Card Fraud

Average fraud value up at Rs 34,802 in 2021-22, but number of such instances down 8% to 65,045

An RBI circular says the customer is not liable for unauthorised transactions that occur due to contributory fraud, negligence, or deficiency on the bank's part

The accused used to re-swap cards of the customers and noted down their last four digits, PIN and bank name

Concern highlights the fact that, unlike previous ATM frauds, current one might have far more serious repercussions and systemic risk