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Direct debit fraud: ‘My mother lost £14,000’

Direct debit fraud: ‘My mother lost £14,000’

Business
"I was shaking with rage and stress, I couldn't believe this had happened."Sue is describing the moment she discovered that her late mother, Margaret (not their real names), who'd spent the last years of her life battling dementia, had had more than £14,000 stolen through direct debit fraud."To be told that that amount of money had been taken... I was outraged that someone could steal off my mother," Sue says.And she is not alone in her concern. The charity Action on Elder Abuse is warning about the dangers of direct debits being fraudulently set up in the name of vulnerable victims.The charity says it's concerned about loopholes and a lack of transparency within the current system.But the Direct Debit scheme says its guarantee means companies that use it...
Debit cards show up more at retail stores, less at ATMs

Debit cards show up more at retail stores, less at ATMs

Finance
MUMBAI: Bank customers are increasingly getting comfortable making payments through debit cards on swipe machines at kirana stores and local retail outlets. Latest data from the RBI show that over a third of all debit card transactions were made at point of sale (PoS) terminals in April this year for the first time since demonetisation. With about 80-crore withdrawals worth Rs 2.84 lakh crore in April, ATM transactions made for just over 66% of overall debit card transaction volume. PoS machines registered the rest 34% of the transaction volume in this period. The only other time the ATM transaction share fell below the two-thirds mark was in December 2016 — a month after demonetisation — when it was at 60.3% and PoS transactions at 39.7%, owing to the lack of cash in the system. The trans...
Debit card PoS swipes rise 27% as per RBI data

Debit card PoS swipes rise 27% as per RBI data

Finance
BENGALURU: Indians are increasingly using their debit cards to pay merchants directly. As per data from the Reserve Bank of India, debit card swipes on Point of Sales (PoS) terminals jumped more than 27% in March 2019 compared to corresponding period last year. In contrast, ATM withdrawals grew at a slower pace of 15%. In absolute terms, debit card swipes for March stood at 407 million almost half of ATM withdrawals at 891 million. At a lower base, debit card payments for merchant transactions have gone up more than 250% between March 2019 and 2016. In contrast the total number of ATM withdrawals has remained constant over the last couple of years hovering in the range of 800 million per month. The biggest push to debit card payments for merchant transactions took place when the government...
India to have 1 billion debit cards soon, from just 84 million 10 years ago

India to have 1 billion debit cards soon, from just 84 million 10 years ago

Finance
Bengaluru: The country is set to touch one billion in debit cards. It was a mere 84 million a decade back. Even four years ago, it was less than half of what it is today. This phenomenal growth in the number of debit cards is because of the government’s consistent push towards rural financial inclusion, with schemes such as MNREGA, opening of Jan Dhan accounts and direct benefit transfers. The RuPay cards, which come with all Jan Dhan accounts and increasingly with other accounts too, have played a singular role in the debit card surge. Sources told TOI there are now 560 million RuPay cards. These cards were introduced way back in 2012, but there’s been a surge in them in recent years. Two years ago, the number of RuPay cards was less than half at 230 million. Even usage of deb...