The more technologically advanced we get in money matters, the more vulnerable we are, as far as fraudsters are concerned. Several recent incidents have shown people falling prey to debit card and credit card fraud and they end up losing a lot of money. The problem is that just because of a little negligence on the part of bank account holders can lead to massive money losses. The idea is not to commit these mistakes and this can happen only after they actually understand how they can be cheated and take steps to prevent it. Here is what they can do to save their money – all you need to know about cybercrimes:
Cybercrime incidents like Skimming, Phishing and Vishing have become a big problem these days. Even a little carelessness may prove to be costly. So, if you have any bank’s debit or credit card, then you should always be alert while withdrawing money at bank ATMs or while doing net banking.
What is Skimming and how does it work?
Skimming happens when scamster steals your debit/credit card data and manages to clone your card. In effect they get complete control of your account. They then use this data to steal money from your account.
* They do this by setting up a camera or duplicate keypad in order to record your PIN number
* They attach a cloning device at the card reading slot
* When you use that bank ATM, they copy your debit card and credit card data
* Once they successfully steal all data, they make a duplicate card to withdraw money.
What is Phishing?
Phishing is a method by which a fraudster tries to steal your personal and financial information through legitimate-looking emails. The mail contains a link to a fraudulent web page with the bank’s logo and could request you for details such as passwords, PIN, OTP, CVV, etc. This, if it is provided, leads to giving these fraudsters access to your bank account.
What is Vishing?
Unlike Phishing, you get a phone call in case of Vishing (or voice phishing). The caller may request you to enter your confidential details like Card number, PIN, CVV on the interactive voice response (IVR) system or may directly ask you for details on the pretext of verifying your credit/debit card. Nowadays, scamsters call people and first frighten them by saying that their card has been blocked. They then ask the sensitive info on the pretext of unblocking the card. Beware of such calls.
What should you do?
First of all, if you are visiting an ATM, examine the keypad whether it looks different or thicker? Give a gentle nudge to the card reader slot. Any skimming device attached to it will break loose. You should check it minutely to see if it has holes or hidden cameras that can record your PIN.
Also, always remember that your bank will never call, message or email you for asking your:
* PIN (personal identification number)
* CVV (card verification value)
* OTP (one-time password)
* Card expiry date
* Your Net banking login or transaction password
* Your reward points redemption information
What should you do when you receive such calls/messages/e-mails?
* Do not respond to such emails, messages or call
* Do not click on the unknown/suspicious links
* Do not download any unknown/suspicious files or the attachments
However, if you have lost your money to scamsters, you should first call or visit your bank to get the card blocked and also register an FIR with the police.