Credit Card Frauds In India on The Rise! What Are The Protective Measures?

Dr. Swapnil B. Mantri (Pediatrician And Nutritionist)

Samaj Vikas Samvad

Mumbai,

Credit Card Frauds In India on The Rise! What Are The Protective Measures? Types of Credit Card Frauds in India! What are Punishment for Credit Card frauds in India? Where To File The Complaint For Credit Card Frauds In India? What Are The Steps to Report Credit Card Frauds in India? Tips to Avoid Credit Card Frauds in India!

With government of India’s paperless Digital Transaction push;

Online digital transactions have become the new way people to make payments of their liabilities,

the purpose of which may be shopping, bank payments, insurance premium, etc.

Credit cards are one of the financial modes of digital transaction which allow people to extend their expenditure while their pockets have succumbed.

Recent rise of Credit card fraud in India restricts and scares away majority people from using it.

Let’s know in detail about rising Credit Card frauds in India.

What Are The Types of Credit Card Frauds in India?

Here are some Different Types of Credit Card Frauds in India.

• Application Fraud –

Sometimes, people may use your details and apply for a credit card. In such a case,

a credit card may be issued in your name with your details while you did not even apply for the same and lack any knowledge as well.

• PoS Machine Fraud –

The Point-of-Sale (PoS) device may be tampered to hack customer’s data.

Card information initially stored which the wrongdoer may be shared with a person or organization for malafide purposes.

• Electronic Imprints/ Skimming –

In this kind of fraud, information placed on the credit card magnetic strip is stolen and then used for making duplicate cards.

• Phishing –

The fraudulent person may impersonate a bank official, mail the customer.

Such a mail may contain an unauthorized link which further may ask for the credit card details of the customer.

All such information may reach the unauthorized persons who may commit financial credit card fraud in India.

Instances of customers getting phone calls from fraudulent impersonators seeking OTPs is very common.

• Card Detail Fraud –

Someone may steal the credit card details like card number, expiry date, CVV (Card Verification Value) and name of the card holder.

Through all these details, online payments can be made and all that is usually left is an OTP which may be achieved through hacked devices or fraudulent calls as well.

• Credit Card Lost or Stolen –

Sometimes, mere carelessness may bring a lot of financial trouble like losing physical possession of the credit card when it is lost or stolen by someone.

• Misplaced Card –

If you apply for a credit card, the same has been dispatched and has not reached you, it may be misused.

The person may use the same for fraudulent purposes.

What are Punishment for Credit frauds in India?

Here are some provision of Punishment for Credit Card frauds in India under Indian Penal Code (IPC).

For those who act dishonestly or fraudulently committing credit card fraud in India,

punitive laws exist under the Indian Penal Code (IPC), 1860 as well as the Information Technology (IT) Act, 2000.

Punishment for credit card fraud in India ranges from 3 to 7 years of imprisonment and fine based on the offence committed.

What are the Provision of Punishment for online financial frauds?

There are some legislations which punish the offender committing such online financial frauds as shown below:

Punishment Provisions under the Information Technology (IT) Act, 2000.

• Section 66C –

If a person through fraud or dishonesty uses the electronic signature, password or any other unique identification feature of another,

such a person is liable for imprisonment up to 3 years and fine up to Rs 1 lakh.

• Section 66D –

If a person impersonates another using a computer resource for cheating another,

he/ she is liable for imprisonment up to 3 years and fine which may be extended upto Rs 1 lakh.

Punishment Provisions under the Indian Penal Code, 1860.

• Section 468 –

Anyone who forges a document or electronic record to be used for the purpose of cheating is punishable with imprisonment upto 7 years with fine.

• Section 471 –

A person dishonestly or fraudulently using a document or electronic record as a genuine one while;

having knowledge of the same being forged is punishable the same way as if the same person forged such a document or electronic record.

What Are The Steps to Report Credit Card Frauds in India?

Here are the immediate 6 Steps to Report Credit Card Frauds in India.

• When you get to know regarding the credit card fraud, quickly start with the complaint process without wasting any time, preferably within 48 hours.

• Call the Customer Care No. of the bank who issued the said credit card.

• Submit your complaint regarding credit card fraud in India.

• Note down the ‘Complaint Reference Number’ for future reference.

• Thereafter, make a call on Cyber Crime Helpline Number at 1930 (Special helpline for cyber financial frauds).

• Cyber Cells usually register a cyber financial complaint only within 48 hours of such fraud.

The concerned officials at the cyber cell will enquire the State and City where the incident took place,

name of the complainant, credit card, bank account or Aadhaar card details and other details as required.

Here again, it has to be noted that confidential information like;

OTPs, CVV no. or PIN codes is not to be shared, even if asked by the officials

In case 48 hours time frame has passed after the credit card fraud in India took place,

rather than calling on the above no. of Cyber Crimes Cell,

visit their website for online complaint.

Where To File The Complaint For Credit Card Frauds In India?

Here are some of the Online links, Where you can File The Complaint For Credit Card Frauds In India.

Visit the official website at cybercrime.gov.in for cyber crime complaint registration.

• Click on the link to report credit card fraud in cyber crime –
• Select the appropriate category and enter the details carefully –
• Information regarding credit card fraud complaint will be shared to the complainant’s mobile and email address as entered on the portal.

The above mentioned process is enough to register immediate complaint against any credit card fraud.

However, to be on the safer side, the credit card fraud victim should also lodge a written complaint in the concerned bank branch,

at the earliest and also get the receipt as an express proof of complaint to the concerned bank branch as well.

In case there is no response from the concerned bank or they are denying registration of any such financial fraud complaint,

the victimized person may visit the RBI website at rbi.org.in and register a complaint against the bank.

Tips to Avoid Credit Card Frauds in India!

Here Are Some Important Tips to Avoid Credit Card Frauds in India!

Prevention is always better than cure, so always implement these measures beforehand.

• Keep it safe –

A credit card should be kept in safe custody by the customers.

It should be handled in such a way that it is not kept with the currency that it may mistakenly fall and be lost.

Nobody should be able to easily approach the same as well.

• Vigilance –

In the electronic era of the internet, receiving any unexpected emails,

any unauthorized links, random OTPs, etc. should not be clicked on or

disclosed to a third party.

Even if someone impersonates a bank official, ignore the same.

• Report –

People often wish to know what happens if someone steals my credit card and uses it in India.

In such cases, it is the duty of the card owner to report the same to the issuer bank as well as the police authorities without any delay.

• Change details –

It is advisable to keep changing credentials like netbanking passwords and card PIN numbers.

However, it is also crucial to remember the changed credentials by the card holder.

• Review expenses –

If You are a Credit card customer, then get a monthly statement of the expenses incurred by you with the card.

The monthly dues are payable by the card holders on that basis.

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Samaj, Samaj vikas, Samaj Samvad, Vikas Samvad, Samaj Vikas Samvad,

समाज, समाज विकास, समाज संवाद, विकास, विकास संवाद, संवाद, समाज विकास संवाद,

সমাজ, সমাজ বিকাস , সমাজ সংবাদ, বিকাস, বিকাস সংবাদ, সংবাদ, সমাজ বিকাস সংবাদ,