Credit Fraud: Are your Online Transactions Safe?
By Team Legistify / 2017-02-22
Credit Card Frauds are increasing as the economy is getting digital. It’s a justified concern, considering that nearly 2.59 crore credit cards issued by 56 banks had a transaction worth Rs 24,341 crore via points of sale (POS) and Rs 202 crore through ATMs, while 69.72 crore debit cards registered transactions worth Rs 2.19 lakh crore through ATMs and Rs 17,100 crore via POS in July 2016. Even as the RBI and banks are trying to stay one step ahead by introducing several security features, including chip-based cards and two-factor authentication, customers need to take the initiative to prevent being conned.

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In the last decade, there has been a rapid increase in credit fraud in India. It is the most prevalent form of cybercrime and is considered to be third amongst economic crimes in India. The major forms of cyber fraud include online auctions, internet access services, work at home plans, payment methods using debit/credit card, phishing etc.

Internet Banking Fraud

Internet Banking Fraud is a fraud or theft committed using online technology to illegally remove money from a bank account and/or transfer money to an account in a different bank. Internet Banking Fraud is a form of identity theft and is usually made possible through techniques such as phishing. Now internet banking is widely used to check account details, make purchases, pay bills, transfer funds, print statements etc. Generally, the user identity is the customer identification number and password is provided to secure transactions. But due to some ignorance or silly mistakes you can easily fall into the trap of cyber criminals. You can consult the best cyber crime lawyers in India to know more.

Types of Online Banking Fraud

Most of the online banking frauds are conducted either through phishing, stealing of banking information or through cloning of credit/debit cards.

Credit Card Frauds are increasing as the economy is getting digital. It’s a justified concern, considering that nearly 2.59 crore credit cards issued by 56 banks had a transaction worth Rs 24,341 crore via points of sale (POS) and Rs 202 crore through ATMs, while 69.72 crore debit cards registered transactions worth Rs 2.19 lakh crore through ATMs and Rs 17,100 crore via POS in July 2016. Even as the RBI and banks are trying to stay one step ahead by introducing several security features, including chip-based cards and two-factor authentication, customers need to take the initiative to prevent being conned.

Have a Legal Issue?

Get connected to the Best Lawyers and Chartered Accountants Near You!


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