Two youths Kinjal Doshi (28) and Jay Joshi (21) were arrested in Ahmedabad by the Ahmedabad Crime Branch for using fake credit card. One of the accused had nine fake credit cards which he had brought from London, police told.
The accused are the residents of Satellite and Naranpura areas. The police informed, Doshi for fours years had worked as a deputy cashier in a London-based casino while his stay in the UK capital on a student visa.
The police said, Doshi, came to Ahmedabad on September 13, along with Jay he went to Central Mall at Ambawadi and purchased goods worth over Rs 7,000 using one of the cards. The officials of the Axis Bank, which had provided swipe machines at the complex, soon, detected that fake card has been used as in the transaction the cardholder’s name was not there. They alerted the mall authorities who in turn immediately informed the police.
Police has recovered the cards from the Doshi and said the card had magnetic strips most probably with the names of original card-holders or some code number, which enable the card to be swiped easily. Police is doing investigation.
Monday, September 27, 2010
Thursday, September 23, 2010
Banks and e-payment firms prefer to expand prepaid cards business
The banks and electronic payments firms are looking to expand their prepaid cards business instead of credit cards.
Some of the private lenders such as Axis Bank Ltd, HDFC Bank Ltd, ICICI Bank Ltd and Yes Bank Ltd are already offering prepaid cards. Prepaid cards come in a variety forms, such as one-time gift cards, foreign currency travel cards, meal cards, corporate incentive cards and government disbursement cards.
State-owned lender, Canara Bank and foreign bank, Citibank NA are planning to enter into prepaid card business this year.
Electronic payments firms MasterCard Worldwide and Visa Consolidated Support Services (India) Pvt. Ltd say, they see their future growth in India in the prepaid segment.
Laura Kelly, group head (global prepaid and healthcare solutions) at MasterCard Worldwide said, in India prepaid card market is expected to grow by 40% every year to $59 billion (Rs.2.70 trillion today) in 2017 from $4 billion in 2009.
Kelly said, “About $34 billion will come from corporate travel, incentives, meal vouchers and payrolls, while $23 billion will come from consumer reloadable and online cards. Only $2 billion will come from public benefit, pension and social security programs.”
According to HDFC Bank there has been a rapid growth in prepaid card segment. Navtej Singh, head (direct payment products) at HDFC Bank told, “We offer all types of cards—payroll, travel, food and gift—and we have seen 75-80% growth in the last year.”
Anuj Saraswat, vice-president (global transaction services) at Citibank informed the bank will be launching a corporate incentives card this fiscal. He said, “It will be a pre-loaded card with a Rs.50,000 limit....”
While Canara Bank will soon be launching a gift card, later it will be adding travel card and a corporate card to prepaid card segment. Nagendra H.V., manager at the card division of Canara Bank informed, “The gift card will be launched very soon with a maximum un-reloadable limit of Rs.5, 000.”
In India usage of credit card is declining and prepaid cards are gaining popularity.
As per RBI data, in July the circulation of credit cards had dropped to 18.9 million as against 22.2 million in the same month last year.
A.S.V. Krishnan, working as an analyst at Ambit Capital Pvt. Ltd, said Indian banks have cut down their credit card segments because of fear of defaults, while prepaid cards are risk-free. He said, “I can spend Rs.40,000 on a credit card and not pay back, but on a prepaid card I cannot spend more than my balance. Also, banks may earn fee income from vendors on these cards, which they may not get from...debit cards.”
The e-payment firms Visa and MasterCard are aiming at government payments under programs such as the rural jobs guarantee schemes. Normally, these payments are done through cheques or cash. Both the firms are in talks in order to get them shifted into prepaid mode.
Saraswat of Citibank agreeing with the strategy said, “The 2017 targets look optimistic. But just imagine if sleeping giants like India Post, which has doubled the number of total bank branches, use this system.”
Some of the private lenders such as Axis Bank Ltd, HDFC Bank Ltd, ICICI Bank Ltd and Yes Bank Ltd are already offering prepaid cards. Prepaid cards come in a variety forms, such as one-time gift cards, foreign currency travel cards, meal cards, corporate incentive cards and government disbursement cards.
