KUALA LUMPUR, Aug 12 — Have you ever received text alerts about suspicious credit card transactions that you knew you never made, maybe for some Facebook ads or some overseas purchases (perhaps even while you were asleep)?
Or seen these payments in your credit card’s transaction history?
Or perhaps were you unable to pay with your credit card, even though you were still within your spending limit? Only to find out that your bank had proactively blocked your card after it detected suspicious transactions?
This means you may have been a victim of credit card fraud, where fraudsters used your credit card to make transactions without your approval.
Don’t panic.
Here’s a step-by-step guide for bank customers who face credit card fraud, based on information from The Association of Banks in Malaysia’s (ABM) provided to Malay Mail:
Part I (The most important step): Take action immediately, report it and block the card
Whether it is you or the bank that detected the unauthorised transaction, ABM said these are the most crucial steps you should take:
1. Contact the bank immediately
“This is the most important step. Customers should call their bank’s 24-hour fraud hotline or customer service as soon as they discover any suspicious or unauthorised transactions,” ABM said.
What you should give the bank: Details/relevant information about the suspicious transaction (including date, amount).
“Prompt reporting can help mitigate and prevent further losses.”
2. Activate “kill switch” or block the credit card
ABM said its member banks now offer a “Kill Switch” or immediate card blocking feature through their mobile apps or online banking portals.
“This allows customers to instantly disable their cards or online banking access to prevent further fraudulent transactions,” it said.
3. Lodge a police report
Customers are generally advised to do this at the nearest police station as soon as possible, usually within 24 hours.
You should then give a copy of the police report to the bank to facilitate its investigation.
4. Follow the bank’s process for disputing the unauthorised transaction
You may have to fill up some forms and submit supporting documents.
5. You are encouraged to keep all correspondences and communications with the bank for future references.
ABM stressed that “immediate action is paramount”, as delays in reporting credit card fraud may be a factor for whether you have to pay for the unauthorised payments.
“Member banks emphasise that the speed of reporting is crucial for increasing the chances of recovery and preventing further losses, as delays might affect the customer’s liability for the unauthorised transactions,” it said.
This is just Part I of ABM’s guide.
Read here for Part II of ABM’s guide, which will cover what you should do while your bank investigates the credit card fraud (including what you should pay in your next credit card bill and what will happen to your credit limit.)
ABM’s 26 members are all the commercial banks currently operating in Malaysia, covering local banks, international banks and two digital banks (GXBank and Boost Bank).
