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The banks have also requested customers to cooperate by issuing notices that such steps are being taken to "check...against fraudulent usage of your credit/debit cards at merchant outlets."
According to a RBI official, such measures are being taken, as with the growth in card usage, there has been a surge in fraud cases.
According to the official, the value of credit card transactions increased from Rs.41,361 crore in 2006-07 to Rs.57,958 crore in 2007-08, representing a surge of over 40 percent.
During the same period, the debit card transactions surged by over 50 percent to Rs.12,521 crore from Rs.8172 crore.
Between April and December 2008, several private sector banks including ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, HSBC, Citibank, Standard Chartered Bank, ABN Amro, Deutsche Bank reported close to 15,000 cases of credit card and debit card fraud worth over Rs.20 crore to the RBI.
"The total value of credit card transactions has more than trebled between 2003-04 and 2007-08. This trend is likely to continue. Since credit card transactions are increasingly prone to fraud, it is critical to stay abreast of the latest developments in this area to combat fraud effectively," the RBI said earlier this year.
Don't expect the expected from Dibakar Banerjee.
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