Kolkata man duped of ₹11 lakh in credit card cloning fraud: What is it and how to stay safe? Mint explains

A credit card cloning case recently came to light in Kolkata, where a fraudster was caught defrauding a genuine card customer of ₹11.86 lakh.

The fraud was perpetrated against only one person, who was induced into handing over his credit cards to the alleged scamster.

This could be a one-off case and it does not happen too often. However, this serves as a reminder to all the card users to remain safe.

For those who are not aware, card cloning is the process of creating a duplicate card by copying the data from the magnetic stripe of a legitimate card into a blank card.

Once cloning is complete, the cloned card can be used to carry out transactions as if it were the genuine card.

Credit card cloning: Steps one can take to stay safe:

I. Protect your PIN and card details: You should always shield your keypad while entering your PIN. Never share card details on unsecured platforms and report your stolen card immediately to block it.

II. Use contactless payments: It is recommended to use contactless payments such as GPay or Paytm, which will tokenise your card and keep the details safe. Now, as per the RBI's instructions, online marketplaces are also supposed to tokenise card details, keeping them safe from fraud or cloning.

III. Inspect ATMs and POS terminals: Prior to inserting your card, be aware of bulky or loose attachments. This could be used for card cloning.

IV. Monitor your accounts regularly: You should review statements on a regular basis for unfamiliar charges. At times, fraudsters test cloned cards with small transactions before carrying out serious fraud. You could set up alerts for transactions.

Disclaimer: Mint has a tie-up with fintechs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.

For all personal finance updates, visit here