Know how to report credit card fraud to the Reserve Bank of India and the credit card company to minimise losses.
In cases of credit card fraud, scammers unlawfully attempt to steal your credit card and personal information to make unauthorised transactions. They may deceive you with fake investment schemes, fraudulent tax payment requests, or counterfeit lottery prizes.
Some may even claim that you have committed a crime and demand money as a penalty. While the way the fraud is committed may vary, what you do next is important. Reporting such incidents to the credit card company or relevant authorities is crucial in protecting yourself.
Getting accustomed to the rules and procedures for handling fraudulent transactions is key to safeguarding your finances.
Here is a step-by-step guide to report credit card fraud in India:
1. Gather Information and Proof: Before filing a complaint, gather all relevant information about the online fraud. These include screenshots of the conversation or transaction, SMS, email, links, and any communication with the fraudster.
2. Inform the Issuing Bank: The first step is to inform the issuing bank immediately and block your card. You can call their customer service team and provide the details.
3. Escalate to the RBI: After you report it to the bank, you can escalate the issue to the RBI for a quick resolution. As per RBI regulations, banks are required to resolve your complaint within 90 days. If the issue remains unresolved, give a missed call to 14440 to discuss the matter.
RBI has issued guidelines regarding your losses in case of delayed reporting. As per RBI rules, if an instance of fraud occurs due to your negligence, such as sharing your password, PIN, or other details, you will be responsible for the losses.
4. File a Complaint with the Cybercrime Cell or an FIR at the Police Station: File a complaint at the Cybercrime Cell online on the official website or call the hotline at 1930. If you cannot access a cybercell, visit the nearest police station to file an FIR.
Delaying reporting the issue will increase your losses, and the outcome will be based on RBI guidelines and your bank's board-approved policy.
In the event of credit card fraud, there are important points to consider when reporting the issue to the bank or the RBI. These steps will help you file your complaint effectively and track its progress.
Quickly capture a screenshot of any unauthorised transaction or fraud-related SMS/email as proof for the credit card issuing bank or the RBI
Ask the bank for a complaint reference number to escalate it to the RBI if unresolved within 90 days
Ask the bank to block your credit card after reporting fraud to prevent further transactions and reduce your losses
File a complaint with the cybercrime cell for online fraud; if unavailable, file a First Information Report (FIR) at the nearest police station
RBI’s guidelines state that the refund for fraudulent transactions depends on how quickly you report the loss. You are entitled to receive the amount from the credit card institution without waiting for the insurance claim.
Here are the liability rules for unauthorised electronic transfers based on the reporting date as per the RBI:
Time Taken to Report Fraud After Communication |
Customer Liability |
If the fraud is reported within 3 working days |
Zero liability, meaning the bank will compensate/forgive the amount |
If the fraud is reported within 4 to 7 working days |
Either the maximum liability limit for your credit card or the value of the fraudulent transaction, whichever is lower |
If the fraud is reported after 7 working days |
According to the policy rules approved by the issuing bank's board |
Reporting credit card fraud within 4 to 7 days means the refund amount will depend on the credit card limit. For credit cards in India, the customer liability amount as per the RBI is:
Credit Card Limit |
Customer Liability in Rupees |
Credit cards with limits up to ₹5 Lakhs |
₹10,000 |
Credit cards above the limit of ₹5 Lakhs |
₹25,000 |
According to RBI guidelines, your liability for a fraudulent transaction depends on how quickly you report the fraud. Timely reporting may reduce or eliminate your financial responsibility. It is best to report the fraudulent transaction within 3 days.
Yes, the Reserve Bank of India has set some guidelines to protect credit cardholders for fraudulent electronics transactions as per its circular number RBI/2017-18/15 DBR.No.Leg.BC.78/09.07.005/2017-18 dated July 6, 2017.
After reporting the fraud to the credit card issuing company, you can file a complaint with the RBI. You can do this by giving a missed call to 14440 or submitting the complaint online at https://cms.rbi.org.in.
The bank or credit card issuer is required to resolve your complaint within 90 days of receiving it.
Banks are likely to refund the amount for credit card fraud, but it depends on how quickly you report the fraud. As per RBI guidelines, customer liability varies based on the time taken to report the scam.
To report credit card fraud in India, immediately inform your bank. You can also file a complaint with RBI if your complaint is unresolved within 90 days by giving a missed call to 14440.