All leading banks advise clients not to disclose their credit card number or automated teller machine password to anyone.
The Reserve Bank of India (RBI) recently said no entity in the card transaction or payment chain, apart from the card issuers and card networks, will be allowed to store sensitive user data from January 1, 2022. Instead, in transactions card data will be converted to tokens.
To educate customers on the modus operandi of financial fraudsters and share inputs on safe banking habits, banks are now coming up with awareness campaigns aimed at preventing customers from falling into the trap of fraudsters.
Air India's passenger service system provider SITA faced a sophisticated cyberattack in February this year leading to leak of personal data of 4.5 million passengers -- which included passengers of the national carrier -- from across the world, an official statement said on Friday. Personal data -- including name, date of birth, contact information, passport information, ticket information and credit card data -- which was registered between August 11, 2011, and February 3, 2021, has been leaked of a certain number of Air India's passengers, the statement issued by the airline said. "While we and our data processor continue to take remedial actions...We would also encourage passengers to change passwords wherever applicable to ensure safety of their personal data," it said.
The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
Credit card frauds are on an upswing these days. How can you make sure your credit card is not misused?
A banking Trojan malware has been detected in the Indian cyberspace that is lurking to attack bank customers using Android phones and has already targeted those from more than 27 public and private sector banks, the country's federal cyber security agency said in a latest advisory.
In such frauds customers get calls asking them to share their OTP in order to postpone their loan EMIs. Once the OTP is shared the amount is immediately siphoned away by fraudsters.
The additional step is the result of a Reserve Bank of India's guideline issued this February that mandates additional authentications/verifications based on information about the card-holder that is not contained on the card. This measure is expected to contain online card fraud.
In one of its recent announcements, the Reserve Bank of India announced that come August all online credit and debit transactions will need to go through one more step before they can be completed successfully.
Use a "virtual credit card" for every online transaction when you can't pay cash on delivery.
With cyber criminals becoming savvier by the day, learning how to safeguard yourself is imperative.
The 'severely' spreading virus of the Trojan family has been detected conducting its clandestine operations at the point of sale counters placed at retail terminals after the RBI made it mandatory in December last year for debit cards holders to punch in their PIN every time they make a purchase.
Protect yourself and minimise such frauds by following these simple rules
Here are five things that fraudsters are likely to say or do that should set the alarm bells ringing in your head.
There are 7 key rules one can follow to ensure that the chances of such fraud are almost reduced to a negligible level when shopping online, says Anil Rego
'In restaurants, the waiter takes your card and then comes back with the machine. Don't allow that.' 'Let him come to you with the machine and then enter the card and the PIN yourself.'
Do not share your passwords or personal information with anyone.
If you ever face a situation where your card transaction is declined, it is advisable to call your bank and check with them for the cause. In most cases, unless it's a fraudulent issue, the problems will be resolved on the phone.
Gullible bank customers are getting fooled by callers who scare or lure them.
Here's why VCCs are the best options for credit and debit card holders for avoiding phishing and frauds
It is suggested that you get your SIM locked with which the wallet account is mapped.
Whether it is the virtual world or the physical one using your credit card with a few precautions go a long way in keeping it safe. Be cautious and do not become a statistic in the growing credit card fraud!
The Central Bureau of Investigation (CBI) is in the midst of a major operation which is targeting hacking hubs across the country.
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