unauthorised transaction/fraud. What happens?

[Deleted User]

I am retired and my bank is my home page and I check my account every day. A few days ago I noticed an unauthorised withdrawal of over £2k from my visa credit card account. I immediately phoned the bank and had my card cancelled. The bank said that the transaction was declined. Today my new card number is on my account and the transaction is still there. The bank are reassuring and say that it is in the hands of their fraud people

I have a few questions to those in the know:
The transaction was to a plausable company that appears on the net and trades from an address in a major city. They sell print paper. Could that transaction have been a mistake ie could some company, I have bought from, have mistakenly used my card details?

How does a fraud investigation occur?

When does the transaction come off my account?

I am very grateful to have been on the ball with this as I am with the bank but what makes them decline a transaction and why then would it still appear on my online statement?

meer53

It could be a processing mistake by the company concerned. When an authorisation is made, if it's not followed through by the retailer, it can still show on an account but should drop off after a few days. It's possible that it is definately fraud and was declined by your card issuer, or that the retailer has realised they made a mistake and have not completed the authorisation process. Your card issuer can't remove the authorisation from your account once it's showing, they just have to wait for it to disappear.

It will be affecting your available credit though so if you're planning to use your card and are near your limit, call the card issuer to request an increase in your limit to cover the amount you need to spend.

If it is fraud and your card issuer can chargeback the transaction, then an investigation isn't necessary by them as the retailer ultimately stands the loss.

[Deleted User]

thank you meer. I believe it was a genuine mistake, although I`ll never know how they got my cc details. It seems to be a fairly big company with a phone number etc and is easy to find via google

The only fraud I can think of is if someone in a company ordering dept used my cc to order a large amount of papers and inks for the company, using my cc and then pocketing the cash paid by the company. I recently placed a first order with a different company in the same large town and then this happened. Coincidence or what

jonesMUFCforever

I would change your home page ASAP!

Always log in every time to anywhere that has financial information about you.