MISUSE OF HSBC CREDIT CARD

There is a log gap between the date of "misuse" of the card and the date of complaint - Can you explain this reason. While the point of purchase/sale stores endeavour their best to verify the signature there are practical issues. Unlike the traditional banking system where some basic knowledge of signature verification is imparted to the bank employees, the store employees are not experts of signatures - In practice they seldom verify the signature. The reasons for the delay in notifying the loss would help address this query better

vasudevan

Thanks Mr. V. Vasudevan for your reply to this post,

I am using this HSBC card very rarely.

I got a sms from HSBC on 12th June about the monthly billing amount, in which, I got the information that the amount was Rs. 23381/- approximately., But then I realised that I had used that card for only one transaction of  Rs. 11,999/- so I searched the card, but I didn't find the card anywhere, so  I called HSBC helpline and got the details of remaining amount transactions, which were not done by me. so I reported the Loss of card and immediately blocked the card transactions, and reported FIR on 15th of June.

Then to raise a dispute of these fraudulent transactions, I sent the dispute  letter to HSBC at info@hsbc.co.in for these fraudulent transactions, and they replied me and asked me to fill up the dispute form  and sent it to them alongwith the scanned FIR copy. so i sent all the required documents through e-mail on 19th June

After doing all this, in 5 days they replied that they have investigated the issue and as the transactions were done before reporting a loss of card., cardholder is liable to settle the amount,

I was not satisfied with their reply so I reported the issue to nodal officer of HSBC, but  he/she also replied the same. so I took up this issue with Mr. Ganeesh Bharadwaj, country head, Personal Finance  Department, HSBC, but he also replied in the same lines.

In every letter I asked them about the matching the signature on the chargeslips, but they always mentioned in their reply, that

ALL THE SETTLEMENTS WITH MERCHANT BANKER ARE DONE ELECTRONICALLY AND THERE IS NO MANNUAL INTERVENTION.

Please let me know., whether the authorisation and settelement of the transaction without matching the signature of the card holder is lawfull? If so, which is the RBI rule or notification allows them to debit the amount without signature matching?

As I have earlier mentioned, the credit card is an instrument used to through various merchandising units and the signature itself is available on the reverse of the card. It is no secret and except for a passing glance by the shop/merchandising unit across the country (often skipped to practical reasons), there is no fool proof system. Hence the fault clearly lies on your side. However, HSBC on the basis of your submissions should give you more cooperation to find the culprits - MUST share the investigation report including the swiping time, any video captured image at the shop etc., and they are even bound to place these records as a part of the investigation records. Point of this facts and in case they don't oblige, pursue your FIR for further investigation with the shops where the credit card was used.

vasudevan

Locate the local office of the bank and submit detailed written letter addressed to MD and local Branch Manager,, under receipt/registered post, and highlight that you came to know about the transaction and loss of card on receiving the SMS, and you were not using the card during this time.

Raise your Demand as suggested by learned Mr. Vasudevan, and ask them to supply these to you say within 15 days. 

Consult your local lawyer with all relevant facts and copies of all communications.Consumer court may be the option.