Unauthorized credit card charges can put you in a disturbing
situation, but it can be handled if you have enough knowledge. Any unauthorized
credit card transaction should be reported to the authorities as early as
possible. This is a crucial step to handle the situation. You should monitor
the transactions online, instead of waiting for the billing statement to
arrive.
Early detection and reporting of unauthorized
credit card charges
Unauthorized credit card charges mean any charge in your credit card
account for which you did not give permission. It can result due to stolen
credit cards, clerical error, or a computer malfunction. Any unauthorized
transactions on the credit card should be noticed as early as possible. If the
credit card is stolen, then kindly use the phone number from the billing
statement.
The most important thing that you must take care of is to protect
yourself from phishing scams. People who have stolen your cards may ask you for
a 3-digit number, which is printed on the backside of your credit card. When
you call an authorized credit card center or the bank, they will immediately
block your credit card and prevent it from further use. You can then issue a
dispute letter to the credit card company, stating unauthorized use of your credit
cards with the help of an expert.
Sometimes the credit card company tells you to settle with the
merchant company which is involved in the transaction. But you should be aware
that the phishing scams most often use fraudulent merchant companies, and
therefore you cannot settle with them. Therefore, you must settle directly with
the credit card issuer instead of going to the merchant company.
Filing a police report
Depending on the severity if a large amount of unauthorized
transaction has been made on your credit card, you may have to file a police
report. The police report should be kept with you and submitted to the bank to
settle the disputed transaction.
Switching everything to the new account
If you have a direct and automated debit system linked to your credit
card account, you must remove all the automatic charges linked with your
account and redirect them to your new account. Such charges may include your
household bills and your gym membership bills.
Monitoring account very closely
After you have resolved all your problems, you should keep a close
watch on your account as the fraudulent activities can recur, leading to
identity theft.
Always remember that according to the law, the credit card company
should always remove the disputed amount from your account, and you should have
zero fraud liability. The credit card company cannot charge you any fee or
interest unless and until they prove that you authorized the transaction.
If you need any legal assistance, you may visit Mr. Sanjay Choudhary, who is a Financial Advisor at Koda Financial Consultancy Dubai, UAE.
You can get legal advice from him regarding your credit card fraud.
