automatic renewal of an expenditure
Can credit card companies approve payments without OTP or password verification?
A customer received a message "Rs 483 was spent on your credit card xxxxxx on ddmmyyyy at Google.com" from Citibank.
What should the customer infer from it ?
It could be a automatic renewal of an expenditure customer made once.
It could be a genuine monthly expenditure.
It could be a unknowingly ticked service which has picked up the card used for some other expenditure.
And many more possibilities right or wrong.
All these can be eliminated if the bank can ask the customer to verify either through his password or through an OTP.
Customer complained to Citibank. There one liner came that this is a payment outside India through internet and hence indian laws don't apply.
Are indian laws so toothless against these international banks and credit card intermediaries like visa and master card ? more
A customer received a message "Rs 483 was spent on your credit card xxxxxx on ddmmyyyy at Google.com" from Citibank.
What should the customer infer from it ?
It could be a automatic renewal of an expenditure customer made once.
It could be a genuine monthly expenditure.
It could be a unknowingly ticked service which has picked up the card used for some other expenditure.
And many more possibilities right or wrong.
All these can be eliminated if the bank can ask the customer to verify either through his password or through an OTP.
Customer complained to Citibank. There one liner came that this is a payment outside India through internet and hence indian laws don't apply.
Are indian laws so toothless against these international banks and credit card intermediaries like visa and master card ? more
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Oct 31
Even in case of standing instructions, OTP should be generated, in case a person do not want to continue the service. more
Oct 27
Every transaction should be protected by a one time password, even if it is done by the concerned bank itself. more
May 16
These things happen when a customer making a certain payment linking his debit/credit card to make at regular intervals such as BSNL, electricity charges etc. In that case as soon as the bill generated the amount gets deducted from his account through debit/credit card and the information is sent to the customer. In this case it is not prudent to blame the bank or the credit/debit card issuer. It is the customer who gave standing instructions to his bank for making such payments. In that event is all legitimate and can be done without OTP. more
May 16
Sir... as of now OTPs doesn't work for international transactions. It is easier to get the money back for non-secured (OTP not verified) transactions, though. The law and arbitrators support customers in these cases. In the situation where the OTP was not asked, one can always get the Chargeback raised and get the money back "if it is an illegitimate transaction". In case of frauds / skimming, the issuer immediately deactivates the current Credit card and issue a new one to customer to avoid any further fraudulent transactions. Once the fraud is established then the customer gets the money back. A recurring payment can't be scheduled for anyone without a proper due diligence. If this is done then again one can get the money back. If the Credit Card Issuer is not supporting the Chargeback process than consumers have all the rights to drag the issuer in the court of law (Indian). more
May 14
