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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?

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How long does it really take for the dispute to be settled?

Generally resolved in 30-40 days. Keep following up and ask why this was not resolved in your favor and why this is taking time.

I immediately called up my bank (ICICI), blocked the card and raised a traction dispute.

Hopefully this is all traceable, i.e. either a written complaint or if via call center, with a reference number. Keep the records.

How easy is it to clone a chip card; does the chip card have information on the magnetic stripe that can be cloned?

Generally the CHIP cards are more difficult to clone. This could be a web transaction outside of India that does not require OTP based [2-factor] verification.

  • But while the chip is difficult to clone, the magnetic stripe is easy to copy by anyone who has the opportunity to run the card through a reader. – Simon B Dec 11 '17 at 21:22

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