Reporting an unauthorized card transaction

If you need to report a card transaction, it is best to try to resolve the issue first with the vendor. If this doesn’t work, we can help you with the refund process.

If you don’t recognize a transaction on your debit or credit card, you can freeze the card immediately in the Arion app while the incident is being investigated. If the transaction turns out to be fraudulent, you need to contact Arion Bank immediately and cancel the card in question before the chargeback process can begin. Outside the Bank’s regular opening hours you can call the emergency hotline on (+354) 525 2000.

Process a chargeback

No electronic ID

If you don’t have electronic ID, you need to apply for a chargeback by completing and signing a chargeback form and then send it with the relevant documents to or take it to your nearest branch of Arion Bank.

Refund process

Please note that the refund process can take 5-10 weeks once all the supporting documents have been received. The length of time varies but may be longer if the vendor objects to the claim for a refund and the supporting documents.

The right to issue a chargeback for card transactions

It is not possible to issue a chargeback for fraudulent transactions which the cardholder has carried out and confirmed themselves. This refers to transactions carried out using a PIN, using mobile payment solutions or online transactions confirmed on the app or online banking platform or using the security number sent by SMS.

Please note that if you choose to claim a refund for a suspected fraudulent card transaction, it is likely that the claim will be rejected if the seller can demonstrate that it was the cardholder who made the purchase. If the claim for a refund is rejected, it is not possible to begin a second chargeback process on new grounds, e.g. that a product was ordered but not delivered. It is therefore important to claim a refund for the rights reasons and to send all the relevant information at the beginning of the process.

The terms which the cardholder agrees to when buying a product or service determine the right of the cardholder to request a chargeback. This applies to the right to reimbursement if a service or subscription is cancelled or an ordered product is not received.

Common types of chargebacks

Legal remedies available to customers

If a refund is not obtained via the chargeback process and the customer is dissatisfied with the answers given by the Bank, the customer can turn to the Complaints Committee on Transactions with Financial Undertakings. More information on this committee can be found on