Credit Card/Debit Card fraud Rackets-How They work and Safety measures

Credit Card/Debit Card fraud Rackets-How They work and Safety measures

Yesterday I received a call on my airtel mobile. The caller first said that he was speaking from Airtel and purpose of the call is to verify my connection. He asked my name and some information about recent topups. I got alerted because my SIM card was provided by Govt. and all such SIM Cards need no further verification. I asked him, why you need these details. He replied that recently airtel arranged a lottery and 10 numbers have won a prize of Rs-125000-00 each and your number is one of them. 

Credit Card/Debit Card fraud Rackets-How The work and Safety measures

Airtel wants to transfer the money to your account so please give me your account number in any commercial bank. Now I was sure that the caller is a cheater and he has got nothing with Airtel. I immediately disconnected the call and informed the concerned authorities. This is an action of a racked involved in ATM frauds. Let us discuss how they work and how to keep us safe.

How the Credit Card/Debit Card fraud Rackets works.

1.     First of all they try to acquire the account number of the target. For this they mostly use social engineering tricks like prizes from big business houses etc. They also try to get the details from ATM booths in the name of helping others but this trick only works where the user is illiterate or less educated. Use of hitech devices like cloaning and key loggers  is also reported.

2.     After acquiring your account number they go silent for a time which may extend upto 2-3months. Then the user receives another call. This time the caller claims to be a bank officer from his bank. As the culprits have already acquired your personal account number, he will use your account number. He will explain some type of technical trouble with your ATM card and he needs the ATM card number and the PIN(The Password). As the culprit claims to be an officer of the user’s bank and giving the correct account number, this trick some times works and the user gives his ATM Card number and passwors which results in huge financial loss.

3.     Now the criminals have your account number, Credit/Debit card but he can not withdraw cash so they mostly use it for online purchases using your credit/debit card. 

Precautions against Credit Card/Debit Card fraud Rackets

a.     The user is solely responsible for damaging himself. Why don’t the user apply mind on the following points.

 b.     While transferring an amount to someone’s account the sender makes it dead sure that the account is genuine and it belongs to the person whom he wants to transfer money. If the sender is an office weather Govt. or private, they will need a documentary proof to this effect for their official records. No one will ask you your account on phone for transferring money.

 c.     Why the victims of such frauds don’t think that account numbers, Credit Card/Debit Card, passwords are provided by the bank and why they will ask you. They can change every thing at any time and even block certain activity in your account or put your entire account on hold.

 d.     Never respond to any call/Email asking your bank, Credit/Debit Card details and password or other details. Your bank will never ask you such details on phone or Email. They will call you in person in need.

 e.     Please be sure that your bank already has these details.

 f.      Your bank need not to get your permission to make necessary changes to your Account.

 g.     Your bank has full control over your account, they can even close or delete your account.

 h.     In case of any unusual occerance immediately inform your bank.

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