Professional Documents
Culture Documents
This includes: Making false statements on claims Concealing facts or events which affect eligibility for social security benefits
Credit Cards 1,88,65,537 Debit Cards 31,44,36,803 Approximately 30% of the Indians have Plastic Currency. (As per RBI statistics)
Application Fraud
Lost/ Stolen Cards
Misuse Of Technology
According to secondary information, the average time taken to discover a fraud incident is more than six months and discovery of some of them took greater than a year.
Manual Review
Address Verification System
Payer Authentication
Lock Out Mechanism
Additional Authentication
Online Alerts Emv Smart Chip
The details furnished by Reserve Bank of India (RBI) in respect of Scheduled Commercial Banks pertaining to frauds relating to ATMs/Debit Cards/ Internet Banking and Credit Cards is as under :
16000 14000 12000 10000 8000 6000 No. of Cases Amount (Rs in Lakhs)
4000
2000 0 2010 2011 2012
It is also important that we insulate ourselves from fraudulent activities by strengthening the fraud detection, mitigation and control mechanism through prompt identification, investigation and exchange of information. This is necessary not just for the safety of banks but also for ensuring the stability and resilience of the overall financial system and sustaining the confidence that various stakeholders have in financial systems strength and integrity -Dr Chakrabarty