Credit card frauds down to 7,300 in 2011

The govt said the number of credit card frauds has come down to 7,305 in 2011

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The government today said the number of credit card frauds has come down to 7,305 in 2011,from 20,806 cases of fraud two years ago.

“The Reserve Bank of India has reported that as per data submitted by scheduled commercial banks,incidents of credit card frauds have decreased during the calendar years 2009 to 2011,” Minister of State for Finance Namo Narain Meena said in a written reply in the Rajya Sabha.

The over 7,300 credit card frauds reported in 2011 involved Rs 21.79 crore. As many as 20,806 frauds involving Rs 61.3 crore were reported in 2009.

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The minister further said eight cases of such frauds were reported in public sector banks in 2011 involving Rs 61.46 lakh.

State-owned banks,which reported credit card frauds last calender were: Bank of India,Bank of Maharashtra,Corporation Bank,Punjab national Bank and Allahabad Bank.

To combat frauds on credit cards,the Reserve Bank has advised banks to take preventative measures like educating customers through hoardings,advertisements,and posting cautionary messages on their websites.

An RBI working group has suggested that chip-based cards may be used as an alternative to magnetic strip card as a measure to counter credit and ATM card frauds.

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