Can I be held responsible for fraudulent charges if my information is stolen?
Curious about Fraudulent charges
In India, according to the Reserve Bank of India's guidelines, the liability of the customer for fraudulent transactions depends on the notification to the bank. If you report any fraudulent transaction on your credit card or bank account within three working days, the maximum liability is Rs. 10,000. However, if you report it after three days and within 7 working days, the maximum liability can be up to Rs. 25,000. If you fail to report it even after seven working days, your liability will be determined as per the bank's policy. It's important to regularly monitor your account activity and report any suspicious transactions to your bank or credit card issuer as soon as possible to minimize your liability.