State-owned lender, Canara Bank and foreign bank, Citibank NA are planning to enter into prepaid card business this year.
Electronic payments firms MasterCard Worldwide and Visa Consolidated Support Services (India) Pvt. Ltd say, they see their future growth in India in the prepaid segment.
Laura Kelly, group head (global prepaid and healthcare solutions) at MasterCard Worldwide said, in India prepaid card market is expected to grow by 40% every year to $59 billion (Rs.2.70 trillion today) in 2017 from $4 billion in 2009.
Kelly said, “About $34 billion will come from corporate travel, incentives, meal vouchers and payrolls, while $23 billion will come from consumer reloadable and online cards. Only $2 billion will come from public benefit, pension and social security programs.”
According to HDFC Bank there has been a rapid growth in prepaid card segment. Navtej Singh, head (direct payment products) at HDFC Bank told, “We offer all types of cards—payroll, travel, food and gift—and we have seen 75-80% growth in the last year.”
Anuj Saraswat, vice-president (global transaction services) at Citibank informed the bank will be launching a corporate incentives card this fiscal. He said, “It will be a pre-loaded card with a Rs.50,000 limit....”
While Canara Bank will soon be launching a gift card, later it will be adding travel card and a corporate card to prepaid card segment. Nagendra H.V., manager at the card division of Canara Bank informed, “The gift card will be launched very soon with a maximum un-reloadable limit of Rs.5, 000.”
In India usage of credit card is declining and prepaid cards are gaining popularity.
As per RBI data, in July the circulation of credit cards had dropped to 18.9 million as against 22.2 million in the same month last year.
A.S.V. Krishnan, working as an analyst at Ambit Capital Pvt. Ltd, said Indian banks have cut down their credit card segments because of fear of defaults, while prepaid cards are risk-free. He said, “I can spend Rs.40,000 on a credit card and not pay back, but on a prepaid card I cannot spend more than my balance. Also, banks may earn fee income from vendors on these cards, which they may not get from...debit cards.”
The e-payment firms Visa and MasterCard are aiming at government payments under programs such as the rural jobs guarantee schemes. Normally, these payments are done through cheques or cash. Both the firms are in talks in order to get them shifted into prepaid mode.
Saraswat of Citibank agreeing with the strategy said, “The 2017 targets look optimistic. But just imagine if sleeping giants like India Post, which has doubled the number of total bank branches, use this system.”
Monday, September 20, 2010
Credit card ‘skimming’ crime on increase
Most of us make payments with your credit cards. When you give your credit card to make payment in a shop or insert it into an Automated Teller Machine (ATM), then your card information is taken away using a small machine called a skimmer and you can be a victim of an international crime called ‘skimming’.
The cyber crime cell of the Chennai Police has received more than 25 complaints from persons who had become victims of such scam.
In their complaints victims have said that they had lost money from ATMs through forged credit cards. A senior police official told, “skimming is done in connivance with an UK-based gang that clones credit cards using a small machine called a skimmer which reads the data on the magnetic strip of the card and clones it.” The forged cards are then sent to India.
‘Fake card entry slots are used by criminals who perpetuate this crime. The information on the card is recorded on a device hidden in the card entry slot.’
A senior police official told, last year the cyber crime police had recovered 160 fake international credit cards using which four-member gang were to withdraw Rs 15 crore.
In span of three days the accused had cheated people of over Rs 20 lakh, but police was able to recover about Rs six lakh from the accused.
The accused had cloned credit cards to shop at five-star hotels, malls and jewellery stores in the city. He said, the accused had skimmed credit cards of tourists.
He has advised the credit card users to be careful when giving card for sweep and keep an eye on suspicious individuals if present around when using your credit or debit card.
He also said the cardholders should not allow their credit or debit card to be swiped out of your view. Also be aware of unusual devices or card readers attached to an ATM machine.
An office-bearer of the Chennai Credit Cards Users Association said, “Apart from complaints on banks, we do receive complaints pertaining to skimming these days which we are forwarding to police officials.” He added, “We are also planning to conduct awareness programmes in this regard.”
