Am I Entitled To A Refund From My Bank For Credit Card Fraud
Credit card frauds are much prevalent than before. There are several kinds of credit card fraud. Banks consider some categories as fraud, while others are not fraud. You, as a customer, may feel cheated, but you have to ensure that a fraud is something that even your bank agrees to legally. |
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Whether you are entitled to a refund or not also depend on several things. The fraudsters are very cautious, and they usually do more than juts stealing them.
In several cases so far the banks have been reimbursing the consumers whose credit cards were stolen. However, it is done after investigation only. In case it has been deemed that the consumer had behaved responsibly without being careless or fraudulent, then only the money is reimbursed. However, during the times of recession, banks are receiving too many such complaints of credit cards being stolen. Some consumers claim they left the pin with the card which is actually careless. However, the rule is that the bank or the financial institution has to prove that the consumer was careless or negligent with their card and only then they can deny the refund. It is quite a difficult thing to do for the bank.
As much as banks are looking for a way to deny the fraud claims, even consumers are looking for a fair trial. It is a battle between the financial institutions and the consumers. However, since it such a common scenario these days to report the card stolen, banks delay the claims as much as possible. Even investigations are long drawn. Everything from the spending pattern of the consumer to payment records are reviewed before they give out a refund.
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