The limit of your liability for a lost or stolen credit card is RM250.00 only
16 Jan
Posted by Jayce Ooi as Ramblings
Do you know that the limit of your liability for a lost or stolen credit card is RM250.00 only? I do not know until my friend forward an email about this. It is an article taken from Consumers Association of Penang. Why do I suddenly so take care about credit card? My fellow blogger friend TZ’s credit card number was being used by someone to purchase computer from Dell online. And the credit card bank is asking him to pay the amount ~ RM2,149. It is not a small amount.
This protection is given under Clause 13.2 of Bank Negara’s Credit Card Guideline (the Guideline)
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.
I have several credit cards. However, not all of them use online protection like Verify by VISA, or MasterCard SecureCode. Therefore, I only use those credit cards that have this online protection. For example, one of my credit card banks, HSBC will call me whenever I do an online transaction on website that does not support Verify by VISA especially the online transaction amount passes certain limit. I trust this kind of bank. However, some banks like Citibank do not have this kind of service. Therefore, we need to be careful on selecting credit card bank.
Do you have credit card? And do you use it to do online transaction?
Tags: bank, Bank Negara, card, Citibank, credit, Credit Card, Dell, Dell Online, HSBC, lost, mastercard, online, RM250, visa
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good adrian..
welcome to the club..hihi.. 
where
perghh..
then he didn’t detect who brought those Dell computer?
rm2k!!!!
@Hanep: It is not in the credit card statement. However, Dell Online should have the data.
nowadays cyber criminal are getting wiser…. becareful lo..
@Frankie: Ya… Ya… We need to be alert all the time.
Sure tat limit liable to card holder is RM250.00 ?? I dun think so, bcos im one of the victim where my creit card was stolen and used. from BNM FAQ stated below
You must always use reasonable precautions to prevent the loss of your credit card. If you do so, you will not be held liable for the transactions occurring after you have reported the loss to your credit card issuer, verbally or in writing. However, for verbal notification, some credit card issuers may require you to provide written confirmation and a police report to them. On the other hand, if there is an unauthorised use of your credit card before the report is made, you may be held liable up to a certain amount, depending on the T&C of the credit card issuer.
Total fraud amount was RM15k , after negotiate with CIMB together with FMB, bank willing to offer me Rm2780 for settlement. But I still refuse to pay. The case was happend Dec 2007, now pending of FMB to decide the next.
Can someone tell me who can i contact to for the above statement????
@DH: Can Bank Negara helps?
case to case, juz share with u my case…my card was stolen and i realised once bank called for verification….three cases happen to me on the both credit card…
the fellow very smart, 1) he used my card at petrol station(near by my house, this to test whether active card or not)..once tested..2) thn they use it to purchase aircon….they managed to purchased but due to out of stock, and the retial advice the fellow to collect it on next monday…later 3) they used again my card to purchase mobile phone (juz next door from the electricity retail)..they managed to purchase 4 * mobile phones from there…total amount for these items was about RM15k….
i managed to negotiate the first item with CIMB call center…but the next two cases need FMB to assist. Actually not much FMB can assist, bcos FMB just act as negotiator only. finally they offer me Rm2870 to settle the outstanding…but i reallt not satisfy and appeal to them tat i need 30mth for settlement. now still pending FMB to decide whether longer period for this settlement tat allow.
i did seek advice with DUN (lawyer represetative to DAP perak)..he advice me to settle it if with reasonable/affotable amount. bcos it can drag u several yr…but bear inmind if i lose the case…i need to liable for everything (include the interest)…I did seek assist from Bar council of malaysia and other lwyer to advice…of course they encounrage appointed me for appeal…DUN advice dun not deal with this ppl, bcos they willnot losing any money but of course they will gain their experience fromt he case…
But ur case was internet fraud case rite? I believe ur case should be easier settle than my case.
u heard about house insurance tat recently bank provide? i need to find out further whether does it cover for this fraud case or not. else i wont suggest ur never ever keep ur credit card beside ur wallet…
this cost a very loott…
i just lost my credit card yesteday(saturday)…when i realize that time immeadia call to HSBC center to lock the card but there too late already has been used.. he buy notebook about RM3100. i report to police the cases….
