Claiming money back after fraud

dalesrider

scootw1 wrote: »

Vanquis terms state that a transaction unauthorized by the card holder is suspended what does that mean exactly? When I reported mine on Monday the lady said I could not do anything until the transaction was on my statement. When it appeared it could no longer be stopped. Should the woman on Monday have suspended the transaction as she could see it but I could not?

No.

Once a transaction is authorised it can only be stopped by the retailer.

I would say that by suspended. They mean it is not payable, no interest is accured till the issue is sorted.

scootw1

dalesrider wrote: »

No.

Once a transaction is authorised it can only be stopped by the retailer.

I would say that by suspended. They mean it is not payable, no interest is accured till the issue is sorted.

I thought that once it has appeared on your statement it had been paid out?

meer53

scootw1 wrote: »

I thought that once it has appeared on your statement it had been paid out?

The retailer will have been paid, but the card issuer can freeze it on your account meaning that you don't have to pay it and it doesn't incur any interest.

jonesMUFCforever

Sorry folks but there is a lot in OP's posts which are too incredulous to believe.
For it to happen once with a credit card is one thing but then for it to happen with his bank and both times he paid for fraudulent transactions which both times have not been refunded - pull the other one!
The other part I find hard to believe and has been mentioned by another poster is how he knew what happened to the US fraudsters. Banks do not give information like this out.

dalesrider

scootw1 wrote: »

I thought that once it has appeared on your statement it had been paid out?

Authorisation means the funds have been reserved by/for the retailer.
Which is why only they can stop it.

Debited/showing on your statement. The funds are with the retailer.

Freezing the debit/interest is the card co's doing and has nothing to do with the retailer.
If its fraud. then after you sign some paperwork. They will claim the money back from the retailer.
Some co's will refund up front while this is being actioned. Others will only refund after the paperwork is returned.

Can be a PIA when a customer does not return and the only effective way of chasing is to redebit.

scootw1

dalesrider wrote: »

Authorisation means the funds have been reserved by/for the retailer.
Which is why only they can stop it.

Debited/showing on your statement. The funds are with the retailer.

Freezing the debit/interest is the card co's doing and has nothing to do with the retailer.
If its fraud. then after you sign some paperwork. They will claim the money back from the retailer.
Some co's will refund up front while this is being actioned. Others will only refund after the paperwork is returned.

Can be a PIA when a customer does not return and the only effective way of chasing is to redebit.

many thanks for that indepth explanation. Makes a lot more sense now

Michael_Stevens

Regarding the freezing of transactions with AMX after the fraud in the US the federal trade commission states after fraud is reported to the credit company they freeze accounts while they investigate. I was told by the Federal Trade Commission regarding the police investigation not AMX. I'm just wondering how the credit card fraud rights differ in the US to the UK.

meer53

If you're based in the UK and have a UK issued Amex card, the fraud will have been dealt with in the UK so any US laws won't apply.

I have no idea how credit card fraud is dealt with in the US. If you're after advice regarding this, you'd be better posting an a US forum.

Still think something is fishy.