Kotak Mahindra Bank recently detected a credit card fraud to the tune of Rs 2.84 crore which involved 1730 transactions carried out on 580 cards, reports Times of India. The fraud was carried out by fabricating the cards and used for online shopping and making payments in seven countries - Canada, USA, UK, Germany, Brazil, France and India - between July 2 and September 10, the report added. Kotak Mahindra Bank had filed an FIR with the Bandra-Kurla Complex cyber police station in Mumbai. An internal investigation by the bank showed that the cards were created by stealing data from a newly created series of unissued cards all within the BIN (Bank Identification Number) range. The first six digits of a credit card number are known as the Issuer Identification Number (IIN), previously known as Bank Identification Number (BIN). These identify the institution that issued the card to the card holder. When a new series of cards are issued, banks can create a new BIN. The rest of the number is allocated by the card issuer. The bank had recently placed a new order of cards from DZ Card India Ltd at Gurgaon that had acquired the contract to create the bank's cards. "We had generated and registered three BIN Range (numbers) of the new cards (Visa and MasterCard)... Unknown persons forged and fabricated (the) cards and used the same as genuine," the statement further read. It is unclear whether the leak of BIN used to create fake cards is a case someone had physical access…
