Headline August 05, 2016/ ''' SOARING : E- T H E F T S .-by-. *E- T H U G S* '''

''' 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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