Debit Card Fraud - Need Advice

[Zhiliang]

Hi, i need some advice on this matter.

This noon, i went to checked my back account by atm and realised that my availible bank balance is only 4 dollars plus. And i have just withdrew money the night before and all my money was still intact.

I called up the bank plus made a report with the police. Apparently there are some transactions from my debit card which i didnt authorise. Both the bank and the police told me that the transaction have to go through first before they can start investigation and where i will make a dispute report with the bank.

Just wondering that in instances like this, how can the matter be resolved and whether its possible for me to recover the money i have lost? And is this a very common matter?

Thanks.

 

[ninelives]

I called up the bank plus made a report with the police. Apparently there are some transactions from my debit card which i didnt authorise. Both the bank and the police told me that the transaction have to go through first before they can start investigation and where i will make a dispute report with the bank.

Just wondering that in instances like this, how can the matter be resolved and whether its possible for me to recover the money i have lost? And is this a very common matter?

Thanks.

yes, very common. like what the police said "transaction have to go through first before they can start investigation"

my creadit account got hacked many times but no biggy.

 

[Zhiliang]

But mine is debit card so all the money is already gone. Are you able to recover? Or you just refuse to pay when the next month's bill come?

 

[Canew]

Will the bank return the money that was deducted in the un-authorised transaction?

 

[auron]

yes, very common. like what the police said "transaction have to go through first before they can start investigation"

my creadit account got hacked many times but no biggy.

what do you meant like very common? which bank account are u using that got hacked many times?

 

[Zhiliang]

Will the bank return the money that was deducted in the un-authorised transaction?

Thats my main concern.....

 

[deklan]

for debit cards, when the retailer or vendor closes their sales for the day and do a settlement. All the transaction should be finalised and settled already. And those charges would be not be reversible. But they can do a Void for CCs not sure abt debit.
better call the bank again.

 

[vince123123]

I had an experience with debit card fraud and my statement showed a monthly subscription for some porn site. I called up DBS and made a dispute. They said it will take 48 days to resolve. I said thats not acceptable because at the end of 48 days, I would be deemed to have consumed the subscription and a reversal will be impossible. I asked for it to be done in 7 days.

It was settled and charge reversed. All that was required was to scan and fax them the disputed item.

Hence, be firm and get it resolved. The police will not be necessary unless you want to really trace the fella down rather than to get your money back.

 

[Zhiliang]

I had an experience with debit card fraud and my statement showed a monthly subscription for some porn site. I called up DBS and made a dispute. They said it will take 48 days to resolve. I said thats not acceptable because at the end of 48 days, I would be deemed to have consumed the subscription and a reversal will be impossible. I asked for it to be done in 7 days.

It was settled and charge reversed. All that was required was to scan and fax them the disputed item.

Hence, be firm and get it resolved. The police will not be necessary unless you want to really trace the fella down rather than to get your money back.

But mine is buying an item that cost a few thousand in US dollars. And not a subscription. Wondering whether things can turn out the same. Mine is UOB bank.

 

[vince123123]

Well not sure about banks, but it should work the same way. Just dispute early and insist on a chargeback reversal quickly.

 

[madangel]

usually after you file a dispute and they will refund you within 2 weeks after the documents are sent over

 

[Zhiliang]

Thanks a lot for all the advices and replies. Really hope this can be resolved.

 

[tjhan]

Hmm, according to Visa, debit transactions don't appear to be given the same 50 dollar (or 200 I can't remember) damage limit. In other words, you're liable for the loss even if it's no legal. I hate debit cards and will never use them.

 

[Dream Merchant]

I hope this works out for you Zhiliang.

I know it might be a little late, but basically a lot of guys i know keep one specific card/account solely for online trading. To protect themselves, they keep only a very small amount of money floating in the account, and deposit the necessary when they want to make a transaction. That way, even if the account is hacked, there's just no money in it to do any real damage.

Yes, a bit troublesome, but a whole lot safer.

 

[swiftdragon]

I was a victim of this 2 years back. I lost my Debit Card and it was used before I realised it was lost. When I checked my account (online) and called the Debit card company to report the loss, these unauthorised transactions were not shown in their system. The officer and I even confirmed the account ending balance etc and all was good. We even arranged for a replacement card to be sent to me.

Horror of Horrors... when I returned from my overseas trip months later, I checked my bank account and realised S$6K was GONE!! I spent almost 3 months disputing with the bank and they even pushed the blame to me. Saying that I "talked over" their call centre person such that she could not tell me that there were unauthorised transactions. I asked to transcribe the conversation (since all calls were recorded) and even volunteered to go to their office to do it. In the end, the bank said "out of goodwill", we will return half the money back since the transaction was incurred before I reported the loss of my card. Since the money is already gone from my account, I figured that half is beter than none. I decided NEVER to bank wtih them again and took out all my money. I will never trust a bank like this again since their system does not record debit card transactions immediately.

