The use of plastic money began in India as early as 1987, when HSBC first introduced their ATM cards. Since then there has been no looking back. Today debit and credit cards together generate sales of over Rs. 1.5 lakh crore annually.

Also the increase in internet coverage and rising level of disposable income amongst the middle and upper middle class has contributed to surge in the usage of cash less purchases. Convenience in terms of usage can be attributed to be one of the vital factors aiding to its increasing popularity. One can now buy without worrying to take out and carry cash. From mobile phone recharges to airplane tickets; from a cup of coffee to a meal at fine dine restaurant, almost everything can now be purchased via credit and debit card.

The other side of the coin

Increased use of plastic money by consumers across the nation has also seen the rise in frauds and crimes related to credit and debit cards at an alarming rate. These crimes occur primarily because of negligence of the user, which makes the unsuspecting user a susceptible target of such miscreants who take benefits of their negligence and steal their hard earned money.

It becomes very difficult for the police and the bank to control such crime because by the time one files a complaint and the action is taken, a lot of damage has already taken place. So the best way to secure lies in an old proverb, "Prevention is better than the cure". That is the card users must take care of a few thumb rules to prevent themselves of becoming targets to credit/debit card cloning/counterfeiting.

The improvements in the field of technology has made improvements in security, but at the same time, unscrupulous people are getting access to advanced technology which can make counterfeiting/ cloning of cards easy.