Sadly my credit card stolen and 3 illegal transaction done..

can i apply for adjusment to withdraw from the payment?

any experience? i don't want to pay for what i'm not spending!!!

most cards now have maximum liability of RM250 right?

June 11th, 2009 - The Association of Banks in Malaysia (ABM) would like to affirm that in line with the objectives of protecting the interest of the consumers and fostering greater confidence in the banking sector, guidelines have long been in place to provide that the card holder’s maximum liability for unauthorized transactions as a consequence of a lost or stolen credit card shall be confined to a limit specified by the bank issuing the credit card, which shall not exceed RM250. This limit applies only in the event the cardholder has not acted fraudulently or has not failed to inform the bank as soon as reasonably practicable after having found out his or her credit card was lost or stolen.

To the best of ABM’s knowledge, these guidelines have been adhered to and banks have acted reasonably and fairly (and will continue to do so) in all circumstances where it was established that the cardholder was an unfortunate victim and there was no contributory negligence on his or her part. In many instances, however, investigations have revealed that the cardholder had failed to take proper care or that the cardholder did not take prompt action after the loss or theft of the credit card was discovered. ABM will be happy to assist with any queries if any.

Chuah Mei Lin
Executive Director
The Association of Banks in Malaysia

but you can put all the blame on the merchant right? ask the merchant to absorb all the unauthorized transaction since they allow this to happen in the first place without verification

how about unauthorized transaction without loss card...like online transaction?

How are they to verify? Not every merchant asked for IC. Even then I can put the name that appears on my card whatever I like so it's kinda impossible to verify. Well those transaction can happen even without loss card and even then the transaction might be done using clone cards.

Under the law, a consumer's obligation for unauthorized use of a card is only $50. This means, for example, that if a card is stolen, the credit card lender can only charge you a maximum of $50 no matter how much the thief has charged on the card.

i thought you cannot clone credit card anymore since they got this smart chip thingy?

how do you put your name on the card? the name on the card is like engrave wording

if merchant didn't ask for IC it's their fault right? if im not wrong merchant in US ask for ID card when you want to pay by CC

im confused about the Rm250

250 means max we pay for 250 regardless of how much the unauthorize transaction

OR

bank only protect you for RM250 only...thats mean if RM1k unauthorized transaction i need to pay 750?
this is for US...just want to use it for comparison

I purchased from many retail outlets in US with my credit card, the only shop that bothers to ask for identification is Gamestop. The rest couldn't care less.

bank only protect you for RM250 only...thats mean if RM1k unauthorized transaction you need to pay 750

I purchased from many retail outlets in US with my credit card, the only shop that bothers to ask for identification is Gamestop. The rest couldn't care less.

bank only protect you for RM250 only...thats mean if RM1k unauthorized transaction you need to pay 750

June 11th, 2009 - The Association of Banks in Malaysia (ABM) would like to affirm that in line with the objectives of protecting the interest of the consumers and fostering greater confidence in the banking sector, guidelines have long been in place to provide that the card holder’s maximum liability for unauthorized transactions as a consequence of a lost or stolen credit card shall be confined to a limit specified by the bank issuing the credit card, which shall not exceed RM250. This limit applies only in the event the cardholder has not acted fraudulently or has not failed to inform the bank as soon as reasonably practicable after having found out his or her credit card was lost or stolen.

To the best of ABM’s knowledge, these guidelines have been adhered to and banks have acted reasonably and fairly (and will continue to do so) in all circumstances where it was established that the cardholder was an unfortunate victim and there was no contributory negligence on his or her part. In many instances, however, investigations have revealed that the cardholder had failed to take proper care or that the cardholder did not take prompt action after the loss or theft of the credit card was discovered. ABM will be happy to assist with any queries if any.

Chuah Mei Lin
Executive Director
The Association of Banks in Malaysia

i thought you cannot clone credit card anymore since they got this smart chip thingy?

how do you put your name on the card? the name on the card is like engrave wording

if merchant didn't ask for IC it's their fault right? if im not wrong merchant in US ask for ID card when you want to pay by CC

im confused about the Rm250

250 means max we pay for 250 regardless of how much the unauthorize transaction

OR

bank only protect you for RM250 only...thats mean if RM1k unauthorized transaction i need to pay 750?
this is for US...just want to use it for comparison

To TS:

This should answer all your headaches, heartache, sleepless nights and so on. I have seen this article before. Its a landmark case for credit card and the RM 250 myth.

http://www.mmail.com.my/content/consumer-victory-chee-court-upholds-rm250-cap-lost-credit-cards

---

Added on June 12, 2010, 2:51 amIf you report immediately to the Bank...

Whatever unauthorised amount incurred on the card, you will not be liable for it. The Bank will pay.

If you report like 7 days later even though you BLATANTLY knew your card is lost or stolen...

Than the bank's liability will be limited up to RM 250.

If you report like 7 days later even though you BLATANTLY knew your card is lost or stolen...

Than the bank's liability will be limited up to RM 250.

There is no such thing in BNM's credit card guidelines released in 2003. Credit card issuer can cover ALL fraud transactions.
Clause 13.2 of Bank Negara's Credit Card Guideline (can't get the source from BNM but it can be found somewhere and it was quoted by leongal before).
Highlighted part can be an argument as BNM doesn't define it.

"The cardholder's maximum liability for unauthorised transactions as a consequence of a lost or stolen credit card shall be confined to a limit specified by the issuer of credit cards, which shall not exceed RM250 provided the cardholder has not acted fraudulently or has not failed to inform the issuer of credit cards as soon as reasonably practicable after having found that his credit card is lost or stolen."

it's stated in BNM...just the guideline damn hard to find...not sure if its consider official but i found in BNM website

http://www.bnm.gov.my/files/publication/ar...box_banking.pdf

http://docs.google.com/viewer?a=v&q=cache:...EMYjMTH3c8VekAw