Cyber Crime on the rise in India and fraudsters siphoned tons from innocent citizens accounts. Debit and Credit Cards are now being issued with Chip cards. As the old Magnetic strip that was on cards can easily be cloned. Cloning Machines are being easily sold on the Internet. There are also skimming machines where all details of the Card can be read and a duplicate card can be made.
Card cloning has been one of the oldest modes of fraudsters siphoning off money. Skimming machines can be fitted on ATMs or used while you shop. The devices can store details of up to 3000 cards which can be then transferred to other cards used to clone the original Card. This card can then be used at outlets to make purchases.
Fraudsters can even acquire a fake SIM to commit Cyber Crime
When Skimming Machines are fitted on ATMs there is usually a spy cam also fitted to capture the PIN. So, this enables the fraudster with a fake card and PIN. With these details, he can go about making cash withdrawals or making purchases in stores that accept cards. Earlier people used to get to know about the transactions only when their statements would arrive. But nowadays Banks send you a message for each transaction. So, you are definitely aware of the fraudulent activity and can take action.
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Fraudsters have now gone one step further with SIM swapping. They fraudulently acquire a SIM of the victim that they target. Once the SIM is activated, they use the net banking username and password to get access to the account. Then make transactions to other accounts by transferring the money to Bogus accounts that were created only to commit the crime. How they get the victims Net banking usernames and passwords are still a mystery. There are many theories that exist but none authenticated to date.
Fraudsters call people and ask for confidential information to commit Cyber Crime
Another Modus Operandi is calls made to unsuspecting victims posing as Bank employees are also on the rise. While Banks keep informing their customers that Bank account details should not be disclosed over the Phone. Fraudsters still manage to convince their victims to even forward the OTP that come onto their Phones. They even manage to get Debit or Credit Card details from the innocent victims.
The only way one can keep a check on this is by ensuring the complete secrecy of ones Banking details. If you receive a call from a bank employee or a person posing as one. Simply contact your bank and find out what is going on. Never let your card out of your sight so that no one can clone your card. At ATMs check for any additional devices that look suspicious before you use one. After all, it is your hard-earned money it is your responsibility to keep it safe.
