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by Rajen Kumar

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Money

Banks take safety measures as Credit Card frauds increase

Sep 2008

With the increasing use of plastic money, the number of credit card frauds is also on the rise. The last three years have witnessed a whopping 80% rise in credit card frauds.

Reserve Bank of India and a number of banks are taking steps to introduce safety measures and educate customers on how to avoid such frauds which are mainly happening while using credit cards through Internet.

The total number of frauds has gone up from 12,374 in 2005 to 21,687 in 2006 and 22,280 in 2007. Incidents of Credit cards frauds alone have gone up from 8,789 in 2005 to 17268 in 2006 and 17,294 in 2007.

Many banks have devised measures in the recent past to detect and discourage such frauds. Axis Bank recently launched 'Visa Platinum Credit Card' based on the EMV (Europay, MatserCard, Visa) standard, with an embedded chip to store the cardholder's information in encrypted format to provide misuse in the form of counterfeiting and skimming.

Many banks are now sending SMS to customers on every transaction made on their credit cards to afford the card holder the information about the transaction. The card holder immediately comes to know of the transaction if the card is used by someone else.

Some banks with huge base of customers using Internet also face frauds such as phising. In phising, a customer gets an email that deceptively claims to be from the bank and asks fro account sensitive information, credit card numbers, passwords and Personal Information Numbers (PIN). The mails resembles a notice and misleads the customers.

The banks have been cautioning and educating customers on such fraudulent emails impressing upon them not to reveal any credit card details, whatsoever.

1 Comments >>

Yuyun

16 Mar 2012 (20:42:54)

Most Visa credit cards can be used dwwldoire, so I believe you can get cash advance at any place where Visa is accepted. Mind it that for this type of transaction a fee is charged plus there is a fee for foreign exchange. these are general rules working for Visa cards. To be absolutely sure of what you will have to pay for it and where you can get your money, you'd better ask the bank that issued the card.

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