The number of credit cards increased by 25% in the past year in India. Meanwhile, the number of debit cards increased by 17%. However, many of these cards still use magnetic strips to store customer data and are vulnerable to cloning.
The penal code in India includes several punitive laws that deal with these credit and debit card frauds in India. Penalties for this crime vary from three to seven years in prison. The punishment also depends on the type of crime committed.
For example, I.T.Act, 2000’s section 66C of identity theft punishes those who forged documents with the use of passwords, electronic signatures, or unique identification features. These offences can lead to a fine upto Rs 1 lakh and even jail time upto 3 years.