Lost money in a credit card fraud? How to raise a dispute and recover it

Step-by-step guide to protecting your money from fraudulent charges

Fraudulent credit card transactions are on the rise. So what if you fell into the trap of fraudsters? If you notice unauthorised charges on your credit card, it is crucial to act quickly to safeguard your money. Here’s a step-by-step guide to raise a dispute and get your money back.

 

Check Your Statement Immediately

Regularly reviewing your credit card statement is the first line of defence. Look out for unfamiliar transactions, including small or seemingly insignificant charges, as fraudsters often test cards with minor amounts before making larger purchases.

 

Contact Your Bank Promptly

Once you identify a suspicious transaction, inform your bank immediately. Most banks have dedicated fraud or card dispute departments. Acting within 24 hours can significantly improve the chances of recovering the money.

 

 

Key points to provide when reporting:

• Transaction date, amount, and merchant details
• Any communication or receipts related to the purchase
• Your card details for verification

 

Raise a Formal Dispute

Banks typically allow customers to file a formal dispute either through their website, mobile app, or by visiting a branch. The process usually involves:

 

• Filling out a dispute form with transaction details
• Attaching supporting documents such as transaction receipts
• Providing a written explanation of why the charge is unauthorised

 

Follow Up and Monitor Progress

 

After submitting your dispute, banks generally investigate the transaction within 7–45 days.

   

During this period:

 

• Monitor your credit card account for updates
• Keep a record of all communications with your bank
• Request written confirmation of the investigation status

 

Prevent Future Fraud

 

Once your dispute is resolved, take steps to avoid future issues:

 

• Enable SMS or email alerts for all transactions
• Use virtual cards for online purchases
• Regularly update passwords for banking apps and online shopping accounts

Raising a dispute does not guarantee instant reimbursement, but prompt action increases the likelihood of a favourable outcome. By staying vigilant and following these steps, cardholders can minimise the financial impact of fraudulent transactions.