Sunday, February 25, 2007

Kingfisher Airlines Credit Card Fraud

Last month Kingfisher Airlines was hit by Credit Card fraud to the tune of Rs.1.5 Crore. Modus Operendi was very simple. When the credit card was given for Bill Payment in ‘Time & Again’ Restaurant-an upmarket Restaurant in Andheri Mumbai, person preparing the Charge slip would memorize 3 digit ‘CCV’ printed on Signature panel of the Credit Card. 16 digit Credit Card No. is already available on copy of the charge slip. He would then pass on this info to his colleagues, who started a Travel Agency and would book Tickets online on Kingfisher Airline Website. These tickets were then sold at discount. Almost everyone on Blogosphere must be using Credit Card extensively and can be victim of this type of fraud.


Please scratch out the last 3 digit printed on signature panel of your Credit/Debit Card, after noting it down at safe place as you would do for Online Log In username and Password for your bank account.

When Credit/Debit Card is used for any transaction in Shop or Restaurant, it is swiped and Machine reads data from Magnetic Strip. ‘CCV’ is needed only when online transaction is done.

A year ago, I had scratched out ‘CCV’ nos. from my Citibank and Standard chartered Cards and I have been using these cards for transactions of Rs. 250.00 to Rs. 21000.00.

Incidentally I have sent repeated e mails to VISA Security and Citicard-India, suggesting that ‘CCV’ should not be printed on Credit Card but sent to Customer by Courier as is done with Passwords. VISA promised to consider the suggestion. There was no response from Citicard or SCB Card.


shannon said...

making credit card transactions anywhere is nerve-wracking for me anymore. even places that i used to feel secure using my card at; gas stations, restaurants, etc; i have to think twice about. it's sad, really.

Small Business Loan Guy said...

For credit cards the fees keep getting lower and lower, those of us in the merchant services industry, who provide merchants and small business owners with the equipment and support to accept credit cards are the one's going to be put out of business.

Advantages of Merchant Cash Advance VS Small Business Loans

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