Carry your photo ID to swap credit, debit cards now
Next time you flash your credit or debit card to make any payment, be ready to carry along a photo identity card, as banks have asked the merchants to do so to check any fraud, especially for high-value purchases.delhi Updated: Jul 26, 2009 16:32 IST
Next time you flash your credit or debit card to make any payment, be ready to carry along a photo identity card, as banks have asked the merchants to do so to check any fraud, especially for high-value purchases.
With the growing usage of credit and debit cards, the instances of fraud related with them are also growing in the country. There are an estimated five crore credit cards and an average of about 2,000 frauds are reported every month. In addition there are close to 30 crore debit cards.
To prevent the card frauds, which are mostly perpetuated by impersonation through stolen, lost and hacked cards, the central bank RBI has already suggested a number of steps to be implemented by the banks.
On top of it, the banks are now asking the merchants to further verify the identity of the cardholders through authoritative photo identity proofs like PAN Card, Passport or Voter ID cards.
The country's largest private sector bank, ICICI Bank, also the biggest credit card issuer in India, has communicated to its customers that "photo identity proof might be required at merchant outlets for high-value card transactions."
Asking the customers to cooperate, the bank has further told them that "this check is against fraudulent usage of your credit/debit cards at merchant outlets."