30 mn debit, credit card details of WaWa customers up for sale online

WaWa has offered free credit monitoring and identify theft protection to customers.

Credit and debit card information from customers of the food and gasoline chain WaWa Inc is being sold online, according to the fraud intelligence company Gemini Advisory. The breach “ranks among the largest payment card breaches of 2019, and of all time” because it potentially affected 850 stores and 30 million payment records, Gemini Advisory said in a report on Tuesday. The news follows WaWa’s announcement in December that payment processors in its stores had been compromised.

Gemini discovered that data from cards used at WaWa — many of which belong to US financial institutions — is available for sale on Joker’s Stash, a notorious online marketplace where credit and debit card information is bought and sold.

Data on almost 100,000 cards became available on Monday, but Joker’s Stash claimed it had data from 30 million cards of WaWa customers, according to Gemini Advisory. It’s likely that Joker’s Stash will release additional card data in batches over the next 12 to 18 months, Gemini Advisory co-founder Andrei Barysevich said. WaWa said it was “aware of reports of criminal attempts to sell come customer payment card information.” The company said it had alerted its payment card processor, payment card brands and card issuers to heighten fraud monitoring to protect

Now, you can allow up to Rs 2,000 of recurring payments via digital wallets

RBI has permitted processing of e-mandate on credit and debit cards, besides prepaid payment instruments, including wallets like Paytm, PhonePe and Amazon Pay for recurring payments of up to Rs 2,000

The Reserve Bank on Wednesday permitted processing of e-mandate on credit and debit cards for recurring transactions (merchant payments) with a cap of Rs 2,000. The RBI has been receiving requests from industry stakeholders to allow processing of e-mandate on cards for recurring transactions with Additional Factor of Authentication (AFA) during e-mandate registration and first transaction.

“…it has been decided to permit processing of e-mandate on cards for recurring transactions (merchant payments) with AFA during e-mandate registration, modification and revocation, as also for the first transaction, and simple / automatic subsequent successive transactions,” the Resrve Bank of India said in a circular.

This, the RBI said, has been done keeping in view the changing payment needs and the requirement to balance the safety and security of card transactions with customer convenience. The maximum permissible limit for a transaction under the e-mandate facility on cards would be Rs 2,000.

The RBI added that no charges should be levied or recovered from the cardholder for availing the e-mandate facility on cards for recurring transactions. The direction is applicable for transactions performed using all types of cards debit, credit and Prepaid Payment Instruments (PPIs), including wallets.

SBI lowers ATM cash withdrawal limit to Rs 20,000 ahead of festive season

The restriction comes weeks before the festive season.

Business Standard : The State Bank of India (SBI) has lowered the ATM cash withdrawal limit to Rs 20,000 a day, from Rs 40,000. According to a report, the lower limit will be effective from October 31, in view of spurt in fraudulent transactions at ATMs and to encourage digital and cashless transactions. “In view of the increase in the number of complaints received by banks around fraudulent transactions at ATMs and to encourage digital and cashless transactions, it has been decided to decrease the cash withdrawal limits of debit cards issued or being issued on ‘Classic’ and ‘Maestro’ platforms,” said SBI official told Economics Times.

The restriction comes weeks before the festive season.

SBI managing director PK Gupta told ET, “Our internal analysis shows most actual withdrawals are of smaller amounts. So, Rs 20,000 should be adequate for most customers. We are trying to see whether smaller withdrawals could minimise frauds.” He said customers with a requirement for more can ask for card variants that offer higher withdrawal limits. Such cards are issued to those keeping a higher minimum balance in their bank accounts.|BS

As of May 2018, banks have distributed a total of 37.5 million credit cards and 861 million debit cards.

Daily Cash Withdrawal & Transaction Limit
State Bank Classic Debit Card		Domestic
Daily Cash Limit at ATMs	Minimum	Rs 100
	Maximum	Rs 20,000

Measures taken by govt to prevent ATM fraud

In August, the Home Ministry notified that no AYM would be replenished wish cash after 9 pm in cities and 6 pm in rural areas from next year even as two armed guards will accompany crisp notes in transit.

SBI ATM Cash Withdrawal Limit

Planning to withdraw cash on your credit card? Watch out for the expenses

You could end up paying not just a steep rate of interest but a hefty cash advance fee as well. In several cases the cost of the loans exceeds 36% on an annualised basis

Rahul, 24, landed himself a new job in Delhi at a multinational company. He had just shifted to the new city from Mumbai, but was soon soon hit a cash crunch brought about by a variety of reasons.

The money he got from his parents was exhausted, pay day was still very far away and, to make matters worse, his landlord began pestering him for some more money for the house he’d already paid advance rent and deposit.

All this meant that he needed some quick cash that he was finding really difficult to raise. So he decided to use his new credit card to sort out everything. Just go to the ATM, insert your card, punch in the PIN number and amount and bingo! You get the money you want so badly.

It was only a few weeks later that he realised that easy liquidity comes with some unpleasant side effects. When Rahul received his monthly credit card bill, he was shocked to see the charges — interest and processing fee — that the card issuer had bunged him with.

Here are some of the charges such loans attract:

Cash advance fee: This fee is charged every time a credit card is used to withdraw cash and typically varies from 2.5% to 3% of the withdrawn amount, subject to a minimum amount of Rs 300 to Rs 500.

Finance charges:

You will also have to pay a finance charge on cash advance fee at a rate similar to that charged on the withdrawn amount. It will be levied from the date of withdrawal till the amount is paid back in full.

Interest:

This is charged at the monthly percentage rate and will be levied from the date of transaction till the repayment is made in full.

Article Source : BS

No charges on debit card transactions up to Rs 2,000: FinMin

MDR would be borne by govt for two years with effect from January 1, 2018 by reimbursing the same to banks

 

 

Customers will not have to pay any transaction charges for payments through debit card, BHIM app and other payment made for up to Rs 2,000 from today onwards.

Last month, Union Cabinet approved a proposal that government will bear the merchant discount rate (MDR) charges on transactions up to Rs 2,000 made through debit cards, BHIM UPI or Aadhaar-enabled payment systems to promote digital transactions.

"Happy Digital 2018. December Quarter BHIM transaction rises 86 per cent to 145.6 million with value of Rs 13,174 crore," Financial Services Secretary Rajiv Kumar said in a tweet.

"Further impetus to digital payments, government to reimburse charges for transaction up to Rs 2,000 on debit cards/BHIM. Zero charges on merchants. Go Digital, embrace transparency," he said.

The merchant discount rate (MDR) will be borne by the government for two years with effect from January 1, 2018 by reimbursing the same to banks.

The move will have an impact of Rs 2,512 crore on the exchequer.

The decision was taken at the Cabinet meeting chaired by Prime Minister Narendra Modi.