after report i check with the HSBC center to get know where he purchase then go to the shop ask..the shop owner said that one guy come to shop less then one minit he already ask he want that notebook withous ask the spec of the notebook. he take in out the creadit card purchase,but he smart he also show the IC to the shop owner(he also stolen my IC) because he can show the ic then the shop onwer approve the transaction.. when ask the show owner how the guy look like…said the guy similar with me but he is shorter then me..
just want to get advice here…what i suppose to do?? i dont want to pay this amount..any suggestion?? the shop owner can prove my credit card is stolen and used by other ppl..
hi motto, sad to heard u r another victim frmo the cc loophole.. hav u chk with retail whether cctv was installed? how about the signature?
actually the above doesnt mean u need not liable from the fraud…the above can be supporting doc for u to negotiate with bank to reduce or ask for wave….as the amount RM3k…bank likely need you to liable about 30% o more from the fraud figure. of course they understand this is fraud case, but defintely someone need to liable of it. it depend how much bank claim it from insurance co.
i would suggest to to write in and call the bank, get the person in charge and talk to them….some tips when u liasion with banker….
1. must get the name of person in charge for ur case.
2. try to communcate with them via e-mail…
3. alway ask the date when can they revert in ur e-mail
4. get the receipt and any relevant information and forward it to bank.
5.if more than a week, pls get FMB in if possible. bcos more u delay more disadvantage to u. as v really cant fight with bank.
i check with the shop there is no CCTV install….but the shop owner said the signature same with me…i forget ask him to show me that day…i just talk to the police about the signature..he said most all the shop they wouldn’t check properly..they just simple check only..now there is not prove that signature he sign correct or not cos my credit card with him….cant do the compare…
today i just walk to the HSBC bank to tell them about the cases and ask for the statement on last week Saturday…they said the statement must wait 2 or 3 day then only can get the statement due to today is Monday …he said the statement is generate by the system it consist of all detail of the transaction after get it then only can posits to next step…
i think the police also no much there can do if without CCTV….always said they will investigate….
now want can i do b4 get the statement ??
Hi
Sorry to hear about the loss, I have a couple of questions and suggestions which may help…
a. where were you at the time of the item was purchased?
b. can you get or obtain any physical proof that you were there?
c. have you received a letter from the card issuer and have they confirmed that this is an unauthorised transaction?
d. For the purchase that took place such as (DH) where 4 * mobile phone was purchased, was there any approval code obtained by the merchant with the bank, and did the merchant obtain any additional proof from the person who bought the goods to proof their identity?
e. Store owner credibility? would there be a possible collusion where the thief knows the store owner…. sorry, but this is another possibility that is hard to proof.
If I was the card issuer, I would need to protect and avoid any potential fraudster who are using this rule to their advantage.
I believe that as cardholder, i would need to try and provide as much proof as I can to quantify this is a fraud transaction.
The more evidence that you can provide as proof that it was not you will help FMB in the case with the card issuers.
I hope that you get the charges waived or reduced as much as possible.
i didn’t know that my card had been switched on 9th may 2009 at bkt jalil which l left my purse inside my car. only the next day when the bank called me only then i realized that my cards had been switched. of course the fellow had swiped more than 17k . the transactions were still pending but the banks still released the transaction on the following day. what shd i do now ? i had made the police report and letter to bank and went to bank negara to report this incident.pls advice…
Hello CW,
I feel my case is similar to you. My card was also switched. Which Department do you contact?
I mean Which Department at Bank Negara you refer??
my credit card also been stolen and waiting for FMB now.
my cases is where the bank still process the transaction even is already over my card limit some more nobody call me for the transaction confirmation.
Finally FMP decided that i need liable the final figure of RM2070 from originally was Rm14k. I do not think further discount will be offer by CIMB.
finally, the HSBC offer me gv 50% discount from RM3k to Rm1.5k but cant pay in installment have to settle if not the interest will be charge..18%per month..
DH,
about ur case can pay with installment??
…b4 i try get help from Bank Negara but still same have to pay so….should i pay this amount ?? or any solution can reduced again??
DH….what should do when go to FMB? They ask me to meeting there next month. so what is the minimum amount that they will offer me ?
i got 2 bank credit involve in the FMB. Citi Bank around RM12K and UOB RM3K. Actually UOB did call me ask me settle outsite FMB with offer me 50% but i am not agree.
