Debit Card Fraud

An important factor contributing to this uptrend in India, GlobalData believes, is the availability of installment facilities

'The RBI informed that there is an increase of 12.01 per cent and 52.99 per cent with regard to complaints in Mobile/Electronic Banking and Credit Card, respectively,' Nirmala Sitharaman said

The advisory came after its attention was drawn to such fraudulent issuance of debit/credit cards in India, according to the multilateral lending agency

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The debit and credit cards belong to multiple Indian banks and are being sold for $100 each, in what security researchers have dubbed one of the biggest card dumps in recent years

India was ranked among the top five countries globally that are vulnerable to credit card fraud, according to the 2016 Global Consumer Fraud Report

Earlier, when the news of the data theft came to light, Hitachi had denied that its systems were compromised

The RBI held a meeting with senior officials from select banks, the National Payment Corporation of India (NPCI) and card network operators to review the steps taken by various agencies

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The security breach in debit cards has resulted in banks as well as card players to spruce up efforts to investigate the matter.

Indian banking stocks have shrugged off concerns rising out of the potential fraud involving nearly 3 million debit cards.At a time when benchmark key indices were up only 0.6 per cent, bank indices are trading firm with a gain of about 1.4 per cent.ICICI Bank is leading the rally for the third day in a row. Its stock was up 4.4 per cent at Rs 276.7 at IST 1140. It was followed by Federal Bank, Canara Bank, Punjab National Bank - all up between 3.5 per cent and 4 per cent. Interestingly, in the Nifty Bank index, all stocks are trading in the green except HDFC Bank which was marginally down.It is important to note that around 30 lakh bank debit cards may have come under threat after an alleged security breach at Yes Bank's ATM raised fears of potential fraud. A slew of banks will either replace or ask customer to change the security codes.The move comes a day after India's largest lender State Bank of India said that it had blocked cards of certain customers. Several reports suggest ..