AMBER – ABBS Management Business and Entrepreneurship Review

H. R. Venkatesha ¹, M. Viswanathan ²

Affiliations
1 Acharya Bangalore B-School, Bengaluru, IN
2 Department of Management Studies (PG), Acharya Bangalore B School (ABBS), Bengaluru, Karnataka, IN

Abstract

Many of us opt for Credit Cards provided by various banks for the convenience it extends in making purchases on credit with no interest for a limited period and various other offers attached to it. The customer care rendered in giving this service is more or less similar with all the banks. What we take for granted is the various security barriers that the banks employ to protect the customer while making financial transactions. What we are unaware is the quality of these security barriers which we associate with the brand name, reputation and credibility of the bank we choose. No customer knows to what extent the data he gives the bank when filling the application form and other information that the banks emphasize that the customers should keep confidential leaks into the public domain till he / she experiences a breach in the security barriers that is meant to protect the customer. That is when the customer is exposed to the fraudulent transactions in his / her card due to negligence arising from irresponsible conduct by the customer or by the impact of external factors in digital transactions beyond the control of individuals. These are described as cyber crime in digital marketing. This case study is based on the real time experience of Victor (Pseudonym) as a victim of cyber crime in credit card based transactions. The purpose of this case study is to share Victor's experience as a victim of cyber crime and reveal the inadequacies in the electronic financial transactions in India with particular reference to credit / debit card based transactions in digital marketing and expose the attitude of the service provider, namely the concerned bank (Bank X) (identity not revealed), in withdrawing their customer support at such a crucial juncture, thus turning customer care into a customer's nightmare. The steps to be taken by the victim to mitigate the impact of cyber crime has been given in detail as prescribed by the Cyber Crimes Cell. The steps to be taken in seeking relief as recommended by the bank as service provider has been stated under 'Escalation Matrix' in the study. In addition, precautions to be adopted in card based transactions has also been discussed.

Keywords

Security Barriers, Cyber Crime, Electronic Financial Transactions, Customer Care, Escalation Matrix.

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