Hi Moto,
i will try to negotiate with FMB/CIMB for at least 6 to 10 month repayment…
i suprise that bank not absord the entire amount for your case, bcos it juz 3k. normally bank will absord entire amount…as i experienced one internet fraud case , my card was abuse by someone from US to purchse $##%…it cost me about USD700…bank called and informed me they will cease the card immediately and wave the fraud amount too..
u still can negotiate up to 30% (for my case)…from the amount….if not mistaken, 30 to 40% will be cover by insurance…so try to negotiate and appeal to FMB
Please visti the link below, should be good new to everyone here…
http://www.themalaysianinsider.com/index.php/malaysia/29013-liability-for-stolen-credit-card-capped-at-rm200-court-rules-
Yesterday i just went FMB, but Citi bank still want me pay 100%
very hate !! so now FMB will decide how much i need to pay.
Anybody please advice what should i do ???
is huge amount 11K actually. Other bank can settle why only Citi Bank ???
Even i show the bank negara rules for minimum amount RM250 but they did mention many condition need to apply.
Hi Sam,
i think ur issue is bcos of Citibank…bcos one of the “victim” during my last visit to FMB….Citi also force the guy to settle in full , his case was duplicated card and used up RM7 in the same day. So happen all cases were happen in KL…i think the guy need to liable for 100%.
of course i will not liable 100%. Now FMB will decide how much i need to pay. FMB mention they will try their best to get the minimum amount RM250 because i got bring up this rule during my visit to there but it may take sometime.
Citi bank gave very bad excuses. This is due to my credit limit is over 5K and the transaction still accept.
I really appeciate other banks (UOB and HSBC) which can settle my cases.
good news fellow, for my case, the hlb and citibank had sent me the letter saying that i’m only liable for RM 250 for each card. so now i only end up paying RM 500 for my 2 cards. thanks god. so ppl, dun say easily give up and no need to pay the bank so much. my case hasn’t brought to fmb but i went there for their advice but i found that their advice is useless and side the bank more than us as a victim. fmb asks me to pay the minimum payment of the amt charge. how can ? coz i’m not the one who use the card. luckily that day i met another guy at bank negara telling me that we just need to call the bank to remind them to reverse our interest charges or whatever fine. if better we wrote letter to bank too so that we have our record too.
and most recently, one of the bank has lost their case in high court ending up paying RM 500,000 to highcourt coz they ignore the clause given by the bank negara. the high court says that if paying continue charge us as a victim because of card lost, high court will continue to fine the bank RM 500.000 for each case brought to the court. this is the first court case of credit card lost brought to the high court. so us as a victim only liable for RM 250 max.
all the above mention abt the high court case was what i read in the newspaper.
so ppl, dun pay a cent to bank till u fight your case until the bank issue u the letter saying that u are liable for RM 250. that’s what my advice to u ppl. coz i promise myself that if my own case solve, i will bring up this topic to ppl to let everybody knows our own right.
now i can sleep well.
cw, congratulation to you. Can you please advice how can i settle my case?i talk to bank (Citi bank) they want me pay 100% and i also went FMB also..they ask me wait .i really dont know what to do now. citi bank always call me ask me pay fpr the payment…It is 13K. Almost half year already…this case still can not settle.I still can not sleep well.
sam,
actually my citibank involve is 12k+ within this 2 months citibank never give me a call but they just sent me the letter saying they will reverse all the dispute amt and i just need to pay the minimum liability of RM250. i’m very suprised too. i guess they have lost their court case and scared that if we brought up this case to highcourt again.but i did report my case to bank negara letting bank negara to do their job.
i myself went to the place that my cards were used and i looked for evidence as much as i can to prove that i’m a victim and i didn’t use my card at that place. searh for the place that got cctv and ask the shop to burn u 1 cd of it. of course u need to prepare letter and police report to show the shop that u are the cardholder somebody else had used your card. b4 doing all this, it is better to let your police inspector to know what is your action too. and let the police inspector know what are u doing (provided u have the time to investigate yourself too coz the police got too many cases to follow up and i dun think our case got their priority). all this u got to do it fast coz some place the cctv doesn’t keep the record for a long period.collect the signature signed at the receipt and if can have a fast snap shot of the signature as a evidence of your record.