Ziliang: Stand firm... write to the press if they are unwilling to resolve it and never use a DEBIT card again.

 

[Jansonfinn]

I was a victim of this 2 years back. I lost my Debit Card and it was used before I realised it was lost. When I checked my account (online) and called the Debit card company to report the loss, these unauthorised transactions were not shown in their system. The officer and I even confirmed the account ending balance etc and all was good. We even arranged for a replacement card to be sent to me.

Horror of Horrors... when I returned from my overseas trip months later, I checked my bank account and realised S$6K was GONE!! I spent almost 3 months disputing with the bank and they even pushed the blame to me. Saying that I "talked over" their call centre person such that she could not tell me that there were unauthorised transactions. I asked to transcribe the conversation (since all calls were recorded) and even volunteered to go to their office to do it. In the end, the bank said "out of goodwill", we will return half the money back since the transaction was incurred before I reported the loss of my card. Since the money is already gone from my account, I figured that half is beter than none. I decided NEVER to bank wtih them again and took out all my money. I will never trust a bank like this again since their system does not record debit card transactions immediately.

Ziliang: Stand firm... write to the press if they are unwilling to resolve it and never use a DEBIT card again.

Sorrt to OT abit, but is debit card so unreliable?

1) What happened if I lost my credit card & discovered later after some1 have swapped the max amount for the month, am i too late to report n am i liable for the payment?

2) In the same situation as in (1), I lost my debit card instead, at the most the picker can swapped is the max amount in the account rite? wat abt the liability?

Anyone can enlighten me?

 

[Simon_84]

I was a victim of this 2 years back. I lost my Debit Card and it was used before I realised it was lost. When I checked my account (online) and called the Debit card company to report the loss, these unauthorised transactions were not shown in their system. The officer and I even confirmed the account ending balance etc and all was good. We even arranged for a replacement card to be sent to me.

Horror of Horrors... when I returned from my overseas trip months later, I checked my bank account and realised S$6K was GONE!! I spent almost 3 months disputing with the bank and they even pushed the blame to me. Saying that I "talked over" their call centre person such that she could not tell me that there were unauthorised transactions. I asked to transcribe the conversation (since all calls were recorded) and even volunteered to go to their office to do it. In the end, the bank said "out of goodwill", we will return half the money back since the transaction was incurred before I reported the loss of my card. Since the money is already gone from my account, I figured that half is beter than none. I decided NEVER to bank wtih them again and took out all my money. I will never trust a bank like this again since their system does not record debit card transactions immediately.

Ziliang: Stand firm... write to the press if they are unwilling to resolve it and never use a DEBIT card again.

which bank was that ?
i remember a few years ago got this lady who reported 6k gone in her card while she's schooling in US...she told newpaper about it then ocbc returned all her cash back.
lucky i dont have a fixed signature yet so never apply for debit card.

 

[swiftdragon]

Sorrt to OT abit, but is debit card so unreliable?

1) What happened if I lost my credit card & discovered later after some1 have swapped the max amount for the month, am i too late to report n am i liable for the payment?

2) In the same situation as in (1), I lost my debit card instead, at the most the picker can swapped is the max amount in the account rite? wat abt the liability?

Anyone can enlighten me?

Well, There is no minimum liability for a debit card. If your money is gone, it is gone. The advantage of a credit card is that you can choose not to pay for these unauthorised transactions. But for a debit card, your money is GONE.

Basically, the fine prints from all the banks is that you are liable until you call in to declare that you have lost your card. Any transactions before you call in is not the bank's responsibility.

which bank was that ?
i remember a few years ago got this lady who reported 6k gone in her card while she's schooling in US...she told newpaper about it then ocbc returned all her cash back.
lucky i dont have a fixed signature yet so never apply for debit card.

Unfortunately, I was not this lady. Wished I could get all my money back. With that 3K I can but lots of things. But its too late.

 

[Jansonfinn]

Well, There is no minimum liability for a debit card. If your money is gone, it is gone. The advantage of a credit card is that you can choose not to pay for these unauthorised transactions. But for a debit card, your money is GONE.

Basically, the fine prints from all the banks is that you are liable until you call in to declare that you have lost your card. Any transactions before you call in is not the bank's responsibility.

Based on your 2nd para, does it applies to debit card as well? Or it is really gone??

 

[Zhiliang]

I hope this works out for you Zhiliang.

I know it might be a little late, but basically a lot of guys i know keep one specific card/account solely for online trading. To protect themselves, they keep only a very small amount of money floating in the account, and deposit the necessary when they want to make a transaction. That way, even if the account is hacked, there's just no money in it to do any real damage.

Yes, a bit troublesome, but a whole lot safer.

Thanks bro, yeah i have to certainly take this precaution in future, but the feeling really sucks. Like you woke up and all of a sudden, all your money is gone... Just hope that the dispute can come good.