Last August we reported about the credit card frauds in Indian Public and Private sector banks. We are in receipt of data, which suggests that Credit Card Fraud was up by 28% in India YoY according to the latest figures revealed in the parliament.
Credit Adviser
Credit Adviser
Axis Bank’s Credit Card on Euro-Master-Visa Standards
Axis Bank became the first bank in India to introduce credit cards in accordance with Europay, Mastercard, Visa standards that comes with an embedded chip to store the card holders details. [More details on that EMV Standards here]
Read moreAxis Bank’s Credit Card on Euro-Master-Visa Standards
Credit Card with unsolicited Insurance under investigation
Most Banks and Financial Institutions in India, especially ICICI and its subsidiaries are involved in this malpractice of forcibly issuing an insurance policy with credit card to a consumer. The card company then debits the insurance premium account to your credit card without your consent. When the consumer disputes, the
Read moreCredit Card with unsolicited Insurance under investigation
Chip and PIN Credit Card Fraud
Chip and PIN are supposed to help protect us all from credit card fraud. Cambridge researchers, Steven Murdoch and Saar Drimer, have found a number of ways that the criminally-minded
Secure smart-chip credit cards on way ?
We are all aware of the magnetic strip on our credit / debit card. However, with advancement in technology, new smart-chips are embedded into the credit /debit card so that data is stored in an encrypted format and is more secure than your magnetic strip card.
For transitioning all card holders to this new format is a big hassle and also expensive. The transition will involve changing all merchant terminals and
Credit Card Merchant POS Organized Malpractice
It has come to light that their are several Point of Sale [POS]Terminals in India which are participating in Organized Credit Card malpractices.
For instance, this gentleman in Delhi provides cash when you swipe Credit Card at his POS terminal, but at a massive 4% of the total transaction as his fees in addition to bank charges. Lets assume the customer