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  1. #1

    Default In the event of credit card fraud.......

    In the event of one's credit card details being used fraudently, am I right in thinking the banks won't normally compensate you for money lost?
    They ought to, with the big margins credit cards makefor them.

  2. #2
    Senior Member EmoCat's Avatar
    Join Date
    Aug 2011
    PressF1 Forums

    Default Re: In the event of credit card fraud.......

    Think about it. NZ Banks (Westpac for example) compensating for lost money? I highly doubt they'll do anything about it. I posted in the PC World Forums section - my friend lost $1200 a few years back because of the lack of information.

    *Sarcastically claps for National & Westpac*
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  3. #3

    Default Re: In the event of credit card fraud.......


    I have posted this in the wrong forum.

  4. #4
    Computer Technician wainuitech's Avatar
    Join Date
    Aug 2007

    Default Re: In the event of credit card fraud.......

    They ought to, with the big margins credit cards makefor them.
    Thats got nothing to do with it.

    And yes sometimes they do refund the money, a example was over easter weekend when some people got their money stolen fraudently - The banks will be giving back any funds stolen. It was also on a news story on the radio yesterday any money stolen will be put back into the persons account, could take a day or two though.

    One article on the story Bank-scam-cash-withdrawn

  5. #5
    IT Contractor
    Join Date
    Feb 2005

    Default Re: In the event of credit card fraud.......

    It depends on the circumstances, and on your specific bank / card. For example, Mastercard have a Zero Liability policy, making you not liable for fraudulent transactions as long as you did not contribute to facilitating them.
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  6. #6
    Senior Member
    Join Date
    Sep 2007
    Lower Hutt, NZ

    Default Re: In the event of credit card fraud.......

    I've been rung by my bank in that past (ASB) and told they noticed something on my card, they cancelled it and refunded me.

    I've also done it round the other way, found something on my statement and told them, refunded also. YMMV
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  7. #7
    Senior Member pctek's Avatar
    Join Date
    Feb 2005
    In the Wild West

    Default Re: In the event of credit card fraud.......

    Credit cards - depends how they got your card - or card details.

    The small print usually says if you gave them the details, they can refuse to refund you.

    If it was stolen or such, then yes, they do refund you.
    This is why you pay all those fees on the credit card.

    Note, this is Credit Cards, not EFTPOS cards.
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  8. #8
    Gone Erayd's Avatar
    Join Date
    Dec 2004
    Wellington, NZ

    Default Re: In the event of credit card fraud.......

    National Bank says the following. I also called them to verify what happens in the case of fraudulent use of the credit card number etc. when you still have the physical card - they say that this is considered the same as if the card was physically stolen, and the customer is not liable for such transactions (provided you notify them as soon as you are aware of the problem).

    Quote Originally Posted by
    14. What happens if someone else uses your Card?
    Provided that you notify us within a reasonable time period
    that your Card has been lost or stolen or your PIN disclosed,
    you will not be liable for any loss that occurs before you notify
    us. This limitation on your liability will not apply if:
    • you have negligently or recklessly disclosed your PIN,
      for example, by failing to take reasonable care to prevent
      others from identifying your PIN while using an ATM or
      carrying out an EFTPOS transaction
    • you have kept a written record of your PIN on or with your
      Card, or if you have kept it in a form that can be readily
      identified as a PIN
    • you have selected an unsuitable PIN such as birth
      dates, sequential numbers (e.g. 1234), parts of personal
      telephone numbers or other easily accessible personal
      data, or combinations easily identified (e.g. 1111)
    • you have disclosed your PIN to anyone, whether family
      or those in apparent authority including bank staff
    • you have unreasonably delayed notifying us that your
      Card has been misplaced, lost or stolen, or that your PIN
      has been disclosed
    • you have acted fraudulently
    • you have parted with your Card or allowed someone else
      to use your Card
    • you have failed to reasonably safeguard your Card.
      In the event that you have undertaken any of the actions listed
      above, your maximum liability for loss caused by that breach
      shall be the lesser of the actual loss at the time of notification,
      or the maximum amount you would have been entitled to
      access over the relevant period.

    15. The Bank’s liability
    Except where you or any Additional or Joint Cardholder has
    acted fraudulently, the Bank will make good any direct loss you
    have incurred in relation to an electronic transaction:
    • if the Card used was forged, faulty, cancelled, expired or
      had been issued by us in error to someone else
    • as a result of malfunction of an EFTPOS system
    • if fraud or negligence of the Bank’s employees or another
      party to the EFTPOS system was involved.
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  9. #9
    Misc. User of PressF1 somebody's Avatar
    Join Date
    Dec 2004

    Default Re: In the event of credit card fraud.......

    I've had my credit card details stolen and used to buy airline tickets in India. National Bank detected the fraudulent transactions very shortly after they occurred, phoned me up to say late on the evening it occurred to tell me that they had seen suspicious activity so had cancelled my card and would reimburse me for the money that was stolen. All up it was a very painless process - they took care of everything, and I didn't lose a cent.
    Any views expressed here are my own and do not necessarily represent the views of my employer or any affiliated 3rd party.

  10. #10

    Default Re: In the event of credit card fraud.......

    Thanks everybody.

    Its not as bad as I thought.

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