Banks to take preventive measures to stop credit card frauds

Posted By: Religare
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Banks to take preventive measures to stop credit card frauds
In the wake of rising activities of phishing and skimming of credit card by frauds, the Credit card issuers in the country are stepping up efforts to prevent such practices. The move is likely to prevent swindlers from gaining access to customers' card details and make purchases using those details.

Taking preventive measure, American Express is introducing a new solution, 'ezeClick', for its customers in India to ensure their card data is not shared with merchants while making online transactions.

Currently, an individual has to share information such as card number, expiry date and card verification value during online credit card transactions.

Commenting on the development, American Express India's president Sanjay Rishi said, "With ezeClick, our customers can conduct all online transactions with a single unique user ID. The new solution eliminates the need to share card details on e- commerce sites. The scope of fraud is much less when card data is not shared or stored on merchant servers."

Echoing for the same, Pallav Mohapatra, chief executive of SBI Cards said, "There is an urgent need for all stakeholders to sit together and plug the points of frauds. We hope that when central banks meet, there will be a discussion on this and mandating 3- D secure across the globe will be considered. The scope of frauds will come down drastically."

Read more about: banks, credit card
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