The incident of bank related online transaction frauds including Cards, ATM and Internet banking has been alarming in recent years.
The introduction of chips and PIN security features on cards initially reduced card related frauds but sheer volume of online and offline transaction makes cards the fertile ground for online transaction frauds.
The Modus Operandi of a bank scammer for online transaction frauds
Identity theft is the way a fraudster cheats when it comes to online transaction. Your card details or your bank account information are stolen and used to perform transactions on your account. The theft are carried out in a variety of ways:
1. Online stealing
2. Sim swap fraud
3. Fake calls and emails
Ensure you choose a safe site or payment channel during e-shopping or bill payment. It is easy to steal your card information by interpreting the data if the channels of sites are not secured. You can be routed to a fake site or data can be copied through keystroke logging. This style is called Pharming, it ensures that the fraudster has your bank account details which can be used for online transaction frauds. Virus can also be introduced into your computer with keystroke lodger and all details in your system including emails, saved passwords and login details can be easily stolen.
Sim Swap Frauds
This is a new technique where a scammer contacts the mobile operator with fake identity proof and get a duplicate SIM card. The operator thus deactivates the original SIM and then the scammer generates an One Time Password (OTP) using the duplicate SIM and carry out online transaction frauds on your account.
Fake Calls and Emails
This has become very popular in recent time. Customer unknowingly release their card details or OTP to an imposter via telephone or email and it is used to steal this identity and then defraud them.
The Dos and Donts
1. Do not give your phone number in public places.
2. Do not conduct transactions on public terminals (POS and ATMs)
3. Ensure your bank is notified immediately you change address so that you card and account statement get to the correct address.
4. Check your bank and account statement and contact your bank if you notice any irregular charges.
5. Avoid using ATMs located outside of the bank branch.
6. Remain at ATM point if the machine stalled. Report to the bank official or security guards and ensure to retrieve your card.
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