14 DAY TRIAL // Indian banks begin to recall hundreds of credit cards after the police uncovered a major cloning operation to which a large number of customers may have fallen victim.
According to The Times of India, the exact number of people affected is not known yet, but as a precaution a lot of banks, including ICICI, one of the largest in India, are recalling cards as a security measure.
This comes after five people were arrested by the authorities for allegedly running a credit cards cloning scheme that involved ATM skimmers placed on top of legitimate bank teller machines.
"We continuously monitor all card transactions of our customers. If there is some suspicion in any transaction, we call the customer. This could be high-value purchases or withdrawal from different geographical locations. We advise all customers to be careful, but there no need to panic," an ICICI spokesperson revealed.
The main targeted area seems to be Chennai, the capital city of Tamil Nadu. The city is considered to be the one of the most populated cities in India and that's probably why it's such a good spot for identity thieves.
Further investigations have uncovered that some of the credit card credentials were up for sale on the Internet, which makes them suspect that the gang they apprehended was not the only one that operated in the region.
Until things settle, the customers of these financial institutions are advised to change their PIN codes and contact their banks if they discover any illicit transactions on their bank records.
Since ATM skimmers have become more available, being even created by using an mp3 player or a 3D printer, more of these illegal operations started to emerge.
To protect yourself from a potentially unfortunate situation, make sure you keep a close eye on your bank records and check for the security seals placed on ATMs before redrawing money.