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Kumar Mangalam Birla traps under credit card fraud
Mr. Birla's card was cloned and used in Bangalore for making expensive purchases, while he was in Mumbai. The purchases includes Jewellery and expensive electronic items worth Rs 2,86,000. He realized about these transactions when he received his monthly account statement.
An FIR has been filed against this fraud by Mr. Birla and Mumbai police has started investigations regarding the fraud with the help of cyber experts.
What is Credit Card Cloning?
Cloning is performed by illegally copying information from the magnetic strip at the back of a credit or ATM card.
The information obtained is then transferred onto a computer, and another device resemble to pager is used to encode and create a new counterfeit card.
Recently, RBI has asked banks to implement safety measures in order to prevent debit and credit card's fraudulent usage.
"The increased usage of credit/debit cards at various delivery channels also witnessed the increase of frauds taking place due to the cards being lost/stolen, data being compromised and cards skimmed/counterfeited. There is, therefore, an imperative need to secure such card based transactions...," RBI said in notification.
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