I had a chip based VISA credit card. In August, there was a fraudulent transaction of ~422$ by "HY VEE 1624" from the US. I immediately called up my bank (ICICI), blocked the card and raised a traction dispute. I am not sure if this is a POS transaction or a web based one (definitely did not get a PIN versification over phone).
Last month, I got a reply that the dispute was declined and a new dispute was being raised.
How long does it really take for the dispute to be settled?
How easy is it to clone a chip card; does the chip card have information on the magnetic stripe that can be cloned?