Credit Card Fraud up 28% in India

Last August we reported about the credit card frauds in Indian Public and Private sector banks. We are in receipt of data, which suggests that Credit Card Fraud was up by 28% in India YoY according to the latest figures revealed in the parliament. The number of fraud cases in 2007 saw a dismal increase but the amount involved had shot up by 28%.

Year 2005 had 8,789 cases involving Rs 18.36 crore
Year 2006 had 17,268 cases involving Rs 30 crore
Year 2007 had 17,294 cases involving Rs 38.44 crore

ICICI Bank is the only bank in India which is sending out SMS messages for every credit card transaction [irrespective of the amount]. At last we found something good in this Bank 😉 HDFC Bank charges Rs 99 / year and sends out an SMS for every Online Transaction and every merchant Transaction over Rs 15,000 only. I have requested them to send an SMS for every transaction and lets see what happens.

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