Credit and Debit Card Fraud in the Digital Era: An Analytical Study with Special Reference to Madhya Pradesh

Abstract

Digital payment systems are evolving at a rapid pace, and credit and debit cards are a crucial component of today's economy. These technological advancements have helped consumers and financial institutions make the process easier, faster and more convenient; but they have also created a variety of card-related crimes. An attempt is made in the present study to have a brief look on the nature, trends and challenges of credit/debit card fraud in digital era with special reference to Madhya Pradesh. The research focuses on the reasons behind fraudulent activity like phishing attacks, skimming, identity theft, data breaches and unauthorized online transactions. It also assesses the awareness among card users, security measures implemented by banks and role of regulatory framework in financial fraud prevention. The method that is used in this research is analysis and description, where the data sources used are primary and secondary data. The results indicate that the extent businesses are becoming digital, cybersecurity awareness about them is not parallel, and this has resulted in an increasing number of fraud cases related to cards. The study underscores the need to strengthen security measures, continuously educate consumers, and implement a collaborative approach involving financial institutions, regulators, and technology vendors to enhance the security of digital payments. The findings provide insights into the changing dynamics of card fraud and actionable insights to reduce risks in Madhya Pradesh and other new digital economies.