Which CC has best protection against fraud?

janey1a_2

Last month I had a fraudulent amount on my statement for just over £100.

Although I reported it immediately to my provider and I pay off my complete balance every single month, I was told that I would have to pay the amount until they had investigated it. Here we are, 6 weeks later and I'm still waiting for it to be credited back to my card.

I feel this is unacceptable and would like to switch to a credit card where they freeze the fraudulent amount straight away. My concern is if this happens for an amount of, say £2,000, I'm expected to pay it before it is investigated!

How do I find out which card will do these, short of calling each and every provider out there?!!

Consumerist

janey1a wrote: »

Although I reported it immediately to my provider and I pay off my complete balance every single month, I was told that I would have to pay the amount until they had investigated it. Here we are, 6 weeks later and I'm still waiting for it to be credited back to my card.

Under the Payment Services Regulations, the bank is required to refund the unauthorised transaction amount immediately unless they can demonstrate that you have acted fraudulently or negligently.

Edit
PSR 2009 Regulation 61 provides, as follows :-

Payment service provider’s liability for unauthorised payment transactions

61. Subject to regulations 59 and 60, where an executed payment transaction was not authorised in accordance with regulation 55, the payment service provider must immediately—

(a) refund the amount of the unauthorised payment transaction to the payer; and

(b) where applicable, restore the debited payment account to the state it would have been in had the unauthorised payment transaction not taken place.

janey1a_2

Really?!

I'm surprised because I spoke to another bank and they said they deal with these things the same way, although they have a very quick turnaround when investigating fraud, they would not credit it until fully investigated as they have to deal with everything suspiciously, including me as I might be trying to delay payment without incurring interest.

????

Thanks for your response though - interesting!

YorkshireBoy

janey1a wrote: »

My concern is if this happens for an amount of, say £2,000, I'm expected to pay it before it is investigated!

No. You may be asked to make the minimum payment (£20 - £50 or so in your example), but you'd then be reimbursed your interest once they found in your favour.

Here we are, 6 weeks later

So only 2 weeks to go then in their formal complaints process. You did make a formal complaint?

Consumerist

It is true that many banks are ignoring Regulation [STRIKE]62[/STRIKE] 61 [Oops!]. You should complain to the OFT.

opinions4u

Consumerist wrote: »

Under the PSR 2009 Regulation 61, the bank is required to refund the unauthorised transaction amount immediately unless they can demonstrate that you have acted fraudulently or negligently.

Are you able to confirm that part of the regulations is meant to be in force now?

(Parts of the PSR are 2012, although I think this part should be active now).

The OP should certainly quote this to the bank's complaints department and demand a response or letter of deadlock within 24 hours.

Consumerist

opinions4u wrote: »

Are you able to confirm that part of the regulations is meant to be in force now?

(Parts of the PSR are 2012, although I think this part should be active now).

It is my understanding that when PSR 2009 came into force, some financial institutions could be exempted from its provisions until 1 Jan 2012. I don't think banks were exempted but, perhaps, some mutual societies and the like. I'm having a look-see and will post again if I find anything different.

Edit
Looking at PSR 2009, I would draw your attention to Regulation 1 2 (c) which says :-

(c) for all other purposes on 1st November 2009.

I'm no lawyer but it seems fairly clear that 1 November 2009 was the operative date for most of its provisions.

The provisions of Regulation 70 (re payment processing time) could be deferred, by "agreement" with customers, until 1 Jan 2012.

RavingMad

My Tesco CC has been stopped tonight. I spoke to their fraud dept who reeled off my latest transactions. He said that any I didn't recognise I wouldn't be paying for (of which there was only 1)

Slightly different to your case as it was Tesco that flagged it rather than me raising the issue.