will help you if you fell in the trap. Your safety is only in your hands.



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