[Resolved] Standard Chartered — Fraudulent transaction on the lost Credit card - Std Chartered | |||
I had lost my Standard Chartered credit card [protected] in Shanghai while I was on my business trip in Shanghai on April 25th 2014. There was a fraudulent transaction for Rs.161490.58 (equivalent of 15, 800 Chinese RMB) by a unknown merchant “DONG MING YANG GONG”. I immediately unauthorized the transaction by sending "2" to [protected] as instructed by the bank and blocked the card. In spite of doing this, the bank didn’t stop the payment as requested by me within an hour of the incident and I learned that it took more than 48 hours for the bank to process this transaction. Bank was completely negligent in acting responsibly on this matter. I also complained this incident to the china police to record a FIR (attached with english translation). In China, most of the terminals accept the card with just the magnetic strip without the need to punch in the key. So the Chip card in real terms is not really validating the PIN in most places in Shanghai and I am very firm on this as I have been travelling outside India for several years. A mere swipe is what happens in most places and I have to sign the charge slip to authorize. I am 100% sure even in this incident the PIN has not been validated by me and even I don’t remember using this card with PIN validation before in any of my overseas trip. Almost all the time it is just a swipe and signature. The Charge slip attached clearly shows someone misused my card and the signature doesn’t match and nowhere close to my original signature(attached proofs like PAN, PRAN for reference). Moreover I was at the hotel when this transaction happened at 11:42PM. I used hotel staffs help to go to the police station to register the complaint at 00:42 hrs on 26th April. I have been asking bank to produce me the actual receipt to know what was purchased. If the investigation is done thoroughly, they should know actually what was purchased and who is the merchant. The details like Merchant no, terminal no is found in the transaction slip, acquiring and issuing bank should have requested for the documentary proof from the merchant on what purchase was made when there is a fraud involved. But bank failed to provide me this in spite of several request made to them and they always replied that its banks policy not to disclose any investigation details which is unacceptable. I feel it’s the customers right to know details of the purchase. I have been mentally affected over the last 45 days with sleepless nights and not able to concentrate on work as the amount involved is very significant for a normal middle class Indian like me. It is shocking to know a MNC bank like SC acted very irresponsibly on these matters and cannot digest how they close the matters without proper investigations. I want to bring this to your kind notice seeking justice and also make public aware of these kind of acts by the bank. Was this information helpful? | |||
Aug 14, 2020 Complaint marked as Resolved | |||
 3 Comments | |||
Comments
It has been a complete waste of time talking to Card Services, Head Services and Principal Nodal. Not customer friendly at all. Bank unable to answer to most of my genuine question. Why are you playing with middle class peoples life. I have to now look at approaching the court to look at this issue. To everyone out there, be very careful with your cards. Chip enabled cards are not fully secured until the current upgrade transition phase is over. There are plenty of places PIN validation doesn't happens . System has huge flaws. Common people like us are completely helpless
Following is what is the status of this issue. Bank is playing all sort of games and its quite transparent now..
To
Respected Standard Chartered Senior management,
Dear
Sir/Madam,
This
is with reference to your emails dated June 6th(Ref :
06/14/010397)you told me that PIN was successfully validated and used in
the POS terminal. In today’s mail (Ref : 06/14/038256/SP/CRD )you are
saying that the terminal used don’t have the additional authentication factors.
From your mail, it is also clear that we could pull the charge slip and the
signature doesn’t match as well? Then why are we talking about online/internet,
since this case is clearly a POS transaction. You are contradicting with each
of your response given to me.
