It is common that Indian Credit Card is swiped to make a transaction in a foreign country. The credit card information is stolen in India and used elsewhere to make purchases. Till now , the transaction had been noticed when it was over, but going forward, it can be stopped at the moment of transaction itself. HDFC bank and National Payment Corporation of India have tied up with a foreign technology partner to block such fraud transaction, if any suspicion is detected.
The technology used to find out the nature of transaction is based on the location of the place of transaction and the mobile phone of the card holder. Most of the times, the user carries his or her mobile where the transaction is carried out. If it is found that the distance between these locations is great, then the transaction can be declined there itself. In other words, if the mobile is located in India and the place of transaction is abroad, the system can detect it and bar the transaction. This will ensure that the money is not used by the fraudsters and the gullible card-holder’s interest can be protected. This will also prevent any clash between the card holders and the bank over the money siphoned off as a result to the unauthorized transactions.
With the advancement of technology, the fraudsters are better equipped to evade laws of a particular country. This is a befitting reply to them and a signal that the banks can go a step ahead of them to foil their illegal transaction.