Skimming Fraud – HDFC Replacing Merchant Terminals – What about Malware Infected Retailers ?

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Malware-Infected-Retail-Card-MachinesHDFC Credit Cards, India’s Largest Issuer of VISA & MasterCard Credit Cards, with a portfolio of 6.4 Mn customers, in its internal investigation has found few Merchant Terminals where security was compromised and is thus replacing the same with newer ones. The Bank did not share the number of swiping machines that will be replaced. HDFC Bank has an installed base of 250,000 merchant terminals across India.

Skimming is the process of extracting Customer & Credit Card information stored on the Magnetic Stripe of the Card. Cards equipped with Chips are far more secure and

Read moreSkimming Fraud – HDFC Replacing Merchant Terminals – What about Malware Infected Retailers ?

RBI Holds Emergency Meeting with Indian Banks as they Lose Rs 30 Cr in Credit / Debit Card Fraud

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Credit Card Fraud IndiaIndian Banks are facing a tough situation as Card Skimming has led into a Massive scam and transactions occurring outside Indian Borders has led these financial institutions to face a loss upto Rs 30 Crore in the last one month. The worst affected Banks are HDFC Bank, ICICI Bank, Citibank, SBI Cards and Axis Bank.

In most cases, the Debit / Credit card is in physical possession of the holder who is very much within Indian borders. However, transactions are occurring in Mexico, Spain, United States etc. RBI has already mandated for an additional security check – Extra Password for Online Transactions – Verified by Visa or MasterSecure Code. So despite such security in place, how did this fraud happen ? The password doesn’t come into picture as the Victims Card Details were skimmed [copied without your knowledge] from Transaction Machines, ATMs, or from Credit Card Processing agencies

Read moreRBI Holds Emergency Meeting with Indian Banks as they Lose Rs 30 Cr in Credit / Debit Card Fraud

Experian Looking at Growth Opportunities in India

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Experian-India-GrowthExperian leading Credit Bureau globally is prioritizing growth (6-8% organic in our model) over margin expansion. This is probably in the best interest of company and investors. The four main growth drivers Experian is focusing on are

  1. Geographic expansion,
  2. Increasing data depth
  3. Growing business segments within each geography, and
  4. Introducing and monetizing new products / verticals.

The company appears well positioned to profit from big global

Read moreExperian Looking at Growth Opportunities in India

Vijaya Bank Launches V-Platinum, V-Privilege Credit Cards

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Vijaya Bank V-Platinum Credit CardState Owned Vijaya Bank just a while ago announced the launch of two new types of Credit Cards for its Banking Customers – V-Platinum and V-Privilege Credit Cards.

Features of Vijaya Bank’s V-Platinum Credit Card
This card is intended for HNI customers of the Bank. Minimum Credit Limit will be Rs 200,000 with no maximum pre-set spending limit. The card will be issued based on net-worthiness and Income of the Customer. Minimum Bill Payment will be 25% of the outstanding. The bank is planning to issue 10,000 of these cards.

Vijaya Bank currently has 100,000 Credit Card

Read moreVijaya Bank Launches V-Platinum, V-Privilege Credit Cards

Want Car Loan ? Have Good Credit Score – Bankers Relying on CIBIL Report

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Car Loans - CIBIL Inquiry IndiaAuto Loans in India are on rise in the past 3 years and the demand is especially coming from smaller cities. After the 2008 Crisis, Banks have tightened their lending norms towards unsecured loans – Credit Cards & Personal Loans and even for Auto Loans they are increasingly relying on Credit Reports ans Scores from all the Three bureaus – CIBIL-Transunion, Experian and Equifax.

Approximately 20% of the inquiries in the last few years have been for new Auto Loans at CIBIL. Delhi NCR alone contributes 35% of the Inquiries in

Read moreWant Car Loan ? Have Good Credit Score – Bankers Relying on CIBIL Report

How To Convert Kotak Credit Card Puchases into EMI ?

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Kotak Cards Conversion to EMIHave you recently Bought an Expensive Home Furnishing Item like a Leather Sofa Set or an Internet Smart TV on your Kotak Credit Card and worried to Pay the Bill ? Following into the footsteps of Market Leader in Credit Cards, HDFC, everybody is offering an option to convert High Value Purchases into EMI. Here is a Step-By-Step Guide on How to Convert your Kotak Credit Card Purchases into EMIs, the cost of servicing the EMI without negatively impacting your CIBIL Credit Report and Score.

What are the Terms & Conditions for Converting Purchases into EMI on Kotak Cards ?