Debit Card Fraud - Need Advice

[Zhiliang]

I was a victim of this 2 years back. I lost my Debit Card and it was used before I realised it was lost. When I checked my account (online) and called the Debit card company to report the loss, these unauthorised transactions were not shown in their system. The officer and I even confirmed the account ending balance etc and all was good. We even arranged for a replacement card to be sent to me.

Horror of Horrors... when I returned from my overseas trip months later, I checked my bank account and realised S$6K was GONE!! I spent almost 3 months disputing with the bank and they even pushed the blame to me. Saying that I "talked over" their call centre person such that she could not tell me that there were unauthorised transactions. I asked to transcribe the conversation (since all calls were recorded) and even volunteered to go to their office to do it. In the end, the bank said "out of goodwill", we will return half the money back since the transaction was incurred before I reported the loss of my card. Since the money is already gone from my account, I figured that half is beter than none. I decided NEVER to bank wtih them again and took out all my money. I will never trust a bank like this again since their system does not record debit card transactions immediately.

Ziliang: Stand firm... write to the press if they are unwilling to resolve it and never use a DEBIT card again.

Thank you bro. Sorry to hear about your loss. Thats quite a big sum certainly. The problem is i did not lose my debit card. And the moment i reported, the money has already been earmarked for debiting already.

The call centre people over at the bank asked me to only report when the transaction has passed through, and the latest update on my situation is that, the amount is still hanging there, and there is nothing i can do now, according to both the police and the bank. I wonder whether this wait will hurt my chances of claiming back the money.

Also hope, dont have to resort to going to the press. Really frustrating times.

 

[vince123123]

Care to tell us the name of this bank?

I was a victim of this 2 years back. I lost my Debit Card and it was used before I realised it was lost. When I checked my account (online) and called the Debit card company to report the loss, these unauthorised transactions were not shown in their system. The officer and I even confirmed the account ending balance etc and all was good. We even arranged for a replacement card to be sent to me.

Horror of Horrors... when I returned from my overseas trip months later, I checked my bank account and realised S$6K was GONE!! I spent almost 3 months disputing with the bank and they even pushed the blame to me. Saying that I "talked over" their call centre person such that she could not tell me that there were unauthorised transactions. I asked to transcribe the conversation (since all calls were recorded) and even volunteered to go to their office to do it. In the end, the bank said "out of goodwill", we will return half the money back since the transaction was incurred before I reported the loss of my card. Since the money is already gone from my account, I figured that half is beter than none. I decided NEVER to bank wtih them again and took out all my money. I will never trust a bank like this again since their system does not record debit card transactions immediately.

Ziliang: Stand firm... write to the press if they are unwilling to resolve it and never use a DEBIT card again.

 

[vince123123]

It depends,

If the fraudulent transactions are paper based, you can dispute by saying the bank should not allow the trasactions as the signatures don't match.

If the transactions are internet based, then the question is how the fella got your 3 digit and expiry date if the card is still with you.

Of course, if you really did lose the card, then its your fault for not reporting.

Well, There is no minimum liability for a debit card. If your money is gone, it is gone. The advantage of a credit card is that you can choose not to pay for these unauthorised transactions. But for a debit card, your money is GONE.

Basically, the fine prints from all the banks is that you are liable until you call in to declare that you have lost your card. Any transactions before you call in is not the bank's responsibility.




Unfortunately, I was not this lady. Wished I could get all my money back. With that 3K I can but lots of things. But its too late.

 

[Gizmore]

Hi, i need some advice on this matter.

This noon, i went to checked my back account by atm and realised that my availible bank balance is only 4 dollars plus. And i have just withdrew money the night before and all my money was still intact.

I called up the bank plus made a report with the police. Apparently there are some transactions from my debit card which i didnt authorise. Both the bank and the police told me that the transaction have to go through first before they can start investigation and where i will make a dispute report with the bank.

Just wondering that in instances like this, how can the matter be resolved and whether its possible for me to recover the money i have lost? And is this a very common matter?

Thanks.

Hi very sorry to hear your case.

I've encounter something similar maybe I will share it with you.

The incident happen on my UOB debit card as well. I only noticed the unauthorized transaction upon receiving my monthly statement for that particular debit card. I called up the customer service, request for an immediate termination of of the card on the basis that it has been compromise. Next, the customer service personnel inform me that I can file for a dispute but that would require me to fill in a form for that. He duly send it out via snail mail and reaches me in the next couple of days. I filled it up, send it back and that's it.

I receive my replacement card 1 week later and the disputed amount was duly credited back to me in the subsequent month.

Perhaps the amount was not big and hence the matter was resolved with relative ease.


But I'm quite sure the bank can work it out for you. If you already made a police report then investigation will follow. For big amount I think (ain't no expert) the process is that police will request for whatever documents to prove that it is an unauthorized transaction and that you are totally not aware of the transaction (actually to prove that you are not cheating the bank). After which, it really depends on the bank how much they want to write off the amount for you. Even for unauthorized payment, it is not a 100% 'no-liability' on your part. It's up to the bank to decide how much they are willing to write off.

 

[Gizmore]

Thank you bro. Sorry to hear about your loss. Thats quite a big sum certainly. The problem is i did not lose my debit card. And the moment i reported, the money has already been earmarked for debiting already.

The call centre people over at the bank asked me to only report when the transaction has passed through, and the latest update on my situation is that, the amount is still hanging there, and there is nothing i can do now, according to both the police and the bank. I wonder whether this wait will hurt my chances of claiming back the money.

Also hope, dont have to resort to going to the press. Really frustrating times.

As mentioned by CSer, the merchant has to settle the transaction with the bank before the whole process gets cleared.

And because it is a debit card, the bank does not have the authority to block that transaction.

 

[loveholics]

If the transactions are internet based, then the question is how the fella got your 3 digit and expiry date if the card is still with you.

I thought some online stores will ask for this 3 digits?? That's why I don't always feel safe buying things online. Don't know what is going on at the other end. :think: