Incidents of credit card fraud in India last year dropped dramatically from two years ago, driven by better card-security measures deployed by banks, new data show.
Replying to a query raised in the Indian Parliament, Narain Meena Namo, the minister of state for finance, revealed that credit card fraud decreased 65%, to 7,305 incidents in 2011 from 20,806 cases in 2009, citing data from the Reserve Bank of India.
The card-fraud incidents last year resulted in losses totaling 17.9 million rupees (US$360,000 or 275,000 euros), down 97% from 613 million rupees in 2009.
The minister further revealed that eight cases of card fraud were reported by public-sector banks last year, resulting in 6.1 million rupees in losses. The affected banks included Bank of India Ltd., Bank of Maharashtra Ltd. and Corporation Bank Ltd.
To combat card fraud, the central has advised banks to take preventative measures, such as educating customers through advertisements and posting cautionary messages on their websites, the minister added.
The central bank has also announced a roadmap for the country’s banks to migrate to chip-based cards by the middle of June 2013 instead of magnetic stripes to increase cardholder security (
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