fraud happened on my credit card - what to do?

fraud happened on my credit card - what to do?

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someone swiped for 1000 USD on alibaba.com on my Citibank card. I raised a dispute with the bank. what else I should do? experienced people please suggest as it is giving me lot of stress. thanks.

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How ur card details got revealed….used in alibaba?

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As per protection policy u must be safe…wat was bank response

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yieldeal wrote:

How ur card details got revealed….used in alibaba?

Don’t know how the card details got leaked. Last transaction I did was on PayPal and I believe it was stolen from there. Never used my card on Alibaba before

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yieldeal wrote:

As per protection policy u must be safe…wat was bank response

Bank lodged a dispute and started investigation. They said it will continue upto 60 days and then they will confirm whether I pay the amount or not. Wrote to Alibaba as well to cancel the orders placed by this card but did not receive any response even after couple of days.

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Call bank say you want to chargeback

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This should refund the amount

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yourshahabaz wrote:

This should refund the amount

What is chargeback. Is there a duration in which chargeback request is to raised because this transaction happened on 7th may, a week now.

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Wat is this ? flushed

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ranjan225 wrote:

What is chargeback. Is there a duration in which chargeback request is to raised because this transaction happened on 7th may, a week now.

chargeback can be raised within 60 days of transaction. Although banks says to report the disputed transaction within 2 days of the transaction authorization.

Post 60 days, systems even at banks end will not allow to raise chargeback on the disputed transaction. Its your responsibility to tell bank about the dispute.

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Bhalla_here wrote:

chargeback can be raised within 60 days of transaction. Although banks says to report the disputed transaction within 2 days of the transaction authorization.

Post 60 days, systems even at banks end will not allow to raise chargeback on the disputed transaction. Its your responsibility to tell bank about the dispute.

Thanks for the detailed explanation. I have reported the fraud to Citibank on that day itself and they have raised the dispute. Is this chargeback different from this and do I callback again to the bank and ask specifically for chargeback?

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ranjan225 wrote:

What is chargeback. Is there a duration in which chargeback request is to raised because this transaction happened on 7th may, a week now.

Could be 48 hours

But i really don’t understand how you lost 1000$ because at that much amount bank will call for confirmation then Authorize transaction specially for international transactions

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Previously chargeback was only to limited countries but now it seems available for all due to fraud transaction

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yourshahabaz wrote:

Previously chargeback was only to limited countries but now it seems available for all due to fraud transaction

it was never limited to specific or limit countries.

by policies of the networks (Visa/Amex/MC and others) the financial institution if needed to issue plastic cards, they have to comply with the dispute management. its the requirement for the network and not the financial institution. Your reply is partially (however not possible) correct as there is no country where there is no financial institution issuing plastic cards.

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yourshahabaz wrote:

Could be 48 hours

But i really don’t understand how you lost 1000$ because at that much amount bank will call for confirmation then Authorize transaction specially for international transactions

Specific to mastercard network:

Chargeback can be raised within 60days of the transaction authorisation. however, its the user who has to tell the bank that the transaction is disputed. At that moment, banks create a disputed container for that transaction. later on further investigation if the dispute is legit, banks can raise chargeback.

The acquirer(merchants bank) will have 45 days from the date of chargeback recieved to respond via a representment otherwise, the cardholder is credited with the disputed amount.

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ranjan225 wrote:

Thanks for the detailed explanation. I have reported the fraud to Citibank on that day itself and they have raised the dispute. Is this chargeback different from this and do I callback again to the bank and ask specifically for chargeback?

check above comment.

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yourshahabaz wrote:

Could be 48 hours

But i really don’t understand how you lost 1000$ because at that much amount bank will call for confirmation then Authorize transaction specially for international transactions

It was 2 transactions of 500 USD each at the same time. Probably the person knew that one big transaction could be an issue. For international transaction I came to know from bank that no Authorization is required.

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Bhalla_here wrote:

Specific to mastercard network:

Chargeback can be raised within 60days of the transaction authorisation. however, its the user who has to tell the bank that the transaction is disputed. At that moment, banks create a disputed container for that transaction. later on further investigation if the dispute is legit, banks can raise chargeback.

The acquirer(merchants bank) will have 45 days from the date of chargeback recieved to respond via a representment otherwise, the cardholder is credited with the disputed amount.

Thanks. I have raised the dispute with the bank and it is under investigation. Citibank has provisionally credited the disputed balance to my card for 45 days so that I don’t need to pay anything upfront. Do I need to call Citibank now and ask for chargeback or do any more steps to be safe? The card on which fraud happened is visa card.

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ranjan225 wrote:

Thanks. I have raised the dispute with the bank and it is under investigation. Citibank has provisionally credited the disputed balance to my card for 45 days so that I don’t need to pay anything upfront. Do I need to call Citibank now and ask for chargeback or do any more steps to be safe? The card on which fraud happened is visa card.

provisional credit can only be done when the chargeback is raised.

Issuers/Cardholders account gets credited the moment a chargeback is raised and at the same time, the Acquirer/Merchants account is debited with the disputed amount. No matter if the cardholder raised without knowing that the transaction is legit. But at the end of chargeback cycle, the one who is responsible (in case of non legit, trx) will be fined.

The longer it takes for the settlement the more fine one has to pay(the one who have done the fraud). But generally the fee for Issuer/Cardholder is born by the bank itself, provided the cardholder is in good position with the bank.

every item that is proceesed in a disputed transaction comes with a fee which increases exponentially with the level the chargeback cycle goes. And nobody(Issuer/Acquirer) wants to reach the DRM to decide who is culprit, because that can cost alot, and by alot i mean allloooooot.

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