Story In Numbers
As the credit card and online economy grows, so do the frauds
In the first week of January, J.M. Gugnani, a 66-year-old independent consultant, got a series of messages on his phone, informing him that transactions were taking place on his credit card in Islamabad. When he added up the many small transactions that were swiped, Gugnani was stunned to discover that he had “spent” 2.5 lakh in Pakistani rupees (about Rs 1.36 lakh). There were two problems, though: the credit card was firmly tucked in his wallet; and Gugnani had never ever been to Pakistan. He’s based in Gurgaon, near Delhi. “Initially, I didn’t realise it was Pakistani rupees. I was shocked more because it was not an online transaction; a card had been physically swiped there,” he says. After a few rounds of...