There were 159 cases of card fraud registered in 2014, almost a five-fold rise over the 2013 figure of 32. The report pointed out that of the total cases registered from 2011 to 2014, 66.5% of cases were registered in 2014 alone.
Cyber experts and investigating agencies have found continuously changing trends in card frauds, growing alarmingly at almost 400% from 2013 to 2014. The latest complaints received by the police are of calls from fraudsters posing as bank executives and asking for confidential information to 'upgrade' a card. Initially, there was the "salami attack" (use of an online database to get information and deduct small amounts from every account over time) and phishing mails (to cardholders asking them to share confidential data).
A common modus operandi used in card fraud was 'card not present', as several websites still allow transactions without proper two-factor authentication.
Cyber lawyer Vicky Shah said with the advent of social networking and technology, fraudsters too have adopted innovative methods, like skimming, phishing and malware, cloning and even account takeover. Besides, there is the danger of friendly fraud, which as the term suggests is fraud committed by persons known to the victim.
Following the growing instances and changing trends of fraud, several banks send SMS alerts to their customers asking them not to respond or reply to fictitious mails or text messages. HDFC Bank alert SMS showed: "Do not share customer ID, Banking passwords, Card details, PIN with anyone oer the phone/SMS/email. The bank alerts that someone may use it to withdraw money from your account". While Federal bank SMS alert showed: It never asks for ATM Pin, CVV, expiry date or any password through SMS, email or phone. The bank made request to its customer do not disclose the details to anyone or bank officials.
Former IPS officer-turned-lawyer Y P Singh too said since banks have stepped up security procedures, with the introduction of dual-stage verification and/or one-time passwords, fradusters have changed their modus operandi. "The crimes have become more sophisticated and are increasingly based on hacking/phishing, where confidential data is stolen from computers by getting into private systems and then using card information to commit frauds," said Singh.
After TOI reported on October 30, 2014, the need for more tech-savvy officials in Mumbai Police to improve detection of cyber offences, the chief minister asked the police top brass to submit a report on the force's tech requirements. "Witnessing the changing trend in card fraud, joint commissioner of police, Sadanand Date, has given instructions to work on increasing awareness," said Mumbai Police spokesperson DCP Dhananjay Kulkarni.
Mukund Pawar, a senior inspector with the cyber cell, said the reason for changing modus operandi of fraudsters is flexibility and convenience. "Most victims of cyber fraud are those in senior positions in the corporate sector or from generally well-to-do backgrounds, who fall victim because of lack of awareness," said Pawar.
Cyber lawyer Prashant Mali said according to information available the RBI, total monetary loss suffered by Indians (as reported to RBI) is Rs 54 crore in 2013 (up to September 30, 2013). The amount of monetary loss in cases registered by the CBI is Rs 48.49 crore (up to November 30, 2013).
http://timesofindia.indiatimes.com/followceleb.cms?alias=Mumbai Police,Fraudsters,DCP Dhananjay Kulkarni,credit card fraud
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