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Plastic Credit Card Holder Inserts ~~Financial Matters of Life ~~

Card Fraud and the relevant legal provisions in India

Today's plastic alternative is convenient, easy and fashionable wads of paper. With a blow, credit cards have changed the way we live. Unfortunately, along with comfort has come related crime. Thus, the main objective of this article is to analyze this problem on a global as well as the indigenous perspective. An attempt has also been to ensure that the different laws on available resources, if a person suffers from this type of fraud.

Credit card fraud is the withdrawal of funds and the procurement of goods and services by using an account unauthorized. Otherwise the personal information stored on stolen computers is inaccessible to use a card. Given the virtual explosion of business Credit cards around the world, security has become critical in the process. There were about 60 million credit card holders in the sixties and according to one estimate, the number has increased to over a billion now.

In India, the credit card companies that a clause in its contract with the customer, the company would not be responsible for fraudulent transactions unless the customer loses their card and the reports of the loss immediately. Sometimes banks and credit card companies try to save his skin by inserting a clause in the contract. This is intended to absolve the company where the fraud occurred in the stolen card and the customer does not notify the loss in time. This unilateral provision however, failed the test legal scrutiny. The courts have placed the burden of the loss of the issuers.

In India, the Mail Order Telephone Order (MOTO) account type of Most credit card fraud. This occurs when the card is not actually present, but the details are given in the application form to purchase goods or services or when the transaction is done on the phone.

Fraud through fake cards is not as rampant in India and the U.S.. Techniques have been developed by which the number and other information on the magnetic stripe is erased and a new number in relief. When the card does not work in the swipe machine, the merchant manually processes the card details to complete the sale. This procedure is called card skimming.

In the U.S., identity theft also is quite common and is supposed to be one of the fastest growing crimes in America. The scammers take the identity of another person to access their money sources. In the case of online transactions, 'Page cloning "is resorted to where the clone is created site to see how the original site for the credit card data from unsuspecting customers. Similarly, false merchant sites are also created when cheap goods to attract customers to give their data card.

Frightened by the ever increasing cases of credit card fraud, companies and banks concerned have taken various measures to minimize it. Manual of comments on the card transactions are carried out, but this requires a high level of human intervention and increases costs. In the U.S., Verification management system (AVS) has been developed for use in "card not present" scenario. The system is designed to check if the address by the buyer matches the registration.

Visa has developed an authentication system based Payer PIN, similar to the system used ATM cards. This is a channel between the bank and the client used to authorize online transactions. With the increase in cross-border electronic commerce in India issuers must update its arsenal to combat counterfeiters in the same line as their western counterparts. The Law on Information Technology and Regulation, adopted in 2000, provides penalties for handling documents and source computer piracy computer systems. No specific mention, however, has made the credit or financial transactions. The RBI has set up the Credit Information Bureau of India (CIBIL) in collaboration with Dun and Bradstreet who will maintain records of all people who want to qualify for the funding of banks and credit card companies in India.

The Code Indian Penal contains provisions to ensure the economic crimes like bank fraud, insurance fraud, credit card fraud, stock market manipulation, etc. The local police deal with the crimes of the IPC pertaining to general categories of "cheating" (Section 415-424), "Counterfeit" (Coins and Stamps and Section 230-263rd Currency Section 489A-489E) and "Criminal Violation of Trust" (Section 405-409).

Card Online Credit Crime and indigenous rights:

So as to the legal position of India is concerned, any of the offenses with online payment through credit rogue within the field of Information Technology, 2000 read with relevant provisions the Indian Penal Code 1860. Article 378 of the Code defines the term "theft" as follows:

"Whoever intends to take dishonestly, all goods, possession of any person without the consent of the person moving the property to make such is said to commit a robbery. "

In order to commit theft of the following elements must be satisfied:

(A) The intention must be dishonest.

(B) Such property must be mobile in nature.

(C) These assets should be removed from the possession of its owner.

(D) These assets should be taken without the consent of the owner.

(E) Such property must be removed from its original place to another.

Now we have examine whether the online theft of credit cards meets the above requirements in order to reserve the offender to justice. This definition, if it is interpreted strictly speaking, does not include online data theft of credit cards. But if a dishonest merchant gets the blank receipt and forging the signature of the signing of holder on it and then receives payment from the bank, which can be booked for the crime of forgery.

Hacking has become a major tool in the hands of cyber criminals to carry sensitive information on credit cards and use their property illegally personal advantage or purchase transaction Online money, etc.

To address this threat, Parliament adopted the Information Technology in 2000. Following the penal provisions of this law is relevant to mention here.

Section 66 – This section includes the following penalties for hacking computer systems:

(1) Whoever with intent to cause or knowing that he is likely to cause wrongful loss or damage to public or any person destroys or deletes or alters any information residing on a computer resource or diminishes its value or affects the utility or harm by any means, commits hack.

(2) Whoever commits piracy will be punished with imprisonment up to three years or fine which may extend to two lakh rupees, or both.

The offense under this section is recognized and non-bailable.

Section 43 – The clause (a), (b) and (g) of Article 43 provides that if a person has unauthorized access to or guarantee access to the computer, computer system, computer network or download copies or extracts of data from such computer, computer system, computer network or assists another person to easy access in the manner aforesaid, respectively, will be forced to pay damages in compensation not exceeding one crore rupees to the person.

It is quite clear from the foregoing that, in addition to legal protection, it is necessary to carefully examine the existing technological and contractual protection in the system because the law is not an alternative to other protective measures to be taken by the holder of the card to make online payment.

Conclusion

In India, the credit card fraud is mostly limited to physical space. Online jobs con make up almost 1% of the total number here, unlike 40% in the developed world.

But as consumers move to the online store, easy and pay with their cards, fraud cases are bound to rise. While we have no statistics, including access to the web increases, cases of card fraud is estimated to increase 20-30% each year. In online transactions, contracts are unilateral and the customer is always liable for fraud.

Phishing, when a consumer receives fictitious email a scam site or blog seeking sensitive card information, is a mechanism frequently used to defraud. To make matters worse, people are careless in offering card details.

Almost all banks issuing credit cards various guidelines and suggestions for customers from time to time to address the speed Credit card fraud and misuse at a minimum level possible.

Therefore, we conclude that with the help of the legal remedies available, as cited above in this article, the criminal action may be brought against the criminals who are responsible for credit card fraud and abuse.

About the Author

V year BBA LLB, Symbiosis Law School,Pune

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