Card fraud cases have grown 1945% but the problem could be worse, says report

With the country still recovering from hard cash and demonetisation in effect, it is obvious that instances of card fraud would be on the rise in the coming months.


Being a victim of credit card theft would easily make individuals lose their faith in prime ministers cashless move. While in reality the two are barely connected, there has been a substantial rise in the number of card fraud cases over the past few years reports the Hindustan Times.

The past six years have seen a 1,945 percent rise in both debit and credit card related fraud. This marks a substantial jump from just 20 cases reported back in 2011 to the last year's 409. The number come from the Mumbai Police and while all of these have been attended to, the number of cases have gone higher every single year. More importantly, the report points out that there could be many more victims that have probably not registered cases with the police department.

Out of the 32 cases, 20 arrests were made in 2013. Things did not improve in 2014 either even though the police have been on their toes with 183 cases and just 22 arrests. Soon enough there were 320 cases with the number of arrests at 32 (2015), with the past year seeing 409 cases registered and only 54 arrests being made.

According to the officials, most victims do not register cases as the transactions in these thefts are too small or not worth the trouble but the same numbers also hint at the people's growing dependence on plastic money.

Indeed, the rise of card fraud cases is more to do with awareness than anything else. Most thieves often pose as bank officials and openly request card data. Even though banks frequently send across text messages, emails and alerts to not give out such critical information over the phone, the lack of awareness means customers rarely think twice before handing over such information. With the country still recovering from hard cash and demonetisation in effect, it is obvious that these instances would be on the rise in the coming months.


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