Maharashtra tops in ATM frauds, Delhi, Tamil Nadu, Karnataka follow

Maharashtra tops in ATM frauds, Delhi, Tamil Nadu, Karnataka follow

 24 July 2019 Current Affairs: Maharashtra state-reported around 233 cases of ATM fraud in 2018-19. Reserve Bank Of India (RBI) data revealed a data showed that Delhi grabbed the second spot with 179 cases this is followed by Tamil Nadu with 147 cases In Maharashtra, people lost Rs 4.8 crore to bank fraud in Delhi people around Rs 2.9 crore is involved in bank fraudAssam, Arunachal Pradesh and Tripura are the only three states a single incident. The money lost came down from Rs 65.3 crore in 2017-18.
The commonly used trick is installing skimmer devices on ATMs and point-of-sale machines. This data is then put on blank cards and illegal transactions. Last year, customers were asked to replace their existing debit/credit cards with new ones.RBI mandated banks to replace all existing magnetic stripe-only cards with EMV chip cards. Chip-based cards use higher standards of data encryption and storage technology

 Banks to implement anti-skimming solutions by March 2019 - RBI
RBI insisted banks to upgrade their ATMs or else face action.
Last year, they implemented a host of security measures by August and upgrade all ATMs with a supported version of the operating system in a phased manner by June 2019.
Anti-skimming devices prevent the skimmer from functioning.
An ATM/Debit card, Credit card and Internet banking transactions of over Rs 1 lakh.
There were 1,367 frauds reported in FY 2016-17; 2,127 frauds in FY 2017-18 and 1,477 frauds in FY 2018-19.

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