Beware of the Micro Credit Card Fraud

Credit Cards are today being used by many of us as a means of convenience to make payments for various day to day requirements. Some times we use the same credit card also online. While the use of credit cards is on the increase, a new Micro payment scam is being reported from US.

According to this article in bloggernews.net fraudsters open a website and register themselves as “Merchants”. They then pass on small charges of 10 cents or so in the hope that card holders donot bother to check their statements and raise a dispute.

We in India might not have yet observed this sort of a fraud. However we may expect similar frauds in India also since Banks are not very vigilant in appointing the merchants.

According to the latest RBI guidelines of February 28, 2013 on Risk Mitigation, it is mandatory for Banks to ensure that the merchants are subjected to PCI DSS audits. If this is faithfully followed the risk may be contained. However credit card users need to be vigilant and check their statements without fail.

Naavi

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About Vijayashankar Na

Naavi is a veteran Cyber Law specialist in India and is presently working from Bangalore as an Information Assurance Consultant. Pioneered concepts such as ITA 2008 compliance, Naavi is also the founder of Cyber Law College, a virtual Cyber Law Education institution. He now has been focusing on the projects such as Secure Digital India and Cyber Insurance
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