Axis Bank guards card against skimming, counterfeiting

 

Axis Bank guards card against skimming, counterfeiting

 Skimming (To know more about Skimming  read the following) might not be prevalent in India; however, this has not stopped banks from taking proactive measures to provide maximum security to their customers. Skimming is the theft of credit card information by either manually copying down numbers or using a magnetic stripe reader on a pocket-sized electronic device.Axis Bank on Wednesday launched ‘Visa Platinum Credit Card’ based on the EMV (Europay, MasterCard, Visa) standard with an embedded chip to store the cardholder’s information in encrypted format to provide security against possible misuse in the form of counterfeiting and skimming. “Though frauds such as skimming are not widely prevalent in the Indian market, there is a possibility of it going up in the future,” said Mr Hemant Kaul, President, Retail Banking, Axis Bank. EMV certified chip cards are payment cards carrying an embedded microchip. The chip in addition to the magnetic stripe on the card will offer new payment options and services, greater security and more convenience, said Mr Kaul. When a customer swipes his card at the point of sale terminal, the chip card sends a secret message to authenticate every transaction making it difficult for a fraudster to steal the information. EMV-based chip card also ensures secure exchange of information between the card and bank’s authorisation system because of presence of cryptogram in the online requests and responses.

Skimming

 

Card skimming’ is the illegal copying of information from the magnetic strip of a credit or ATM card. It is a more direct version of a phishing scam. The scammers try to steal your details so they can access your accounts. Once scammers have skimmed your card, they can create a fake or ‘cloned’ card with your details on it. The scammer is then able to run up charges on your account.Card skimming is also a way for scammers to steal your identity (your personal details) and use it to commit identity fraud. By stealing your personal details and account numbers the scammer may be able to borrow money or take out loans in your name.

Warning Signs

1.    A shop assistant takes your card out of your sight in order to process your transaction.

2.    You are asked to swipe your card through more than one machine.

3.    You see a shop assistant swipe the card through a different machine to the one you used.

4.    You notice something suspicious about the card slot on an ATM (e.g. an attached device).

5.    You notice unusual or unauthorised transactions on your account or credit card statement.

Protect yourself from card skimming

1. Keep your credit card and ATM cards safe. Do not share your personal identity number (PIN) with anyone. Do not keep any written copy of your PIN with the card.
2. Check your bank account and credit card statements when you get them. If you see a transaction you cannot explain, report it to your credit union or bank.
3. Choose passwords that would be difficult for anyone else to guess.