Offshore Credit Card Fraud Causing Chaos in India

Thursday 25 March 2004 19:57 CET | News

A major union is calling for action as US credit card giant, Capital One, becomes the latest company to pull out of India over credit card fraud.

Capital One has torn up its contract with Wipro Spectramind, Indias largest call centre operator, after it emerged staff were offering US customers unauthorised credit levels. Customers were also offered free gifts and club membership. Finance sector union, Amicus, is calling for an investigation into the business case and data protection and wants the UK Govt and European Union to force offshoring companies to disclose the country they are calling from. The move is the latest in a line of companies deserting India including Littlewoods, Dell and Lehman Bros. There are increasing fears around the safety of data being processed in India after the Evening Standard reported that criminal gangs are bribing Indian staff with a years wage to steal credit data from UK customers. Several unions have come together to launch an independent commission of enquiry into offshoring prompted by DTI refusals to take part in an open and on going dialogue with unions, companies and offshore providers. Union research has shown that the cost of offshoring is spiralling while at the same time causing a UK brain drain as skills and knowledge are being moved out of the UK by company Chief Execs who, instead of improving services, are seeking a short term boost to company share prices in order to improve personal pension and benefit payments.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce