1. A 3D/2N hotel stay at Tokyo - RM 5,000
2. A Diamond ring worth RM 10,000 purchased at a outlet at Kowloon
3. Online purchase of an X-Rated Video worth RM69.90
4. Victoria secret lingerie worth RM2,000
After the initial shock , you furiously called up your bank to cancel your card and explained that these transactions were fraudulent. You almost got a near heart attack episode when your bank demands that you pay up these outstanding balances before cancelling the card or face the wrath of the law. Then, you start yelling and cursing the bank officer in the most colourful manner.
Imagine the poor officer had to endure your arguments that probably goes something like this.
1. I don't even have a passport, how is it possible that I swipe my card at Tokyo!!
2. I am a cheapskate, i would not even think of purchasing a such a expensive ring. Besides, my wife is allergic to anything metallic or bling bling.
3. By the way, I scored an A1 for my Pendidikan Moral but for the sake of argument,why do i need to buy that XXX stuff online? I can watch it online for free or buy from the pirated VCD seller at Chow Kit for a fraction of the price at RM6
4. I cannot imagine my wife wearing that thing!! And i don't even want to start.
I bet you have heard similar stories above where the innocent consumer is at the losing end of the stick. But what people don't know is that there is a law enacted to protect the consumers in this type of scenario. Sadly, consumer awareness is not prevalent in Malaysia and the credit cards promoters are too busy earning commission to tell you about this.
Be honest now, how many of you take the liberty of going through the various clauses during the application process? I admit i am one of the guilty one as i will be way too distracted with the freebies to notice this fine print.
But to be fair, some banks like H??C and C?T?????? do not require the consumers to pay a single cent when fraud is detected. That is the conclusion that i made based on a few personal experiences of my friends who were unfortunate victims.
Kudos to the Consumers Association of Penang for highlighthing this.(Their website is at http://en.cap.org.my/ ) Below is an article from The Star.
Let me dig up the details on this RM250 limited liability when i have the time. Keep posted!!
Most unaware of RM250 limited liability
CARDHOLDERS need not pay more than RM250 whenever their lost or stolen credit cards are used by others. Yet, oftentimes, they end up paying much more.
This is because Bank Negara has not informed cardholders that they do not have to pay more than RM250 for fraudulent transactions carried out using their lost or stolen cards, when they had not acted fraudulently and had informed the banks about the lost or stolen cards as soon as possible.
This protection is given under Clause 13.2 of Bank Negara’s Credit Card 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”).
Banks know about Clause 13.2 but have chosen to ignore it. Instead they pursue cardholders for the fraudulent transactions.
They will tell cardholders that a clause in the credit card contracts states that all transactions carried out before the loss of the cards are reported to the banks, are deemed to be carried out by the cardholders.
Many cardholders then pay up because they are unaware of the RM250 limited liability.
Bank Negara should rule that:
·THE RM250 maximum liability on fraudulent transactions is highlighted to cardholders in the card agreements as well as in the monthly card statements.( Well i don't see this in my statements :S )
·BANKS are not allowed to insert any clause in the card agreement which is contrary to Clause 13.2.
·BANKS should refund all money in excess of the RM250 collected from cardholders whose cases clearly come under Clause 13.2.
S.M. MOHAMED IDRIS,President,Consumers Association of Penang.
(Source: The Star Online)
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