Gururaj’s Rumination

Rumination – The word says it all…

Who’s responsible?

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I recently learnt that one of my friends lost his Credit Card. You may say what’s the big deal, yes there’s some deal…

The friend I’m talking about was always reluctant in going for a credit card. He always knew he can’t manage plastic money and was very comfortable dealing with direct cash instead. God knows what prompted him to get one credit card for himself. Or may be I should appreciate the credit card relationship executive who persuaded him to have one. Nevertheless, the bottom line is my friend now got his life’s first ever card, the plastic money for himself. I don’t know how he felt having it but sure nobody in the group were aware of this at least.

As said he’s never good at handling plastic money here’s the strike one – he met his worst nightmare huh, he lost the card. Holy Cow, how come he was not even aware of this fact. At least you know something is missing from your wallet but this chap is amazing he didn’t et all notice this. Strike two, some mischievous person who found his card went on shopping spree and did a whopping buying of Rs. 48,000 + Rs. 9,000 from a reputed shopping brand store in Bangalore. My innocent friend only learnt about his missing card when the card issuing bank correspondent called to check on the transaction from this brand store.

After learning that his card has been misused my friend had to follow the procedure and went on to file a missing card complaint with the Police. And, later forwarded the complaint copy to the bank. So far so good. Strike three, Now the card issuing bank is holding him liable and asking him to pay for the damages for the shopping he had never indulged in.

Who should be held liable here – The Brand shopping store for not verifying the identity of the person who did a huge single transaction of Rs. 48,000 or the Bank which does not have clear mechanism for avoiding such misuse of card or my careless friend who misplaced his card and failed to get it blocked before it could have been misused?

I personally believe it’s the fault of all these 3 entities. The 3 entities involved are at fault and should be held responsible.

On the contrary I remember two such incidents one in the US and one in London airport where the card holder’s identity has been verified before committing the transaction.

In the USA I had to book a laptop and get it delivered to my friends address in the US. The sales representative alerted me that I cannot use my India card to get the goods delivered to my friend as it requires showing the card and the identity while collecting the package – so safe.

And in the London airport I used my credit card to buy the train ticket and unfortunately I’d forgot to sign on the back of it. The ticket issuer promptly asked me to sign on the back of the card and asked for my passport to verify the signature – a good way to avoid misuse of my personal card if it had been lost and not reported lost yet.

I think it’s high time that we too have similar guidelines in India too like the ones in the US/England and other countries where they ask for the identity or verify the signature before handing out the purchased goods.

I’m curious to know what course my friends’ case is going to take.


Written by Gururaj

July 31, 2008 at 2:39 pm

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