These shoppers on Flipkart got double the credit after cancelling the order
Ahmedabad, July 5: Around 39 account holders of State Bank of India (SBI) spread across Gujarat were actually surprised when received double credits when they cancelled their online transactions with Flipkart, an online selling platform.
Most of the customers were students who also informed their relatives and friends to follow the same modus operandi to get double credit from banks after online cancellations.
However, it learnt that the purchase and transaction took place last year when the bank lost more than Rs 7 crore from 1,090 transactions in 39 accounts.
Earlier, after online purchase cancellation, buyers used to get their refund from the merchants, manually after the receipt of funds and advice from payment masters like MasterCard, Visa or Rupay.
Later, Visa came out with an online refund project, and the amount was being directly credited to customers' accounts. On a pilot basis, the plan was implemented in five BINs (bank identification number).
For those who are unaware of BIN- It is a four-digit number that uniquely identifies the institution issuing the card. The manual refund process was stopped, and the automatic refund project was extended to all BINs.
However, due to overlap of the old and new systems, after transaction cancellation, the account holders got their refunds through both the ways- online refunds directly in their accounts as well as manual refunds through old process. Meanwhile, the SBI treated it as a fraud case.
According to SBI's fraud report, seen by DNA Money, during the December 2017 quarter, fraud cases of SBI have jumped 40% over September 2017. In the same period, the amount involved in these fraud cases surged more than 324%.
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