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…
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