[Resolved]  Axis Bank Credit Card — Fraud Transaction

Already I was charged for a Merchant Transaction (in Euros), for which I complained & my bank is probing details & requires 120 days.
This occurred on 2nd Nov 09.

Their was another transaction made on 11th Nov 09.
This was in USD ($), where my currency is INR. My bank felt it was a fraud, called me, blocked my card, and issued a new one.
For this I sent the request form again. But on 30th Nov 09, they say it cant be processed as it was made online in a secure way.

http://www.cerias.purdue.edu/site/blog/post/verified-by-visa-issues/

This site clearly shows that Visa user id can be easily hacked if card details is known. Also when i dint know my user id, I used "Forget Password" to retrieve my user id & reset my password.

So it is a flaw of Visa or my bank to not have a secure way of this process.

Please help me out in this regard, where in the actual culprit can be caught and my money returned.

I have repeatedly called and sent mails to the merchant (requires 2days to reply), Axis Bank (requires 24hrs), Visa....but I dint get any reply from the merchant till now.

They say

We take this opportunity to inform you that, the transaction (Verified by Visa) done on November 11, 2009 of Rs. xxx /- is done by entering User ID and password available only with the cardholder. The Merchant Acquiring Bank has successfully claimed the transaction. Since these are done in secure environment with ECI indicator '5' there are no dispute rights. Hence no dispute/charge back can be raised and cardholder is liable to pay the charges.
We regret for the inconvenience cause in this regard.

Please help in this issue.