Credit card Fraud

[baloons]

Can anyone tell me how the banks in Singapore deal with credit card frauds, please?
I have a POSB credit card and the bank contacted me last week advising me that my card was used overseas (swiped at the merchant). The card was with me and it was never lost or stolen and I was in Singapore at the time of transaction.
The card was blocked, a new card issued to me and the amount was charged to my account. However, the bank advised me to submit a "dispute form" and I submitted it. They are going to dispute the purchase with the merchant.
I do not see why I should be penalized for something that I didn't do or was in anyway guilty of negligence (didn't lose my card etc.)
I know that in the USA the max cap on my liability would have been $50.
Does anyone have any experience on what happens here in Singapore, in a case such as my case?
thanks

[jpatokal]

I do not see why I should be penalized for something that I didn't do or was in anyway guilty of negligence (didn't lose my card etc.)
I know that in the USA the max cap on my liability would have been $50.
Does anyone have any experience on what happens here in Singapore, in a case such as my case?
thanks

Yup -- if your card is misused by anybody for any reason, you're screwed and held liable for the whole sum. (There was a recent case of somebody being stuck with a $17,000 bill after her card was cloned!) The bank will disclaim all liability until you report your card as missing/stolen, and DBS/POSB in particular is notorious for refusing to dispute charges.

True story: an airline once accidentally charged me S$20,000 (!) instead of S$200 for tickets, which was more than my credit limit at the time, but went through anyway (!!). When I called DBS to complain, they told me that they would not dispute the charge, and my only options were to either talk to the merchant myself to get the charges reversed, or report the card as stolen and cancel it.

[beppi]

I have disputed CC charges on various occasions here, once in a similar case to the OP after the bank contacted me for suspected fraud (I was quite impressed that they even monitor such things!), and every single time the charges were reversed without any problems (it only takes time) and I had no liability and no losses in the end.
The same was MUCH more difficult with the card I have from Europe!

[Cold December Rain]

From experience, most banks usually check for fraud by even calling to find out if we had recently swiped the card overseas... in the case of a dispute, the banks can be customer friendly and usually help out with the dispute. They also have their own investigation team and if we're not guilty of revealing data, losing card etc, the banks would continue to support the user.

[Girl_Next_Door]

I think different banks apply different level of monitoring when it comes to monitoring credit card fraud. I'm not sure what is the monitoring criteria but I dont think its based on amount transacted. I know my bf's credit was suspended after he used it to pay for his 1-day internet usage (which is like Euro20) in Paris, and a few days later to pay for his shopping (which is only $1000!!!) in US. We found out that his credit card was suspended after the payment was unsuccessful when we were having dinner in the evening, and it was quite embarassing (for him).

In a way, I'm not sure if its better to have a bank that is lax (like DBS/POSB) or a bank that is a little to strict (his CC is from SCB).