I strongly feel that just like in r/o ATM cum Debit Cards issued by most of the banks with pin number, the banking establishments issuing credit cards can also introduce a user pin number, so that the concerned person can only know the same and operate with the pin number fixed by him, for each and every transaction, irrespective of the personal transaction or online transaction. Thus in this way we can prevent best, from misuse of credit card frauds.
RE:Credit Card Frauds - Misuse of the Card - Preventive Steps - Regarding
by sameerchand Patankar on Feb 02, 2007 09:44 AM Permalink
BUT EVEN IN CASE OF DEBIT CARDS,ONE DOSENT REQUIRE THE PIN NUMBER TO PROCESS A MERCHANT TRANSACTION..... SO I DONT UNDERSTAND UR POINT
RE:Credit Card Frauds - Misuse of the Card - Preventive Steps - Regarding
by Debgiri SANYAL on Feb 02, 2007 06:08 AM Permalink
YEs, that is a good idea but it involve costs. Indian banks are not keen to incur the cost. Also for web transactions, there is a concept of dual security - in MasterCard world, it is called as Secureauth and in the Visa world, it is called 3D secure. Indian banks needs to invest in these technologies.
Can you believe that even banks like Citi and Hdfc says to go and talk to merchants if you dispute a transaction? I mean if it is genuinely not your transaction, the bank would force the cardholder to pay rather than going through an entire process of dispute. Indian banks are the worst....cheats the customer wherever they can.
