By Username
Enter a URL of an MRSS feed

According to the report of Citibank, the bank found maximum 92 cases of frauds of debit or credit cards as well as the use of fake cards. These frauds are involving more than Rs. 1.89 crore from 2007-08 to December 2010. In addition to the Citibank, some other banks also reported such fraud cases, those banks are ? Standard Chartered bank, Syndicate bank, Canara bank and Punjab National bank involving amount of less than Rs 23 lakh in 2010.

The Finance Minister Pranab Mukherjee told during Question Hour in Lok Sabha, ?Largest number of such frauds belong to Citibank from 2007-08 to December 2010…RBI’s committee has suggested a number of steps towards it including replacing the magnetic strip on cards by a chip. All these aspects are being looked into.? Compensation for victims who lost money in these scams is another aspect that is considered by the banks.

In 2007-08, the Bank of India reported one case of cloning of credit or debit card and the amount involved over Rs 1.92 crore. Pranab Mukharjee also said that a series of instructions to Know Your Customer (KYC) issued to the banks by the RBI, which helps to ensure for the authenticated identification of a person before issuing a credit or debit card. The criminal investigations also began against people involved in these frauds.

Citibank reports maximum cases of credit and debit card frauds
Originally published on: All India Today

Related posts:Citibank employee from Gurgaon missing after the report of fraud caseFraud complaint turned towards Vikram Pandit ? CitibankCitibank Top Brass in Multi Crore Scam