it is good to know that who is the investigator of citibank and call them for the progress or any evidence that u have collected.coz the bank itself they also want to dig out the person that used the card.
or talk to the bank investigator saying that u know they had lost their court case and we as a victim has no responsibility to bear all the dispute charges coz we are protected by bank negara of the clause 13.2
if they just want u to bear all the amt charged then my advice to u is drag their time. call them every month when u receive bank statement and ask them to reverse the interest charge coz all the amt is still under dispute and investigation. and go to bank negara to report your case to bank negara. bank negara will do their job too.let citibank know that u will report your case to bank negara and ask them to wait for bank negara letter.let citibank explain everything to bank negara.remember dun even need to pay the min amt to the bank. as u know, once we pay mean we lose already and the money very very hard to claim back.
sam,
or u can look for the lawyer that win this case. the malasian insider.just type in credit card lost or stolen at google u can find a lot of useful info inside that will support us very much. thanks to the lady that brought this case to highcourt though her card only being charged for RM 1800++ our case is exceeding RM10k++ no worry. everything will turn good coz we will support u.
only the second day when citibank called in asking whether i was the one that used my card only then i realised that my cards had being stolen and switched of course at that time my cards already being used for RM16k++. at that moment i also didn’t know what should i do. 1st thing to do is to check all your credit cards which one had been switched. 2ndly, stop/ terminate the credit card. 3rd, dig as much as info we got thru google search. but sadly no one share their success case.
so i promise myself if i happen to settle or solve my case, i will try my best to help others which is similar to my case.
cw
thanks for your info.my cases is different from you. i already went to FMB sit face to face with citi bank also.FMB listen both me and citi bank….but citi bank just dont want to have further discuss and want me pay 100%.Now my case is under FMB only. Citi bank already pass over my case to FMB. As for police, they also stop investigate. I already do not know what should do….and just need wait FMB decision.I call them and every time the answer is please wait .
Citi bank keep calling me and said if i not pay minimum amount for few month and my name will be black listed.
cw
as for my case, all the transaction using at the pub and do not have cctv.
my card been stolen at 11pm nite and i reported to bank to stop my card at 3am.do you think i should go to citi bank and talk to them ?but citi already pass my case to FMB….really do not know what to do! when i went to FMB together with citi bank…i even mention this bank negara clause 13.2 to FMB and Citi. But Citi bank just said it is base on some condition.If i pass this case to high court, the lawyer fees who should pay ???
cw
my cases is all the transaction using at pub and do not have cctv.my card beeing stolen at 11pm and i reported to bank to stop my card at around 3am.1st i did ask them whether any transaction being proceed, at that time they said no, but the following day i did ask again and the transaction is being proceed already. when i went to FMB together with citi bank, i did mention the bank negara clause 13.2 but they reply me saying that it is base on some condition also.
should i go to citi bank talk to them ?i am sure they will reply me ask me refer to FMB.
If i bought this case to high court , the lawyer fee who should pay ?
Abdullah Bin Mohamad Abu Bakar
Legal Executive/Complaints Manager
Pusat Khidmat Aduan Pengguna Nasional(NCCC)
No, 1D, Bangunan SKPPK, Jalan SS9A/17,
47300 Petaling Jaya, Selangor.
TEL: 03- 78779000
FAX: 03- 78748097
abdul@nccc.org.my
u can contact them seek from their advice.if can write email to contact them telling them your case.
will talk to u later coz now going out for a while ok.
cw
Really appeciate you.i will call them tomorrow.
I really hope my case can settle as soon as possible. already delay for 6 months already.
sam,
when i read your story, u got a very strong case to fight back coz u said it’s already exceeding your credit limit. ask citibank what have happened to their system and incident like that shouldn’t happen. let bank negara know abt this. complain to bank negara saying that citibank want to blacklist u n also the minimum charges they want to charge u.
from what i know, cases like us when deal or involve with fmb and bank can drag for years. so be prepare especially mentally. and be careful with what u say at fmb coz citibank will job down every word u say or promise. think wisely b4 u speak out.
it’s just like a nightmare when comes to the statement day coz got to call the bank again to remind them to reverse charges and etc. follow up with your letter.
