Bank card fraud: get your money back the next day

Do not worry about fraud on your credit card. Your bank must return your accounts as they are before the next evening of your return or justify them to the competent authorities.

To maintain consumer confidence in all means of payment, the European authorities have provided that your banks and payment providers – established in the European Economic Area – will fully reimburse you in the event of fraud.

To ensure this, the Payment Services Directive (PSD2), which entered into force on 13 January and has been transposed into the Monetary and Financial Code (by the order of 9 August 2017) also invites plaintiffs who would not be reimbursed in due time to appear with the banking authorities, the Prudential Supervisory Authority and Resolution (ACPR) in France .

Do not wait two months to denounce your dispute
So now if you are in good faith and your bank does not reimburse you, the Banking Constable (ACPR) invites you to report the incident. An invitation made on page 18 of the 2017 Annual Report of the Observatoire de la Securite des Means of Payment. You will do so without waiting for the two-month period to communicate your dispute to the mediator and during which the situation of your account could deteriorate seriously.

This “denunciation” may diminish the lawsuits and the number of cases brought to the attention of the mediators and authorities on this theme: more than 300 landed last year at the mediator of the French Banking Federation that manages litigation of several banks.

Remember that if you could not suspect fraud because your card remained in your possession, no payment validation was requested or that the fraudster managed to divert security barriers such as the code strong authentication, you will be fully and immediately refunded.

Your rest-to-charge is zero. This applies to all payment transactions that you have not validated or that you would not be responsible for.

Better, your bank and new payment service providers, such as Nickel , the proposed payment account at the tobacconist, must also remit your accounts in the state by also reimbursing any overdraft fees caused by the disputed payment.

And this from the day following your complaint, except in case of suspicion of fraud on your part or gross negligence that must be substantiated to the authorities. But in this case, it is up to your institution to prove that you are responsible by gross negligence or will fraud, not you to prove that there has been a piracy.

Only a deductible of 50 euros can remain your responsibility in case of theft of your card and fraud before you do not oppose (to urge you not to delay!)

Remember that apart from cases of theft and opposition to be made urgently, the directive grants you thirteen months to assert your rights in case of fraud (previously you had only 70 days to denounce a fraud on a payment outside the European Union) but it invites you to do so without delay so that your provider can implement the necessary means of struggle.

Respect some instructions of vigilance

Do not let a fraud spread, especially if it was repeated. This could support your bank’s suspicions about you or your loved ones. You are not supposed to give them your cards and codes!

Do not leave your codes hanging on post-it notes and your cards on your desk when there is passage. Because your bank may still refuse to reimburse you if it has strong presumptions against you, provided however that it argues its position to the authorities immediately.

And as prevention is always better than cure, stay wary when an email invites you to update your means of payment, operating mode of “phishing”. Because every day the hackers of the web refine their methods of usurpation and they copy better and better real sites.

Do not lower the guard in the physical world, when withdrawing from distributors. In a restaurant or a shop, you do not leave your map and go to the counter if you have to.

Even if the fraud on payments decreases falls the Observatory of the security of means of payment which welcomes the means implemented: strong authentication on the occasion of the purchases on Internet, method of analysis and sophisticated surveillance on the part banks and e-merchants.

They know better and better detect and block fraudulent transactions. Do not be the weakest link .

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