Traveled abroad?Time to change your credit card
Beware! If you hold credit cards issued by Indian banks and travel frequently abroad, you are advised to get your credit cards changed after each travel. This is the suggestion given by none other than Kadambi Narahari, chief executive officer, SBI Cards and Payment Services Pvt Ltd, the company in charge of SBI Cards, India’s leading credit card issuer. “We have come across instances of skimming of cards in certain foreign countries. Since this involves diplomacy, foreign affairs and India’s cordial relations with other countries we are not in a position to name the countries where skimming has become a routine affair,” Narahari told journalists on Friday.
The banker was interacting with the media during the launch of SBI’s co-branded credit card scheme with Karur Vysya Bank Ltd, the 95-year-old bank in Tamil Nadu. Though Narahari declined to name the countries, a senior SBI official said instances of credit card skimming is common in countries like Indonesia, Malaysia and Sri Lanka. “Skimming is a process by which money could be transferred from one’s account using certain details incorporated in the credit card. Card holders who shop in various places end up as scapegoats,” said Narahari.
He said card holders should get their cards changed immediately after their foreign tour so that skimming could be contained. According to K Venkataraman, managing director, KVB, sophistication of frauds too have gone up in sync with the progress in technology. “This is one of the reasons we have tied up with SBI which is the only stand alone credit company in the country. The KVB-SBI Card will have chips along with magnetic strip and this will ensure foolproof security to the card holders,” said Venkataraman.
The KVB boss said though all his 433 branches have been installed with closed circuit television and alarm system, frequent power cuts pose a major problem to the security of the bank. “Since power cuts last hours altogether and installation of UPS (Un-interrupted Power Supply) system is yet to complete, we do have concerns,” he said.
Tamil Nadu saw dacoits robbing two public sector bank branches of Rs 33 lakh last month. The robbers selected the branches that did not have CCTVs.
Beware! If you hold credit cards issued by Indian banks and travel frequently abroad, you are advised to get your credit cards changed after each travel. This is the suggestion given by none other than Kadambi Narahari, chief executive officer, SBI Cards and Payment Services Pvt Ltd, the company in charge of SBI Cards, India’s leading credit card issuer. “We have come across instances of skimming of cards in certain foreign countries. Since this involves diplomacy, foreign affairs and India’s cordial relations with other countries we are not in a position to name the countries where skimming has become a routine affair,” Narahari told journalists on Friday.
The banker was interacting with the media during the launch of SBI’s co-branded credit card scheme with Karur Vysya Bank Ltd, the 95-year-old bank in Tamil Nadu. Though Narahari declined to name the countries, a senior SBI official said instances of credit card skimming is common in countries like Indonesia, Malaysia and Sri Lanka. “Skimming is a process by which money could be transferred from one’s account using certain details incorporated in the credit card. Card holders who shop in various places end up as scapegoats,” said Narahari.
He said card holders should get their cards changed immediately after their foreign tour so that skimming could be contained. According to K Venkataraman, managing director, KVB, sophistication of frauds too have gone up in sync with the progress in technology. “This is one of the reasons we have tied up with SBI which is the only stand alone credit company in the country. The KVB-SBI Card will have chips along with magnetic strip and this will ensure foolproof security to the card holders,” said Venkataraman.
The KVB boss said though all his 433 branches have been installed with closed circuit television and alarm system, frequent power cuts pose a major problem to the security of the bank. “Since power cuts last hours altogether and installation of UPS (Un-interrupted Power Supply) system is yet to complete, we do have concerns,” he said.
Tamil Nadu saw dacoits robbing two public sector bank branches of Rs 33 lakh last month. The robbers selected the branches that did not have CCTVs.
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