Credit Card
Ways To Protect Your
Plastic
Money
Consumers can fortify
their cards against
fraud by following
small steps. Rimme
Dirchi throws light on
some of these measures
D
o you worry about a
credit card fraud every
time you swipe it? If
you do, then you are
not off the mark. Research shows
that there has been a 24 per cent
increase in the credit card frauds
in financial year 2016-2017. With
introduction of slew of measures to
promote cashless economy, digital
payment systems have witnessed a
rapid growth. According to Experian
APAC and India Fraud Report-2017,
by Experian India: “India is among
the top four countries surveyed in
the Asia Pacific region, with highest
digital adoption, digital banking
account sign-up and utilisation.”
This isn’t a coincidence, with
the world becoming a “global
village” —a term, which Marshall
McLuhan popularised in his books.
In his 1964 book Understanding
Media, McLuhan spoke of “...one
world that is interconnected by an
electronic nervous system.” Closer
home, the Digital India Programme
has been a flagship programme of
Fraud Trends in India
Mortgage
loans Two wheeler
loans Auto
loans Credit
cards Consumer
loans Personal
loans
36% 34% 65% 24% No Change 24%
Highest frauds in
consumer loans, credit
cards & personal loans
2.2%
0.86%
0.72%
Identity Theft is a major contributor to the fraud statistics
Identity
Theft
75%
Fraud cases
40%
Multiple PAN
information
Source: Experian Fraud Insights Report-2017
22
Outlook Money February 2018 www.outlookmoney.com
25%
Incorrect employ-
ment information
18%
Contact
information
30%
Contract
information