New Delhi: Citibank has reported the maximum of 92 debit and credit cards frauds and the usage of fake cards amounting to Rs 1.89 crore from 2007-08 to December 2010.

"Largest numbers of such fraud cases belong to Citibank from 2007-08 to December 2010... RBI's committee has suggested a number of steps including replacing the magnetic strip on the cards by a chip. All these aspects are being looked into," Finance Minister Pranab Mukherjee said in Lok Sabha during Question Hour.

Other banks which reported such frauds are Syndicate Bank, Standard Chartered, Punjab National Bank and Canara Bank in 2010 involving a total amount of less than Rs 23 lakh. Bank of India, on the other hand witnessed one case of fraud in 2007-08 involving a whooping amount of Rs 1.92 crore.

The RBI has issued a series of instructions relating to Know Your Customer (KYC) to the banks so that identification could be authenticated before issuing a debit or credit card, the Minister said. He said criminal investigations have also started against people involved in such frauds.

The RBI has issued a Master Circular on "Credit Card Operations of banks" recently advising the banks to set up internal control systems to combat frauds and to take pro-active fraud control and enforcement measures, Mukherjee said in his reply.

The Central bank has also advised banks to ensure that credit card operations were run on "sound, prudent and profitable" lines and fulfill "KYC" requirements, assess credit risk of customers, specify terms and conditions in clear and simple language and   ensure prompt dispatch of bills.

Compensation to the victims, who lost money in these frauds, is another aspect which is being looked into by the banks.