The stolen information was used to clone the cards to withdraw cash from various locations across the country. There was certainly a breach of security at the ATMs where the data was compromised. It is important that bankers need to ponder on how to tackle this issue through technology.
On its part, the Reserve Bank has mandated with effect from July 01, 2011, a system of alerts for all card transactions, irrespective of the channel used. Such a system will surely help in containing frauds. However, it is for the banks to make this effective by ensuring that the customers are persuaded to register their mobile phone numbers for receiving the alerts.