An FIR has been filed in the case and it was found that the culprit used the cloned card to buy electronic gadgets and jewellery worth Rs. 2.86 lakh. The complaint was filed with the Mumbai police. The fraud was found only when Birla received his monthly account statement. The purchases were made in Bangalore when Birla was present in Mumbai.
Birla is the Chairman of the $35 billion Aditya Birla Group, a global industry giant that has varied business interests and operations spread across 33 countries.
Credit card cloning is a latest technique used by fraudsters where the culprit copies the credit card details after obtaining the card. The details are copied onto a bogus card to be used as a credit card later. Cloning is done using a pocketsize device that scans the card and will take only a few seconds to copy the details.
A single swipe will copy crucial credit card details in the magnetic strip into memory. The information attained can be later copied to a counterfeit card, complete with security holograms.