Dubai-based legal and financial expert Barney Almazar has been helping residents recover money from online scams and debt traps. He himself had been the victim of fraudulent transactions, but he quickly recovered his money. According to Almazar, card issuers are also liable in the event of fraudulent transactions, and banks should adopt advanced fraud detection systems to monitor transactions for suspicious activity and notify customers in a timely manner.
Barney Almazar told Khaleej Times about his case, saying he had been very careful about credit cards and online transactions, but the cards were stolen. He immediately reported it to the bank, emphasizing that he had not made a transaction with the UK leasing company and had not received any one-time password (OTP). The bank reversed about 8,475 for him in two daysAED 63 for shopping.
However, for many cardholders, reversing fraudulent transactions is not an easy task. Banks sometimes blame cardholders for personal negligence, which makes the process of dealing with revocations a nightmare. Almazar believes that banks should constantly update their security protocols and systems to ensure that customers are not held liable for fraud as long as they report it in a timely manner.
Almazar recently helped a Filipino resident named Marie file a lawsuit challenging a fraudulent transaction amounting to AED 94,570. Marie disputed the bank's claims that she was learning about the transaction via email and OTP. However, Marie did not receive any notification. Almazar and Marie wished to reverse the unauthorized transaction, citing the following five reasons: Marie notified the bank's customer service department as soon as she discovered the fraudulent transaction; Marie did not provide any authorization for the transaction and did not receive any goods or services; Marie claims to have taken reasonable steps to protect credit card privacy information at all times; In the letter, Marie noted that she was not familiar with the names, activities and locations of the merchants, whose transactions traced back to companies in Ukraine and Russia; In addition, Marie's credit limit was AED 82,380, but the bank agreed to an additional transaction of AED 12,180, resulting in her credit card debt exceeding AED 94,000.
Almazar said they were in talks with the bank, which wanted to give a partial refund, but Almazar strongly advised Marie not to accept it because she was not responsible. He advises cardholders to pay attention to the following points when encountering similar problems: first, they must notify the bank immediately to reverse the outcome of the fraudulent transaction; Second, don't delete messages from your bank, including OTP and transaction notification SMS; Thirdly, the bank has no right to hold the cardholder liable for unauthorized transactions if no OTP is received. Fourth, the bank may tell the cardholder to pay the amount due on time and refund the amount after investigation, but the cardholder should not accept such an arrangement; Fifth, cardholders should continue to pay legitimate transactions on time and record transaction disputes; Sixth, obtain a report to support allegations of fraudulent transactions; Seventh, if the problem is not satisfactorily resolved, it can be reported to the central bank.
The above is a compilation of relevant events based on reference articles. Such incidents have caused heated discussions on social media, with many people sharing their experiences and experiences with fraudulent transactions. Similar incidents have been reported on the Internet several times, showing disputes between cardholders and banks over the reversal of fraudulent transactions. This kind of incident has had a certain impact on society, giving cardholders a deeper understanding of their credit card security and banking responsibilities.
In response to this situation, the impact on society cannot be ignored. Cardholders are becoming increasingly aware of the importance of timely notification to banks in order to reverse fraudulent transactions. They are also paying more attention to banks' security protocols and systems, requiring banks to continuously improve their fraud detection and protection capabilities. The occurrence of such incidents has led to more attention to the security of credit cards and the responsibility of banks when dealing with fraudulent transactions.
For similar fraudulent transaction incidents, cardholders should actively and promptly notify the bank and retain relevant evidence. Banks also need to continuously update and improve security protocols and systems to ensure the safety of their customers. In addition, cardholders can also seek a report to support their allegations and report to the central bank if needed. Most importantly, cardholders should keep payments for legitimate transactions and keep a record of any transaction disputes.
The above is an analysis of the relevant reports and incidents of this fraudulent transaction incident. For readers, if you encounter a similar problem, how would you respond? What do you think about banks' responsibilities in protecting customers' rights? Please share your thoughts and experiences in the comments section and let's work together on how to better respond to and prevent such fraudulent transactions.