07 February 2013

Global credit card fraud: New malware behind fraud, suspect bankers

Bankers say that the spurt in credit card frauds is possibly caused by a new malware Dexter which has been used to commit digital fraud internationally.

Typically digital fraud involves hackers breaking into either a banking network or payment aggregator's server or what is being seen as more recent trend -installing a malware in the point of sale. Bankers feel this is likely because the pattern is unlike earlier cases of skimming where numbers are limited and are concentrated in some geographies.
Scamsters buy individual information after sampling few card numbers. Bankers say that since cards are invariably blocked after an initial transaction, scamsters buy card information in bulk and these are sold at prices as low as $2 per card information. Once this information is available it can be used to clone cards. Theoretically, card information can be stolen from a retail chain in India, by a hacker in Russia and sold to scamsters in US.
Precautions to prevent cyber fraud 

Things to remember 

* Never access your banking account from a cyber cafe or a shared computer as you can never know how you are being monitored, or what spy software might be installed on those machines. 

* Always use your home computer 

* Be careful of any emails that ask you to update your bank account info. They could be an attempt at phishing, which could result in identity theft. 

* Never open any attachments from sources that you do not know 

* Do not give any confi dential information such as password, customer ID, credit/debit card number or PIN, CVV, DOB to any email request, even if the request appears to be coming from govt authorities like I-T dept or any associate company like VISA or Master Card 

* Don't click on any link that you receive in your email even if it appears to be from your bank. Instead, make it a point to remember the URL, and type it manually in the address bar before making any transactions. Scammers create websites that look and feel authentic 

* Always update your operating system for security patches. Also use a reputed anti-virus 

* When choosing a password for your banking accounts, choose something that is long and includes upper, lower case & special characters 

* Avoid using your birthdates or anniversaries as passwords as these can easily be guessed 

* Scammers use publicly available information on social networking sites to identify and lure potential victims 

* Check SSL (Secure Socket Layer)/ https security on login page of bank's website. The 's' after the 'http' denotes the site is secure 

Must do 

* Most banks recommend that you apply for a replacement credit card after returning back from a foreign trip. 

* Dealing on foreign websites could be riskier as the 2-factor authentication mandated by the RBI (besides login and PIN) is for web businesses in India only 

* Scratch out the three digit CVV number at the back of your card. Also sign the strip on your credit/debit card as it makes it tougher for anyone else to use 

* Notify your credit-card provider/bank immediately of any illegal use of your card from an online transaction. The longer you wait, the more diffi cult it can be to resolve the situation, especially if you've become a victim of identity theft

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