ATM frauds rattle banks, customer
As the economy of Bangladesh is progressively embracing the revolution towards advanced technology in banking, so are its counterparts of high-tech pilferage. Banking scams, counterfeits and frauds have been evolving with the changing face of the banking industry. Like dynamic hackers who continuously create new online virus, Bangladeshi fraudulent experts are also challenging themselves to abuse loopholes in the banking system. Fraudsters have been reported to use clever technologies to skim ATM card information and make fake cards. 21 such card transactions have been detected recently that has forced suspension of ATM transactions through the National Payment Switch.
A fake EBL card was detected to be used for this fraud. The bank victimized was UCBL. EBL immediately suspended all ATM transactions for 6 hours, while the Central Bank requested all banks to remain alert on a Friday.
People with special intentions have been reported to present fake IDs as IT experts and install cameras on top of the ATM machine or attach a small device to the ATM reader to copy cardholder information. The copied information is then transferred into a new fake card using a blank magnetic strip. This has been accused of vulnerability using the NPS.
Find out more in the link.
As the economy of Bangladesh is progressively embracing the revolution towards advanced technology in banking, so are its counterparts of high-tech pilferage. Banking scams, counterfeits and frauds have been evolving with the changing face of the banking industry. Like dynamic hackers who continuously create new online virus, Bangladeshi fraudulent experts are also challenging themselves to abuse loopholes in the banking system. Fraudsters have been reported to use clever technologies to skim ATM card information and make fake cards. 21 such card transactions have been detected recently that has forced suspension of ATM transactions through the National Payment Switch.
A fake EBL card was detected to be used for this fraud. The bank victimized was UCBL. EBL immediately suspended all ATM transactions for 6 hours, while the Central Bank requested all banks to remain alert on a Friday.
People with special intentions have been reported to present fake IDs as IT experts and install cameras on top of the ATM machine or attach a small device to the ATM reader to copy cardholder information. The copied information is then transferred into a new fake card using a blank magnetic strip. This has been accused of vulnerability using the NPS.
Find out more in the link.
