Lakshmi Narasimhan Posted June 8, 2021 Report Share Posted June 8, 2021 (edited) Dear All, Yesterday I encountered with a fraudulent transaction clean sweeping my bank balance. I never share pin, otp even with my wife. Where ever I tap in the shop I make sure I do it on my own. Still this incident happened with out even receiving OTP. Bankers say that Visa and Master cards have pre approved vendors for whom OTP is not required. Scammers take advantage if this. Banks don’t take responsibility for this to enhance the security. The only option to protect is to set a maximum transaction limit. Such crapy solution from banks running on high end tech solution. At least not to get scammed again I decided to set a limit and also advised by my friend, will maintain another account just only for shopping and topping up that account only when needed. Thought of sharing this with you all so that you can be aware and protect your hard earned money and have peace of mind rather than calling banks and visiting police station to recovery the money. Edited June 8, 2021 by Lakshmi Narasimhan Edit 1 10 Link to comment Share on other sites More sharing options...
topgear Posted June 8, 2021 Report Share Posted June 8, 2021 Was the fraudulent transaction done against your credit card? Link to comment Share on other sites More sharing options...
Lakshmi Narasimhan Posted June 8, 2021 Author Report Share Posted June 8, 2021 Debit card Link to comment Share on other sites More sharing options...
Sunil Mathew Posted June 8, 2021 Report Share Posted June 8, 2021 Sad to hear that @Lakshmi Narasimhan what kind of transaction was the "sweep" - ATM withdrawal or bank transfer to another account? Link to comment Share on other sites More sharing options...
topgear Posted June 8, 2021 Report Share Posted June 8, 2021 I hope you are able to dispute and recover your money Link to comment Share on other sites More sharing options...
Lakshmi Narasimhan Posted June 8, 2021 Author Report Share Posted June 8, 2021 Just now, Sunil Mathew said: Sad to hear that @Lakshmi Narasimhan what kind of transaction was the "sweep" - ATM withdrawal or bank transfer to another account? Online transaction during wee hours 1 minute ago, topgear said: I hope you are able to dispute and recover your money I have disputed and filed case as well, it will be recovered in 8-48 days as per bank promise. All the hassle and stress we undergo is a huge challenge. Better to avoid getting into such situation. Link to comment Share on other sites More sharing options...
Sunil Mathew Posted June 8, 2021 Report Share Posted June 8, 2021 I normally use Apple pay and Samsung Pay with credit cards, but never with debit cards. so no pin entering required, only fingerprint authorisation on phone. but i fail to understand how they can complete the transaction without the OTP. either they should have access to your email or phone messages, right? assuming they copied your debit card details, eg. take a photo of front and back, Link to comment Share on other sites More sharing options...
Lakshmi Narasimhan Posted June 8, 2021 Author Report Share Posted June 8, 2021 2 minutes ago, Sunil Mathew said: I normally use Apple pay and Samsung Pay with credit cards, but never with debit cards. so no pin entering required, only fingerprint authorisation on phone. but i fail to understand how they can complete the transaction without the OTP. either they should have access to your email or phone messages, right? assuming they copied your debit card details, eg. take a photo of front and back, I never received otp. Just only msg confirming the payment. There could be several ways our info can be leaked, not sure how this happened. Bank checked and told me that the online vendor was pre approved one by visa and hence no otp required for them, similar to amazon. 5 minutes ago, Sunil Mathew said: normally use Apple pay and Samsung Pay with credit cards What ever be the mode of payment, if theres a black sheep within bank sharing our details, we cant do any thing. Link to comment Share on other sites More sharing options...
Frederic Posted June 8, 2021 Report Share Posted June 8, 2021 Same here, lost a large sum of money last November in a matter of 15-20 seconds from the debit account (fraudulent bank transfers). No OTP ... nothing, it just was swiped off our acount. Bank blocked all our cards immediately but it took 5 months to get the money back. 6 1 "Go as far as you can see; once you get there, you'll be able to see further." Link to comment Share on other sites More sharing options...
Gaurav Posted June 8, 2021 Report Share Posted June 8, 2021 Isn't pre-approved transactions are of small amount of 200 or 500 dhs max? Like the fuel station billing never needed a PIN...? 1 minute ago, Frederic said: Same here, lost a large sum of money last November in a matter of 15-20 seconds from the debit account (fraudulent bank transfers). No OTP ... nothing, it just was swiped off our acount. Bank blocked all our cards immediately but it took 5 months to get the money back. Moral of the story: Spend all your money faster, before scammer takes it away. 7 1 Let's root for each other & watch each other grow. Link to comment Share on other sites More sharing options...
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