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KUALA LUMPUR, August 12 – You've taken the crucial first step: blocking your credit card after noticing suspicious transactions. But what happens next? For Malaysian cardholders, the process involves several key steps and considerations to ensure your financial security and minimize potential losses. Let's break down what to expect and how to navigate this situation effectively.

Immediate Actions & Bank Notification

Blocking your card is paramount. This prevents further unauthorized transactions. Following this, promptly notifying your bank is essential. Provide them with details of the suspicious activity, including dates, amounts, and any other relevant information. Your bank's fraud department will initiate an investigation.

The Bank's Investigation Process

Once you've reported the fraud, your bank will launch a thorough investigation. This typically involves:

• Reviewing Transaction Records: They'll examine your transaction history to identify the fraudulent charges.
• Contacting Merchants: The bank will contact the merchants where the unauthorized transactions occurred to gather more information.
• Requesting Supporting Documentation: You may be asked to provide supporting documents, such as police reports or affidavits, to strengthen your claim.

The investigation timeframe can vary, but it usually takes between 30 to 90 days. Your bank is legally obligated to complete this investigation.

Liability and Reimbursement

Under Malaysian law and banking regulations, cardholders are generally protected from fraudulent transactions. However, the extent of your liability depends on several factors:

• Prompt Reporting: The sooner you report the fraud, the less liability you'll likely bear. Banks typically have a zero-liability policy if you report the loss or theft of your card immediately.
• Negligence: If the bank can prove that you were negligent in safeguarding your card details (e.g., sharing your PIN or card information), your liability may increase.
• Bank's Findings: The bank's investigation findings will determine whether the transactions were genuinely fraudulent.

If the bank determines that the transactions were indeed fraudulent and you acted responsibly, you should be reimbursed for the unauthorized charges. They will typically issue you a new card with a different number.

Protecting Yourself in the Future

Preventing credit card fraud is always better than dealing with the aftermath. Here are some essential tips:

• Monitor Your Accounts Regularly: Check your online banking statements and transaction history frequently for any suspicious activity.
• Be Cautious Online: Only shop on secure websites (look for 'https' in the URL and a padlock icon).
• Protect Your PIN and Card Details: Never share your PIN or card details with anyone.
• Enable SMS Alerts: Set up SMS alerts for all transactions to receive immediate notifications.
• Report Lost or Stolen Cards Immediately: If your card is lost or stolen, report it to your bank immediately.

Important Resources

Here are some helpful resources for Malaysian cardholders:

• Bank Negara Malaysia (BNM): https://www.bnm.gov.my/
• Your Bank's Fraud Hotline: (Refer to your bank's website or cardholder agreement for contact details)

Dealing with credit card fraud can be stressful, but by understanding the process and taking proactive steps, you can protect your financial well-being and minimize potential losses. Remember to stay vigilant and report any suspicious activity promptly.