As a cardholder, you should notify the issuer immediately if you notice that your credit card is missing or stolen. This early notification will give the issuer time to help you with the following: Remove unauthorized charges from your credit card account. Close down your account to prevent future fraudulent charges.

Can someone misuse your credit card?

Identity theft can prove costly. Someone can misuse your documents to open a bank account to defraud people. Scammers can take a loan in your name, affecting your credit history. They can then use the Aadhaar, PAN Card or driving license to take a loan or open a bank account.

Why are there so many fraudulent transactions on my credit card?

Fraudulent transactions could be made by any stranger or someone you do not know, or someone who steals your card or account information for personal benefits. Unauthorized transactions may occur via numerous methods, such as phishing, hacking and skimming.

What happens if you misuse a credit card?

Lose your credit card: If you misuse the credit card dispute process, you run the risk of losing your credit card altogether. Your bank keeps a record of your dispute track-record — file too many, especially unsuccessful ones, and you could lose more than just the case. You could soon be shopping for a new credit card company.

What do you need to know about credit card abuse?

Credit card abuse charges are usually filed when a person allegedly uses a credit card without authorization in order to obtain some kind of benefit. Also known as credit card fraud, this offense can cover many different activities. Receiving items or goods that were illegally obtained with a credit card.

When is a bank not liable for credit card fraud?

There are two scenarios when customers are not liable: In case of credit card frauds, negligence or lack of appropriate checks on the part of bank, even if the customer fails to report it to the bank. For example malware attack or large-scale account hacking.