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.
IT IS VERY EASY TO PREVENT THIS FRAUD.
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.
3 comments:
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.
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.
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