Identity theft
The
fraudulent acquisition and use of person’s private identifying information,
usually for financial gain. It can be divided into two broad categories:
Credit card fraud
Credit card frauds committed by making
use of credit/debit card of others for obtaining goods or services. The threat
emerge due to stealing of information like Credit card number, PIN number, password
etc. Theft of cards and cloning of cards are also employed to commit such
frauds. Hackers use complex techniques like Phishing, Skimming etc. to gain
credit card information from innocent users.
Phishing
Phishing is a way of attempting
to acquire information such as usernames, passwords, and credit card details by
masquerading as a trustworthy entity in an electronic communication. Phishing
is typically carried out by e-mail spoofing or instant messaging and it often
directs users to enter details at a fake website whose look and feel are almost
identical to the legitimate one.
Skimming
Skimming is the theft of credit
card / Debit card information. Thief can procure victim's credit card number
using basic methods such as photocopying receipts or more advanced methods such
as using a small electronic device (skimmer) to swipe and store hundreds of
victim’s credit card numbers. Common scenarios for skimming are restaurants or
bars where the skimmer has possession of the victim's credit card and makes
note of card details for further use.
Vishing
It is one of the method of social
engineering over the telephone system, most often using features facilitated by
Voice over IP (VoIP), to gain access to private personal and financial
information from the public for the purpose of financial reward. The term is a
combination of “voice” and “phishing” is
called as “Vishing”.
Social Engineering
Social engineering involves
gaining trust hence the fraudster poses as a member of staff or even security
guard. The fraudster would then ask the customer to check the card for damages.
The fraudster would have gained confidence from his prey using various tactics
such as offering assistance to the customer who perhaps would have tried to use
the ATM without success or perhaps the customer who is not familiar with use of
ATM machine and requires assistance.
Steps to be followed before Credit card & Debit card/ATM card usage
- Whenever you receive the card from the bank make sure the mail is completely sealed and there is no damage.
- Whenever you receive the card from the bank immediately sign on the card.
- Try to cover the last three digit number on the card.
- Register your phone number to check the account transactions.
- Change the pin number immediately.
Secure usage of credit/Debit cards at Shopping malls and Restaurant
- Always keep an eye how the vendor swipe your card.
- Always make sure that the transactions happen at your presence.
- Never sign a blank credit card receipt. Carefully draw a line through blank portions of the receipt where additional charges could be fraudulently added.
- Don’t give away your personal information in the survey forms given in restaurants/shopping malls.
