NEWS & ADVICE : CREDIT CARDS
Ahmedabad trader duped in credit card fraud
By Ankit Sharma
Jan 21, 2008
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Ahmedabad: The largest city in the industrious state of Gujarat is rocking with credit card frauds. In the last six months alone the city has witnessed as much as 12 cases of credit card fraud in its western parts and in another shocking incident, a young trader has complained to the police about his credit card being misused.

A case of online credit card fraud was registered by Madhavpura police on Saturday after, Nirav Modi a young trader complained about unauthorized shopping worth Rs. 46,721 had been done using his credit card. He came to know about the fraud when he received the credit card bill showing the transactions, which he never did.

The statement detailed online transactions using his credit card number and CVV code. Various items like small household goods, furniture, washing machine and grocery were purchased using Nirav's credit card. The fraudsters seem to be expert in credit card transactions as they didn't purchase big items and bought mostly small goods worth less than Rs. 10,000 and Nirav didn't get any alert message. In his report Nirav stated that he had not made any online purchases.

Off late such cases of online credit card fraud have become rampant in the city and recently a credit card owner was duped by Rs. 84,986 by fraudsters, who stole his credit card details and used them to purchase airline tickets online. Police are yet to trace the culprits in both these cases and investigations are on.

By tracking down the IP addresses of the computer, which was used in the crime and subsequent investigations help the police in establishing the identity of the cyber criminal. However, these credit card frauds are only possible if a miscreant gets access to the credit card details. The credit card number and the PIN associated with it, is all that is required to complete an online transaction. Keeping these details safe, checking the credit card bills for any irregularities and reporting the matter to credit card customer support immediately, helps avoid such fraud and prevents damage.


(Comments Posted : 1) Post Your Comments
1. These details show that it is impossible to deter a fraud boom until banks make signature and PIN systems reliable as proposed on website www.xwave.co.uk to deter anyone from getting tempted to misuse our STOLEN personal and card details.



Fake documents has made our signature system unreliable while skimmers and pin-hole cameras etc. have made PIN system unreliable. We have option to make signatures reliable by personalising them with ID stickers and option to use Card Key Code to make PIN system reliable to make use of stolen and skimmed cards meaningless. By ignoring to exploit this system banks are only letting bad problems get worse.



Since ID KEY system will deter fraud by making signature and PIN systems reliable it will eliminate the need for us to protect our personal and PIN details since fraudsters will not get tempted to misuse them.



Proposed ID KEY can be treated as a reliable international ID card because it will personalise signature and PIN number to only the right individuals in any country.
Yogesh Raja (Posted: Jan 21, 2008)
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