10 | The Lion King
Cover Story
Spam Mailing:
Unsolicited emails ¬ that
promise some benefit but also request
confidential information like internet
banking User ID and passwords, ATM
card details and PIN. Responding to
these “spam” ¬ can disclose one’s
identity to fraudsters.
Phishing:
Trusted organizations are
impersonated using an electronic
communication medium like through
establishing a fake bogus parallel web
site where customers’ details are cap-
tured, harvested and used or sold to
other fraudsters.
Key logging:
This is when fraudsters plug
in a small physical device called a key
logger to a computer or send it as a
malware to capture the victim’s access
credentials (user ID, passwords, ATM
PIN, codes.)
Card Skimming:
This is a method used
by criminals to capture the magnetic
stripe data on a Debit or Credit Card
with the objective to duplicate such
card for the purpose of committing
fraud. Devices used for skimming are
usually small often fastened to the ATM
or POS. It could also be a hand held
device that cards can be swiped on
Social Engineering:
The fraudster uses
a non-technical kind of intrusion that
relies heavily on human interaction and
often involves tricking the victim to di-
vulge confidential information that can
enable the fraudster to break normal
security procedures.
Hacking:
Stealing personal or target-
ed information from an organization
network/database by exploiting the vul-
nerabilities in the organization’s IT and
E-banking Infrastructure
What Can Be
Done With Stolen
Identity?
Once a victim’s identity is stolen, there
are many things that a fraudster can do
with it. The fraudster can easily pro-
ceed to take over a victim’s financial,
internet, and social media accounts.
Using the victims confidential data,
the fraudster can go ahead to apply
for loans, credit and debit cards from
financial institutions.
The fraudster can also purchase goods
and services (physically and online),
authorize payments and money trans-
fers, obtain passports; and even receive
government benefits or favours and
privileges meant for original owner.
Fraudsters can also swindle their victim’s
family, friends or associates using the
victim’s stolen identity or in some cases
decide to publish stolen confidential
information of a person, an organization
or her customers just to embarrass the
organization.
Preventive Actions
There are different things you can do
to avoid becoming a victim of online
fraudsters. Never disclose confidential
information like ATM card details and
PIN, internet banking credentials, bank
account details to anyone. Also never
leave ATM or POS receipts at the ter-
minals, bank windows, bins or in trouser
pockets as some receipts have your
account details. This is a mistake often
committed by many bank customers.
Remember to always shield your per-
sonal identification number (PIN) when
using an ATM or a PIN pad. Memorize
all your passwords; do not write down
passwords and report all lost or stolen
debit and credit cards immediately.
Do not respond to text messages, email
or telephone solicitations requesting for
sensitive personal information disguised
as promotions offering instant prizes or
rewards. Never click on any link sent to
you in any unsolicited email as it could
route you to a phishing site. Always
delete unsolicited mails requesting you
to download any attachment.
When selecting a password, avoid
using weak passwords or PIN combi-
nations that can easily be guessed like
dates of birth, last four digits of phone
number, number sequence (1234).
Always check your computers for any
suspicious external device plugged on
before booting your system.
Familiarize yourself with the look and
feel of the different brands of ATMs so
that you easily detect if it has been
tempered with. Look out for scratches,
marks, adhesive, unusual join marks an-
ywhere on the ATM. Be cautious of any
ATMs that have the cameras installed
close enough to record your PIN.
Avoid using ATMs showing signs of
potential tampering like card entry slot
appear newer or older than the rest of
the ATM or sticky residue on PIN pad or
card entry slot.
Be suspicious of any individual loitering
in an ATM lobby offering
trying to offer any assis-
tance. Avoid
handing over
your Debit or
Credit card
to your driver,
friends, family
members or
unknown indi-
viduals. If you
ever write your
PIN number
then (totally
not advised) never
keep a written
copy of
your PIN
in your
wallet or
