According to the leading service provider Visa, India has seen the lowest number of credit card fraud cases as compared to other nations, amid rising of credit card frauds cases recently.
Mr. Uttam Nayak, Visa Group Country Manager for India and South Asia said, "Our country witnesses the lowest number of fraud cases in the credit cards space".
Replying to questions regarding recent cases of fraud reported in credit card space, Mr. Nayak said, "There may be some element of skimming in the recent fraud cases. Also, the indication is that there may be e-commerce misuse".
Skimming has been witnessed in the country, wherein the credit card details are copied illegally and used fraudulently later.
The leading credit card issuer, HDFC Bank is changing points of sale terminals at some point of its merchant locations due to the increasing case of skimming.
Mr. Nayak said that the banking system had one of the robust checks and balances to avoid such instances.
"There were a second factor authentication, real time fraud control tolls, and better authorization tolls among others, to check such instances," Mr. Nayak said.