One of the easiest solutions to win a fraud dispute against your credit card company is by using the provisions stated in the Fair Credit Billing Act. However, you need to know that winning a fraud dispute against your credit card company can be very challenging. There are a lot of factors that are involved winning the dispute, and you need to ensure that you have all the proofs with you so that you get the best out of the deal if you decide to sue.
Here is how you can win a fraud dispute against your credit card company.
Start by identifying the fraudulent charges
With the help of the latest technology, a card issuer gets an alert in case of a fraudulent charge on a credit card before the customer does. In such cases, the issuer notifies the customer about the fraudulent charge and quickly blocks the card. A new credit card is issued to the customer. After this is done, the card issuer ensures that no additional charges are made on the blocked card. In some cases, the card issuer will not be able to detect any fraudulent charge. This is why it is recommended that a customer should scrutinize each and every transaction printed on the monthly statement of the credit card. Also, ensure that you have a system set up for alerts from which you can tally the money.
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One of the most common tricks in the book used by credit card fraudsters is to carry out a transaction worth just a few cents. When this is successful, the fraudster will know that he can carry out bigger transactions with the stolen card. Hence, it is a good idea to keep check for transactions that are worth much lesser than a dollar.
Procedure of disputing
Once you have identified the fraud charges, you can alert your card issuer. It is imperative that you have all the details of the customer care representative you spoke to in the fraud department along with the date and time of the call.
If your credit card company allows you to dispute a fraud online, then keep the screenshots of the complaints handy. As soon as you dispute the charge, you will get a new temporary card. This will become a permanent card, once the fraud has been confirmed. The old account will be closed and you will get a new one.
Winning the dispute
Once you file a fraud complaint, you will also be given temporary credit in your account. This can easily be revoked if your fraud charges are not proven. After you have filed a dispute for fraud, the card issuing company will call up the merchant and the customer to get both sides of the story. If the merchant is able to produce a receipt of your authorization, then your charges will be nullified.
In situations where you prove that a delivery has not taken place, you may get a tracking number as well. If you say that the charge is not authorized, then it up to the merchant to prove by submitting any receipt that shows the transaction indeed took place and it was authorized by you.
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