''' SOARING :
E- T H E F T S .-by-. *E- T H U G S* '''
NEVER THINK AND FEE SAFE, and secure, -that your plastic money is well protected and wrapped up. E-thugery and E-thefts is in full galore.
WITH ZOOMING TREND of online payments and growing usability and practicality of plastic money -those Debit and Credit cards-
E-theft by E-thugs is increasing many folds in just about all sorts of financial transactions handled through ATMs [those automated teller machines], cellular phones, Internet and various online mechanisms.
Lack of foolproof digital security, extremely poor public awareness of e-transactions, easy availability of skimming and cloning devices and untrained law enforcement agencies are key reasons behind rise in online frauds and ATM attacks.
Numerous methods of stealing E-data and money from AMs are in practice. Using hacking technology E-thugs and criminals breach the system of companies that deal with credit card data.
Stolen data is easily used for illegal digital transaction.
*Most popular technique is called ATM skimming. It allows E-thugs and criminals to install illegal monitoring devices at various ATM interface points, camouflaged as a part of the machine. This enables E-thugs and criminals to record card data as well as to steal cardholders PIN codes.
After data is duplicated and cloned, counterfeit cards are produced to withdraw cash or make online payments, says one cyber crime expert Zia Ul Islam, of the Federal Investigation Agency.
Talking about methods that are becoming common in rural areas or small towns, Zia who has years of experience in curbing e-banking frauds, revealed that E-thugs and criminals have started targeting ATMs placed in remote areas.
As villagers and town people generally have a limited understanding regarding the usability of cards, they become easy victims.
*E-thugs and criminals pour gluing material in the card-inserting cavity. When the card gets stuck, people have no other option but to contact officials of the relevant bank branch the next day -giving the E-thugs and criminals enough time to take the card out tactfully and withdraw money*.
Mr. Zia claims that usually an attack is not possible without the help of bank officials. *We nabbed the first ATM fraud gang in 2009 in which a bank manager was found to be involved.
As banks are scrambling to add new security features to keep a watch over illegal e-transactions, another challenge in the form of malware attacks on ATMs seem to be taking shape.
*E-thugs insert a criminal a customized circuit board through the card slot in ATM. The circuit board activates Malware that compromises the ATM system and picks cards and PIN data of every user.
Later the stolen data is used to make counterfeit cards. Criminals are using technological advancement to their advantage.
Along with ATM attacks, SIM card cloning is also in practice to steal money electronically. Almost every bank has made it mandatory to use phone number to get access code to complete online financial transaction.
Since SIM cards can be cloned easily, threats of unlawful e-transaction have manifold implications and threats now.
In Pakistan then, sources in the State Bank of Pakistan reveal that new security protocols to discourage Cybercrime are in the offing. They add that with improved technology-
Some banks have introduced new security protocols, featuring a combination of bio-metrics, facial and retinal recognition, to authenticate the user at ATM. This will protect users from fraudulent transactions.
One branch manager at a reputed bank says that for the future, online transaction is unavoidable despite increase in the incidence of ATM skimming and other malicious e-transactions.
Banks have witnessed 3.30 trillion financial transactions through ATMs which accounts for 12 per cent of the total retail electronic payments in 2015.
With people becoming more comfortable with electronics transactions, efforts are being made to expand the network from 9,000 ATMs to 20,000 ATMs states this skilled cyber crime investigator.
It's not just in Pakistan where illegal e-transactions are on the rise and soar. This is in fact a global menace.
The Honour and Serving of the latest *Crime Trends and Technology* continues. Thank Ya all for reading and see you on the following one.
With respectful dedication to all the *Federal Investigation Agencies the world over*. See Ya all on !WOW! -the World Students Society and...... !E-WOW! -the Ecosystem 2011:
''' There's The Point '''
Good Night and God Bless
SAM Daily Times - the Voice of the Voiceless
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