Whoever thought credit card scams were only limited to the regular citizens should think again. The latest to join the list of credit card fraud victims is none other than Mr. Kumar Mangalam Birla, the Chairman of the multi-billion-dollar Aditya Birla group.
The leading industrialist’s card was reportedly cloned and used to make purchases worth Rs 286,000 in Bangalore while Birla was in Mumbai. He learned of the fraudulent transactions when he received his monthly account statement.
An FIR filed with the Mumbai police says that Birla's credit card was used to buy electronics items.
The Mumbai Police is reportedly investigating the matter in coordination with the Bangalore Police. They are also taking help of cyber experts.
Card cloning is a practice wherein all the card details are fraudulently obtained through a pager sized scanner and copied on to a counterfeit card.
In order to minimise fraud cases and ensure security of transactions, the RBI had earlier this month asked banks to implement various safety measures related to credit card and debit card usage over the next two years.