Banks refuse to learn from fraud pattern

MUMBAI: Cyber experts say banks have not shown any interest in scrapping 'stoneage' credit cards that come with magnetic stripes and have poor safety features. "Magnetic stripes are easy to read and also to write on. They do not make a card holder's account very safe," said a data security expert.

"The answer lies in introducing microchip-based cards, among taking other security measures. In these, data is encrypted and cannot be read by anyone but an authorized person." Cyber security and cyber law expert Vicky Shah said banks should guard against delay in providing customers details of fraudulent transactions.

"Delay helps fraudsters. In almost all cases, investigators are hampered by severe delays from the bank's end when dealing with cases of fraud." IT expert Vijay Mukhi said the RBI had not taken the matter seriously. "The RBI must issue a deadline to banks to convert existing magnetic stripe cards to chipencrypted cards."

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