HDFC Bank replaces merchant terminals due to fraud
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The country's largest credit card issuer HDFC Bank has started replacing some points of sale machines at merchant establishments following card 'skimming' frauds, a top official has said. "We are replacing machines at some merchants," the bank's head for credit card and merchant acquiring, Parag Rao told reporters .
Rao said cases of 'skimming' have been witnessed in the country of late, wherein the card data is copied illegally in an otherwise legitimate transaction, only to be used fraudulently later. Rao, however, did not share the number of machines being replaced or the number of skimming cases that have been detected.
HDFC Bank is one of the largest players in the merchant acquisition space as well, with close to 2.5 lakh machines. It has over 6.4 million cards in circulation with an outstanding portfolio of Rs 10,000 crore.