Credit Card Fraud in India by Foreign and Private Banks

The Ministry of Finance just a while ago informed the Lok Sabha about the fraud in Credit Cards by PSU Banks, Private Banks and Foreign Banks and Institutions.

The data suggests that Private Banks and Foreign Banks have registered the highest rate of growth in Credit Card Fraud. while PSU Banks have placed all checks to resist fraud and have seen a decline. Here is the complete statistics

PSU Banks: [Bank of Baroda, SBI, Canara Bank, etc]
Year 2004 – 111 Frauds involving Rs 89.5 Lakh
Year 2005 – 327 Frauds involving Rs 277 Lakh
Year 2006 – 10 Frauds involving Rs 21.4 Lakhs

Private Banks: [ICICI Bank, HDFC Bank, UTI/Axis Bank, Kotak, etc ]
Year 2004 – 2699 Frauds involving Rs 293.8 Lakhs
Year 2005 – 5274 Frauds involving Rs 662.3 Lakh
Year 2006 – 13,350 Frauds involving Rs 1771.2 Lakhs

Foreign Banks:[Citibank, HSBC, GE Money, Standard Chartered Bank, etc]
Year 2004 – 3205 Frauds involving Rs 766.4 Lakh
Year 2005 – 3188 Frauds involving Rs 897.4 Lakh
Year 2006 – 3908 Frauds involving Rs 1208 Lakhs

So if you are applying for a new credit card, you know where to apply now. PSU banks with their conservative banking measures seem to have maintained customer faith and trust while Private Banks seem to be ripping of the innocent Indian consumer.

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