if can or no choice already(for me is last choice coz got to pay lawyer fee) seek for the lawyer that had won the case vijaya kumar.
can go to mca for michael chong appear in the press so that to put pressure to bank abt your case.(though for my opinion it doesn’t help much. at least better than nothing to do) or pkr also can look for their advice. so depends which side u more like it.
so good luck to u sam.
as for me now, i dun carry any credit card with me. i will buy things using cash rather than card coz now i’m not fancy abt the points collected or promotion given by bank.
last time when not yet lost my cards, i thought can be “how lian’(hokkien speaking) carrying gold or platinum cards.nowaday, i advice my friend to cancel all the credit card if u really dun need one. it’s just like carrying a burden with us. reduce the credit limit or if can go for classic rather than gold or platinum so that u won’t feel so hurt when u lost your card.
coz the police inspector also do not dare to carry credit card as they have seem too many cases like us.
so good luck all the ppl and hope that ppl with successful case can share more in this forum.
cw
Thanks again.For me same as you. already cancel many credit card but now i only using 1 credit card for emergecy cases.I also told my friend not to using it especially this Citi Bank. when i at FMB, i did bring up many points:
(1) Why exceed limit still can proceed
(2) Why transaction with huge amount, nobody call me to confirm
(3) Bank Negara clause 13.2
But they answer just like this…..system accept with certain percentage even over limit….my case over limit 5K still can accept..but FMB already mention this overlimit i no need to pay.for no calling for confirmation , they answer is at midnite, they dont want to disturb customer. This kind of reason can not accept.
so i really hope my case can settle asap cause the interest is keep calculate and i think i cannt affort to pay it lah….every time my mind keep think about it and sometime can not sleep also.
i did called to ABM once read the new tat the most of RM250 liable to consumer…last week i received reply from CIMB. I still have to bear the amount of RM2k (original was RM14k, but after appeal for many many times since year 2007 Dec).
I think this is the last action tat i can act on after ABM, anyone can advise me where can i appeal to???
DH
can i have ABM phone and what is the procedure doing that ?
did you pay anything to CIMB before that ?Did CIMB revert back the interest ? it seem your case never ending for almost 2 years. you appeal many many time with who ? bank ? FMB ????
this morning i call again FMB…they just ask me wait again.
hi sam,
called to ABM couple minute ago, seem i need to write to CIMB for appeal. This is my 5th times wrote to CIMB. Excluded the dispute form and other doc.
CIMB willing offer me the lump sum amount wo interest. The amount was Rm2076 after meet with FMB. I tot i can get further deduction or any once engaged with ABM. But it really dissapointed me this morning, becasue the story is the same where i need to appeal personal to CIMB and keep another party a loop.
i wanna to find out the lawyer who handle Chee case , bcos beside him i cant see any party who can help me anymore…
oh my godness ! 1 of my friend post a cheque to bank to clear the credit card and somehow the cheque has clear but bank in to somebody that she doesn’t know. so my advice is that either current account dun hold too much money and if want to use cheque payment to clear the cheque better go direct to bank. and dun POST the cheque.
finally cimb bank willing to fully waved my outstanding “debt” and letter already issue by them from various department. no clear reason given but according to them this is new strategy of their management…..:)
just to summarisez what i did for the past two year…
1. appeal to cimb
2.appeal to abm and fmb was appointed
3.appeal to abm
4.appeal to media (malay mail)
DH,
congratulations to u too !
i think the more important part is WHEN did you informed the bank about your lost card. Many a times, we do not remember our credit card banks hotline, thus, once you realised you lose your card, you have to search high low, panically for the numbers. It is seriously not easy to get these numbers in these bank website.
thus, after these experience, I work on a mobile directory site to contain all these emergency numbers. You can found most of the credit card / ATM report lost hotline.
This site is known as http://www.mobileyp.tel which I keep the design to the minimal for fastest mobile surfing and build in click2call function that allow you to immediate make that call from your mobile phone. No need to remember and call. Thus, please help to spread this site to your friends so that in future, they know where to search for critically important numbers.
Thank you. Please like in facebook so that more people are make aware of this community site i am building Thank you
Mobileyp.tel
Do the police actually catch or do anything about the person who steal the credit card?