How someone stole my card and spent $12K in 2 hours. My advice: try not to use physical credit cards! I’m hoping to hear the court of public opinion, and hopefully this also helps others in similar situations.
Someone stole my local credit card and spent EUR 8,000+ on it (SGD 12K) within a couple of hours. This pickpocket incident happened while I was in Europe a few months ago.
I managed to report the unauthorised transactions to the card’s issuing bank after 4 hours, as I was occupied with work and saw the messages only then. After many weeks of ding-dong with the bank, I decided to go to FIDReC (mediation entity).
TLDR:
- The bank has refused to reverse/cancel this amount, citing that chargebacks are not done for physical-card transactions (unlike online fraud)
- Reason is that I reported too late, even though it was as soon as I was made aware of it
- They offered to waive a portion out of “goodwill”
- I’m not sure whether to pursue further, or go to the adjudication stage. Also not sure if lawyer costs are worth it.
have you all faced similar situations? Were you able to negotiate further, or get back your money?
My learning from this, and advice to all is just don’t carry physical credit cards… in fact, you don’t need to use them. Everything in your apple pay/google pay should be sufficient.
Legal clauses and more context:
– Most SG banks state that a consumer’s max liability is $100 for such cases only if reported immediately: If your Card is lost or stolen or if the PIN is disclosed without your authorisation, your liability for unauthorised transactions effected after such loss, theft or unauthorised disclosure but before we are notified thereof shall be limited to S$100 only if:
3.3.1. you have immediately notified us of the loss, theft or unauthorised disclosure (DBS)
– But I’m thinking if this “immediately” may be(?) disputed since there are bound to be cases where it is difficult for the victim to report, i.e. phone stolen together, or beaten unconscious, etc?
– This is supported by the a sub-code of the Code of Consumer Banking Practice citing that the liability should be $100 “unless the cardholder has acted fraudulently, or has been grossly negligent, or has failed to inform the card issuers as soon as reasonably practicable after becoming aware that his or her card has been lost or stolen.”
– Wise and Amex voids/reverses this for others I know in similar situations
– MP no use, MAS also no use…