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26 Feb 2021, Edition - 2054, Friday

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Need to prevent credit card frauds and unauthorised digital transactions

Covai Post Network


While much is spoken about digitisation in the present era nothing much is done in terms of preventing credit card frauds and unauthorised digital transactions that have now become a nightmare to the banking institutions and customers alike. This was highlighted at a programme organised by the Citizen’s Voice Club,Coimbatore.

Speaking at the event, CM Jayaraman, Secretary of the Club said that the customers are not in the habit of maintaining the ATM receipts of each of their transactions, be it for the withdrawal or for each of the card swipe. Due to this, they are unable to track their transactions at the end of the month and often battle with the statements issued by the banks at the close of each month.

He also lamented that while credit card bill payments are made to the bank, interest is levied on the whole amount due, even if part payments are made, on time. On the ill maintenance of drop box placed for cheques, he urged on the need for a proper acknowledgement system for both the customers as well as the agents so that the cheque deposit can be tracked.

Stating that the bonus points given by banks to the card holders for their purchases get lapsed without the customer being aware of the time frame thus resulting in his losing of points, Jayaraman said that instead the points if not redeemed, should be adjusted against the outstanding payment in the card, automatically. This will help the customers’ make use of the points.

Credit cards are sold by means of cold calling and other unethical methods of marketing, even if the customers does not want it. Once the customer receives the card, he is induced to use it. After sometime, an Insurance Policy of the bank is added to the card holder arbitrarily and this gets reflected in the customer’s statement. This is very unfair for the customer, he rued.

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