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Research Paper | Home Science | India | Volume 12 Issue 9, September 2023 | Rating: 4.9 / 10
Debit Card Fraud: An Imminent Issue in Cyber Crime
Abstract: With the growth of information and communication technology, the structure and nature of financial services delivery has also changed. Online banking or internet banking has emerged as a new and convenient way for using financial services like funds transfer, viewing account statement, bill payment, use of e-wallets etc. An upsurge in the use of devices connected with the internet and the convenience of online financial services has increased the risk of our hard-earned money being duped by cybercriminals of our hard-earned money. Debit cards are among the most popular payment methods for both physical and digital transactions worldwide. And, as the COVID-19 pandemic has led to a digital transformation worldwide, contactless method like debit and credit cards as well as e-wallets have gained further traction since 2020. Indeed, payment cards allow people to spend money conveniently without resorting to cash or bank transfers. On the other hand, this significant shift in consumer trends also opens up more possibilities for cybercriminals to steal victims' funds via debit card fraud. According to a FIS report, the pandemic-fuelled digital transformation led to a 35% increase in the dollar volume of attempted fraudulent transactions in April 2020 compared to a year earlier. While regulators are aware of this issue and are stepping up their game to protect citizens against fraudsters, criminals learn fast and utilise more sophisticated methods. Debit card fraud falls into two major categories: where the criminal uses the physical card of the consumer and card-not-present (CNP) fraud, in which fraudsters siphon money from the payment card via using it online or over the phone. The prior can occur in many ways, from theft on the street and intercepting your mail to attaching a card skimmer device to an ATM to create a counterfeit card.
Keywords: Debit card, Financial Service, Cyber Crime
Edition: Volume 12 Issue 9, September 2023,
Pages: 1206 - 1208