Card credit instant online
Cyber crimes tend to increase at the same speed as that of technological advancements. Technology has made it easy to make payments for goods and services over the Internet. The online banking and payment mechanisms include credit cards and smart cards. Some of the common frauds employed in stealing the money from the bank involve diddling, salami attack, cyber squatting, e-mail spoofing. The three main causes for card frauds are program bugs, postal inception of cards, and theft by the bank staff.
The common techniques adopted in ATM frauds can be categorized into the following kinds;
- Card Fraud: With the card along with the PIN number, which can be obtained by casual observation, fraudster can immediately steal money or even drain the account within a short time.
- Skimming: There are many skilled frauds by which customers may be defrauded. Skimming is one such fraud wherein a fake card reader is fitted into the ATM machine. Once the customer enters the card in this card reader, The card information is captured and send via the remote wireless technology to a laptop that is positioned nearby. While the cardholders enter the PIN, a hidden camera captures this on video and transmits it to the laptop. The fraudster thus obtains the details of the card and the PIN Number.
- Pod Slurping: As technology continues to evolve each passing year, fraudster invent new methods of committing high technology frauds. Pos slurping refers to a computer user ability to copy information from a computer hard drive onto pods or other Universal serial Bus devices capable of holding data. Universal Serial Bus is widely used hardware interface for attaching peripheral devices.
- Web Spoofing: Wherein the criminal sets up a fictitious web site, which looks authentic to the user. This may be accompanied by an e-mail with a link to the fictitious site. The victim is requested to give the card identity number, PIN and other information which in turn is used to reproduce a new card for using it at an ATM.
- Identity Theft: Stealing the information in electronic or non electronic form that contains personal identity information such as social security numbers, address, driving license number, credit card number or any other information that is used to identity a person is called as identity theft. Such Information may be used by the fraudster in accessing or open the false bank accounts, obtain new loans, establish lines of credit, online purchases.
Conclusion: Though fraud attacks on ATMs are on the increase worldwide, they are of significant concern for India as the ATM market is expanding. Bank have to relock into their internal defenses against operational frauds committed by their employees. This calls for implementation of a rigorous internal vigilance mechanism to limit the access of employees to passwords/PIN and other vital customer information. The second defense would be to increase the customer awareness on the prevailing frauds.
The prevention of Fraud in ATM transactions can be done from the point of customers like:
- Not to give the ATM card to anyone else for using it
- Disposing old cards as and when they expire
- If the ATM cards is lost or stolen, the issuing/controlling authority must be informed immediately
- Preserving the sales/ slips until compared with the bank statement
- Utmost security for PIN at all times and vigilance.
By the Banks:
- Introducing digital security systems to prevent defy hackers, stop digital crime before it begins
- Introducing Biometrics taken with biometrics of fingerprints, faces and palms.
- Introducing Microchip Technology
- Customized Software that record relevant transactions on ATM cards
- Strong firewalls featuring multiple layers of security along with the software designed to monitor, analyze and authenticate any external source attempting to connect to an ATM.
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