Credit card fraud: Kotak Mahindra Bank duped of Rs 2.84 crore

Conmen have duped private sector Kotak Mahindra Bank (KMB) of Rs 2.84 crore using credit cards that the bank had never issued, a daily newspaper report has said.

As per the Times of India, KMB noticed that 1,730 transactions were made by conmen for online shopping. The transaction, made between July 2 and September 10, was traced to seven countries — Canada, USA, UK, Germany, Brazil, France and India, the paper said.

It was revealed after an internal probe that the cards were created using fake customer names by “stealing data from a newly created series of unissued cards, all within the BIN (Bank Identification Number) range”, TOI report said.

Investopedia explains, BIM is the first four to six digits of a credit card. The bank identification number identifies the institution issuing the card. It is critical to the correct matching of transactions to the issuer of the charge card.

KMB has lodged a complaint regarding the transaction fraud while the has been able to stop all the 580 cards after alerting the MasterCard division headquarters at New York.

Source: http://zeenews.india.com/business/news/finance/credit-card-fraud-kotak-mahindra-bank-duped-of-rs-2-84-crore_1806553.html

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