New Delhi, Sept. 10 -- Imagine losing your credit card during a busy day. You realise it is missing only later hours later, open your banking app and discover that someone has already used it to make several purchases. The immediate question is obvious: Do you have to pay that money back or will the bank refund it?

The answer is not always straightforward.

A fraudulent transaction does not automatically become the cardholder's responsibility. It depends on how the fraud happened and when the bank was informed, Ashish Lath, Founder and CEO of SaveSage told ET Wealth Online.

The number of days taken to report the transaction can also determine the customer's liability.

Suppose a person loses their credit card at a shopping centre. Befor...