The cyber crime cell of the Chennai Police has received more than 25 complaints from persons who had become victims of such scam.
In their complaints victims have said that they had lost money from ATMs through forged credit cards. A senior police official told, “skimming is done in connivance with an UK-based gang that clones credit cards using a small machine called a skimmer which reads the data on the magnetic strip of the card and clones it.” The forged cards are then sent to India.
‘Fake card entry slots are used by criminals who perpetuate this crime. The information on the card is recorded on a device hidden in the card entry slot.’
A senior police official told, last year the cyber crime police had recovered 160 fake international credit cards using which four-member gang were to withdraw Rs 15 crore.
In span of three days the accused had cheated people of over Rs 20 lakh, but police was able to recover about Rs six lakh from the accused.
The accused had cloned credit cards to shop at five-star hotels, malls and jewellery stores in the city. He said, the accused had skimmed credit cards of tourists.
He has advised the credit card users to be careful when giving card for sweep and keep an eye on suspicious individuals if present around when using your credit or debit card.
He also said the cardholders should not allow their credit or debit card to be swiped out of your view. Also be aware of unusual devices or card readers attached to an ATM machine.
An office-bearer of the Chennai Credit Cards Users Association said, “Apart from complaints on banks, we do receive complaints pertaining to skimming these days which we are forwarding to police officials.” He added, “We are also planning to conduct awareness programmes in this regard.”
Thursday, September 16, 2010
ICICI Bank, Kingfisher in a tie-up launch new credit card
ICICI Bank in a tie up with Kingfisher Airlines has launched a new credit card in which the cardholder will get host of lifestyle benefits.
ICICI Bank Kingfisher Airlines MasterCard Credit Card will be available in three variants – World, Platinum and Titanium.
According to bank release on all card spending the cardholder will earn accelerated miles, bonus miles on joining and renewal, complimentary upgrade vouchers, membership of King Club, Kingfisher Airlines' frequent flyer program, and a range of special offers on shopping, golfing and dining.
A Raghunathan, Kingfisher Airlines' Chief Financial Officer said, "This card is set to be a game-changer with an unmatched value proposition and a host of benefits."
The bank release said the cardholders can redeem the miles earned for free flight tickets and upgrade vouchers with the leading private airlines.
Friday, September 3, 2010
Central Bank launches pre-paid cards
Being official partners of Commonwealth Games 2010, Central Bank of India has launched a range of pre-paid cards. The cards have been launched for the accredited players and delegates as well as for the bank’s existing customers. Bank is also celebrating its Centenary Year.
Central Bank of India said in a press release, “The bank is on the threshold of entering its centenary year. As a befitting gesture, the bank has been chosen as the exclusive official banking partner of Commonwealth Games, 2010. The bank is planning to roll out a series of niche products for its endearing customers during this centenary year.”
The bank has launched these pre-paid cards in variants – Commonwealth cards (a general purpose re-loadable card), Gift card and Travel card in U.S. dollar.
The bank is also in a process of launching a Titanium Combi Debit card – a first for Indian market, in which Pin and signature facility will be available on a single card. S. Sridhar, Chairman and Managing Director of the bank said, these card products are for the customers of the Bank, as well as, for general public. He added, “Innovating and pioneering tailor-made banking products to suit each and every need of customers is a thrusted approach of the Bank.”
Central Bank of India said in a press release, “The bank is on the threshold of entering its centenary year. As a befitting gesture, the bank has been chosen as the exclusive official banking partner of Commonwealth Games, 2010. The bank is planning to roll out a series of niche products for its endearing customers during this centenary year.”
The bank has launched these pre-paid cards in variants – Commonwealth cards (a general purpose re-loadable card), Gift card and Travel card in U.S. dollar.
The bank is also in a process of launching a Titanium Combi Debit card – a first for Indian market, in which Pin and signature facility will be available on a single card. S. Sridhar, Chairman and Managing Director of the bank said, these card products are for the customers of the Bank, as well as, for general public. He added, “Innovating and pioneering tailor-made banking products to suit each and every need of customers is a thrusted approach of the Bank.”
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