Mitigating Credit and Debit Card Fraud in the Digital Era

Credit and debit card transactions have made our lives a lot easier. But beneath this seamless convenience lies the growing danger of fraud. The US cyber security firm BioCatch report indicates fraud volumes in India increased a shocking 101% in the initial five months of 2024. Interestingly, the rise in cases of frauds has gone up in sync with the increased card usage. In June 2024, India saw a significant increase in the number of credit, debit, and prepaid cards, reaching a total of 1.451 billion cards; an 11 per cent jump from the previous year, according to the India Digital Payments report. This surge was driven by increased digital adoption, festive spending, and year-end sales.

To reverse the trend of card frauds, it is important to not only prevent the crimes but being a step ahead of ...