Sep 26, 2012 12:41 PM
4757 Views
(Updated Sep 26, 2012 12:40 PM)
Visa Debit Card is Unsafe – Card Holders Must Return it to The Bank
Visa Card allows POS transactions without the requirement of the PIN number. Aisi Taisi issues Alert Notification to all Visa Debit Card holders to:
Cut their Visa Card into pieces
Return it to the Bank and receive Acknowledgement
Ask for a Card that requires PIN number for all type of transactions be it Online, ATM or POS transactions (Maestro Card requires PIN number for all these transactions). Aisi Taisi - FORUM.AISITAISI.COM has released this notification, taking Note of the following complaint: Unsafe Visa Card and negligence by the Banks
My wallet with 2 ATM cum Debit cards and small amount of cash was stolen on Friday, September 14th 2012. By the time I noticed and contacted Bank’s customer care to block the card, the executive told me over phone that 3 fraudulent transactions as below, had been already committed (from my Visa Debit Card):
+Transaction for Rs.160/- the thief bought a De-O
+Transaction for Rs.260/- 2 cigarette packs
+Transaction for Rs.744/- Petrol
Though the loss was not big, but it could have been bigger. My Maestro card was safe as it requires PIN number even on POS transactions. This incident has raised an alarm for me and exposed sheer negligence by the Banks and their concern for the safety of customer’s money. Notice the points as mentioned below:
+When some money is deposited to my account, I would receive an SMS alert, for these 3 transactions I received no SMS
+These transactions had been successful without the PIN number which only I knew. My another debit card which is Maestro Card, requires PIN number for ATM, online transactions as well as POS transactions, so it was safe.
+I lodged a complaint on the Bank’s website in this regard and received an Auto-Response (that too the next day) by email as below:
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“Thank you for writing to us.
We have received your e-mail dated September 14, 2012 regarding your debit card.
The Reference number for your query is xyz. We are looking into the same and will revert to you within 5 working days.
Looking forward to your patience and cooperation in the interim”
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I contacted the branch and questioned how the transactions could have been successful without the PIN number? The Bank representative replied, “Visa Card does not require a PIN number for POS transactions” (Which I already knew).
>>I questioned again, “Why didn’t the bank issue me a Maestro Card”? To which he replied, “Maestro card is offered to the customer on request.”
>>Doesn’t it mean that the bank had no concern for the safety of customer’s hard-earned money? Why would the bank offer Maestro Card only on customer’s request?
>>Doesn’t it mean that the Visa Card vulnerability was in the knowledge of the bank and it was sheer negligence and susceptibility of “CONNIVANCE” cannot be denied
>>Another noteworthy point is RBI made it mandatory that all banks must ensure “Secure Card / PIN” or “Additional Password” for online transactions, but why this was not made compulsory for POS transactions?
I requested the bank’s representative that resolution through telephonic conversation was not possible. So we should discuss across the table and requested the Branch Manager or its representative to visit my office.
7 days have passed but the bank has paid no heed to it. Hence I am lodging my complaint on Aisi Taisi Forum so millions of my fellow Indians who hold Visa Card, may not become victim. I also want to ensure that justice is done to me and many others who have become victim of such cases.
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Few card holders know that Visa Card does not require PIN for POS transactions. If ever your card is stolen, the thief can easily misuse it for POS transactions. This is also to be noticed that generally card holders keep their card in the purse. In case, the thief only steals your card and leaves your purse, you would not notice it. By the time you know that your card is stolen, you may have been duped of huge transactions. As happened in the above complaint, the card holder did not receive any SMS alert for these fraudulent transactions, which is sheer negligence by the bank.
Aisi Taisi is reviewing the Master Circulars released by Reserve Bank of India. Possibly, there has been negligence by Reserve Bank of India or violation by many banks.
Read the last 3 years master circulars:
+Master Circular on Credit Card Operations of Banks – July 2012
+Master Circular on Credit Card Operations of Banks – July 2011
+Master Circular on Credit Card Operations of Banks – July 2010
Share this with your friends and help them save their money.
