Kotak Mahindra Bank recently discovered a massive credit card fraud after weeks of monitoring suspicious transactions.
About 580 unissued credit cards were used in 1730 transactions generated from seven countries, including India. The loss to the bank is estimated to be to the tune of Rs. 2.84 crores.
An internal probe by the bank revealed that conmen stole data from the newly created credit cards and made duplicate cards out of it. Since the cards were not issued to individuals, the entire loss was suffered by the bank.
Here’s how the bank was duped.
The bank has lodged a complaint with Mumbai’s Bandra-Kurla Complex cyber police station. Investigators probing the case suspect that the bank’s BIN (Bank Identification Number) range card numbers may have been compromised.
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)