Increasing credit card fraud in the industry costs ICICI Bank more than Rs11 crore in 2008.

The country largest private lender witnessed over 8,000 cases of credit card fraud in the year. RBI recorded as many as 8,280 fraud cases from ICICI Bank and the bank lost Rs 11.47 crore for the nine months between April and December 2008.

For the same period, American Express Bank and HSBC Bank reported the credit card fraud to a number of around 703 and 2,484 respectively. American Express lost Rs6.04 crore in the frauds while a loss of Rs4.90 crore was suffered by HSBC Bank.

Similarly Citibank lost Rs4.73 crore where as Standard Chartered Bank and Deutsche Bank bore a loss Rs2.39 crore and Rs2.09 crore respectively.

Not only were the frauds reported by the private sector banks but also from some of the public sector banks.

The RBI data stated that a total number of 12,959 frauds were reported from various banks in which they lost a sum of Rs36.54 crore.

However IDBI Bank, Canara Bank and Indian Overseas Bank did not report any credit card fraud in the period under review.