Ref : 06/14/010397
"We wish to apprise that the transaction disputed by
you had been incurred by swiping the physical card at the merchant outlet post
validating the PIN. Please note that the Chip Card transaction is processed
only post validating the PIN. As per our records, your PIN was successfully
validated for processing the transaction. It may be noted that the credit card
was issued to you and it is the responsibility of the card holder to keep the
card safely at all times. The card holder is responsible for all the
transaction incurred using the card before reporting the loss / theft to the
Bank. The transaction had been settled with the Merchant and there is no charge
back right for the POS (Point of Sale) transaction. Hence, we are unable to
accede to your request to reverse the disputed transaction. This is our final
decision in this matter. We have attached the copy of the Chargeslip for your
ready reference and the password to open the attachment will be your Date of
Birth in (DDMMYY) format"
Ref : 06/14/038256/SP/CRD
“We understand from your mail that the transaction has
gone without any additional authentication factor like password and OTP. We
wish to inform you that the additional authentication factor" for online /
internet transactions (VBV) / MasterCard secure is available only with the
indian secured website. The transaction incurred with the foreign merchant
does not have the additional authentication factors”
Even clause 9 (a) that you referred in your mail is
applicable except where the Card has been lost, stolen or fraudulently misused,
the burden of proof for which shall be on the Card Member". I gave enough
evidence like police complaint report to prove the loss of card (attached again
for your reference)
.
It
is now clearly proved that it is a POS terminal transaction without the
additional factor of authentication validated by the bank. Further I reported
the loss of this card on April25th and bank took more than 40 days to get back
to me with a wrong information claiming i validated my PIN which never existed
in the first place, it caused severe mental distress for the last 10 days, then
now you are changing your stand completely and saying that this is the online
transaction and PIN in not required for this.
I expected a MNC bank like you to be little more professional in handling such a
large dispute. This is clearly a huge deficiency in service from your side.
To
Respected Standard Chartered Senior management,
Dear
Sir/Madam,
This
is with reference to your emails dated June 6th(Ref :
06/14/010397)you told me that PIN was successfully validated and used in
the POS terminal. In today’s mail (Ref : 06/14/038256/SP/CRD )you are
saying that the terminal used don’t have the additional authentication factors.
From your mail, it is also clear that we could pull the charge slip and the
signature doesn’t match as well? Then why are we talking about online/internet,
since this case is clearly a POS transaction. You are contradicting with each
of your response given to me.
Ref : 06/14/010397
"We wish to apprise that the transaction disputed by
you had been incurred by swiping the physical card at the merchant outlet post
validating the PIN. Please note that the Chip Card transaction is processed
only post validating the PIN. As per our records, your PIN was successfully
validated for processing the transaction. It may be noted that the credit card
was issued to you and it is the responsibility of the card holder to keep the
card safely at all times. The card holder is responsible for all the
transaction incurred using the card before reporting the loss / theft to the
Bank. The transaction had been settled with the Merchant and there is no charge
back right for the POS (Point of Sale) transaction. Hence, we are unable to
accede to your request to reverse the disputed transaction. This is our final
decision in this matter. We have attached the copy of the Chargeslip for your
ready reference and the password to open the attachment will be your Date of
Birth in (DDMMYY) format"
Ref : 06/14/038256/SP/CRD
“We understand from your mail that the transaction has
gone without any additional authentication factor like password and OTP. We
wish to inform you that the additional authentication factor" for online /
internet transactions (VBV) / MasterCard secure is available only with the
indian secured website. The transaction incurred with the foreign merchant
does not have the additional authentication factors”
Even clause 9 (a) that you referred in your mail is
applicable except where the Card has been lost, stolen or fraudulently misused,
the burden of proof for which shall be on the Card Member". I gave enough
evidence like police complaint report to prove the loss of card (attached again
for your reference)
.
It
is now clearly proved that it is a POS terminal transaction without the
additional factor of authentication validated by the bank. Further I reported
the loss of this card on April25th and bank took more than 40 days to get back
to me with a wrong information claiming i validated my PIN which never existed
in the first place, it caused severe mental distress for the last 10 days, then
now you are changing your stand completely and saying that this is the online
transaction and PIN in not required for this.
I expected a MNC bank like you to be little more professional in handling such a
large dispute. This is clearly a huge deficiency in service from your side.
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