Finance Firm CEO Loses Rs 65,000 In Credit Card Fraud

NEW DELHI: Even bankers are not safe from credit card frauds. On Sunday, Malay Mukherjee, the managing director and CEO of non-banking finance company IFCI, received two text messages informing him of two transactions on his credit card at a retail outlet in Mumbai. 
 
Mukherjee, a former executive director of public sector player Central Bank of India, was in Kolkata when the two transactions — of around Rs 48,000 and Rs 16,990 — took place using his Indian Bank credit card. 
 
What’s worse, Mukherjee had instructed the bank to block his credit card sometime in February. Yet, the transactions took place a little after 1 pm on Sunday. 
 
In recent months, the RBI has taken a series of steps, including the introduction of PIN and chip-based cards, to reduce the incidence of frauds but, there are several cards that still do not have the new safety features. 
 
Apart from Mukherjee, at least two general managers of Indian Bank have been hit by credit card frauds. A senior executive at the bank told TOI that all new cards had chips. Several point-of-sale terminals, however, were not geared to use chips, resulting in misuse.
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Courtesy: Times of India
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