Online and banking frauds using debit and credit cards have been on the rise with the increase in digital transactions. According to data from the Reserve Bank of India (RBI) submitted to Parliament, over 25,800 frauds involving credit/debit cards and online banking, amounting to about Rs 1.79 billion, took place in India in 2017.
Fintech players are coming up with counter measures to prevent such frauds. Atom Technologies, a payment solution provider, allows people to enable and disable their debit and credit card usage with its e-shield app. "Not only will this app be helpful to customers, it will also enable banks to reduce card and account-based frauds, thereby bringing down their cost of security," says Dewang Neralla, chief executive