 "Now, industrialist Birla falls victim to credit card fraud")
Billionaire Kumar Mangalam Birla,the chairman of the multi-billion-dollar Aditya Birla group, has become the latest victim to a credit card fraud.
According to an FIR filed with the Mumbai Police, Birla’s credit card was cloned and used to buy goods worth Rs 2.68 lakh in Bangalore. Credit card cloning is a technique through which someone obtains your credit card details, copies them onto a bogus card and begins using the credit card.
Birla learned about the fraudulent transactions only after his monthly account statement arrived.
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As per media reports, fraudsters used Birla’s Standard Chartered Platinum Credit Card to make purchases between 15 and 20 September, during which Birla was in Mumbai and had the original card with him.
The FIR states that the card was cloned to buy jewellry and electronic gadgets in various malls in Bangalore.
The Mumbai Police is reportedly investigating the matter in coordination with the Bangalore Police. They are also taking help of cyber experts.
In order to prevent such fraudulent transactions, the Reserve Bank of India had earlier this month directed banks to strengthen the existing payment infrastructure and future proofing system along with adoption of fraud risk management practices within a period of 12-24 months.
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