What to Do?

Some months back I took against a bank hard for having charged me unfairly in my Cash credit account and were after them through all ethical means until I got the charges reversed. As is with me, I promptly sent a message to the Manager thanking him, though there was nothing to thank them as I had to make couple of repeated calls to remind them to do so. I felt this is how I should close the issue, so that they don't accuse me of not having informed them when the interest was reversed while I was always after them for this. But , to my disbelief, I got the same wrong debit reversed again ! Which means they have over paid me.

The same situation happened to me (I don't know why its me always at the receiving end- pun intended) again when a popular cinema hall charged me for an online transaction but failed to deliver the service. After I took up with the Credit card provider and also the Theatre , I got the wrong debit reversed - this time also twice !

While I promptly informed both these parties about the double credit, it still remain un-reversed even after a month ! Now I am in a dilemma what to do - whether to keep reminding them or keep cool with unexpected bounty- though small they are ! I do not want to be accused of sharp practice as  was done to the great Mahatma when he pointed out a wrong entry in his client's account, which argument made his client lose the case ! At the same time time, I would like to wait and see as to how their accounting system detects this or test the efficiency of their audit system against leakage of income.

I am at the crossroads of a middle class dilemma. If some one could guide me on this, I will credit them with lots of good wishes, even twice !!

Saving that plastic !

I know that many have jumped out of their couch wondering why this guy is advising to save plastic when the whole world is trying to shun it. This is not about those plastic bags and toys but about that valuable piece of plastic card to which most of us are wedded to. Incidentally I remember my friend's analogy "wedding and credit cards-both urges one to enjoy in haste and repent in leisure" !! Yes, the topic thrown open for discussion is how to protect your piece of plastic.

I am also amongst the many who were shocked to read about the news as to how many of the credit/debit cards in India have been skimmed to the tune of Rs 30 crores in two months http://timesofindia.indiatimes.com/business/india-business/Global-gang-skims-Indian-credit-card-industry-of-Rs-30-crore-in-2-months/articleshow/18357670.cms  .There were multiple articles in media, mail forwards and awareness campaigns even by banks on safeguarding your card, but despite all the precautions such global rackets are still going on as this has become truly global.

While booking online Railway tickets, making some online purchases (very rarely) and transfers I had always wondered whether is that all the data required to use some(one's) card. Of course banks and other institutions are coming out periodically with novel methods such as OTPs, virtual keypads to keep beating the fraudsters. But, it appears in this game, atleast so far, the others are seem to be winning and the situation seems to be akin to the computers and viruses.

My intention is not to go through again all the bullet points on its importance, etc., as one can easily get all those through some key punches in any search engines. After reading the above news item, immediately my mind started searching for the areas where I was lax in securing my card and how I could improve my safety belt and so here are some.

First let me recall at what points am I parting with the card. Almost at every place like Petrol bunks, Restaurants, some retail shops - at all these places the attendant takes your card  to a far off and mostly places which are not within your eyesight, to make the transaction. If an errant attendant makes a note of your card number, CVV and date of expiry you are almost done !

Immediate step to mitigate this will be to erase / smudge your CVV number after memorizing it.

Insist that they bring the portable card swiping machine to your table/car. If that facility is not available, please walk down to that place so that you dont need to part with the card.

Keep changing your password say periodically, so that the month forms part of the combination in your password, which could be easy to remember for you. I would prefer a OTP than a permanent password, so that if the password is skimmed once , it cannot be re-used.

I am not very conversant in this area but am aware there are many more suggestions on protecting our cards, which I request the learned visitors to this blog to share and the purpose of this post is to share such wise ideas.

Away from the topic but relevant to the subject, it is better for everyone especially the card user to know some relevant facts about the card and also the ways and means to protect the same. In this context, I gratefully recall a training session on 'Cards' I underwent sometime in 2006 and I would like to acknowledge the knowledge and teaching efficiency of Ms. Prasanna Kompella, my then colleague, on the subject !