Bank cards with new chip proving dangerous

Use of any modern and latest technology could be beneficial for the society but it not should be checked thoroughly before it gets applied in our lives, says Rajiv Gupta of the Institute of Chartered Accountants of India.

New Delhi: A number of banks in the country have come up with debit and credit cards fitted with latest technology that allows transaction up to Rs 2,000 without asking for any security check such as the customer's unique code number, also known as Personal Identification Number (PIN), leaving him totally exposed to any possible fraud.

Speaking on the issue, Rajiv Gupta of the Institute of Chartered Accountants of India said use of any modern and latest technology could be beneficial for the society but it not should be checked thoroughly before it gets applied in our lives.

"The bank cards with new technology allows transaction up to Rs 2,000 without asking for PIN, which could lead to fraud easily as anyone wanting to swipe your card could do so easily without your knowledge," he said, adding that the person would not think of even taking up the matter with authorities concerned as he would have to do lots of running around and it would cost him a lots of money and time.

Gupta said use of technology is good but before any new technology is introduced, all security measures should be put in place to make it foolproof.

He said fraud, using this technology, has already started and steps should be taken before it rises further.