Keeping your cash safe
Published:Wednesday | September 1, 2010 | 12:00 AM
Dennie Quill, Contributor
BETWEEN EMAIL scams, phishing attacks and bank fraud, many people are feeling less confident about doing business at shops, ATMS, online or anywhere else.
It seems there is an organised band of fraudsters who will go to extraordinary lengths to bilk people of their hard-earned cash via fraudulent schemes. I am convinced neither the police nor the financial institutions are equipped with the resources to prevent, detect and deter those who would perpetuate these fraudulent schemes on the banks themselves and unsuspecting customers.
Yes, banks are feeling the heat, but it is the hard-working consumer who gets shafted in every way. As banks seek to reduce their costs and hike their profits, they have introduced several measures, including levying fees, to get their customers to do business online or via ATMs. But as more people make that choice, the criminals are trailing them.
New vocabulary
A whole new vocabulary has been developed because of the global nature of these frauds. We now talk about 'phishing', which relates to the method of tricking people into entering their personal information on websites; 'skimming' is when criminals tamper with ATMs to steal debit cards and PINS in order to gain access to account data stored on the magnetic strip of the card.
Recent reports out of Mandeville revealed that the skimming technology is being applied here. This is how it works. The criminals sit in a car near to an ATM, receiving the information transmitted by wireless and from equipment they install on the front of the ATM.
The equipment used to capture the ATM card number and PINs are disguised to look like normal ATM equipment. A skimmer is actually mounted to the front of the ATM card slot and it will read the card number and transmit it to the fraudster sitting in a car nearby. At the same time, a wireless camera is made to look like a leaflet holder and is mounted at a strategic point where it can view PIN entries. The criminals then copy the cards and use the PIN numbers to clear out people's accounts.
It has been predicted by security experts in the Unites States that skimming will be among the top forms of fraud to be committed around the world this year. It is not hard to believe because there has been a wave of skimming reports in Jamaica.
If banks really care about their customers, they ought to be educating them on what steps to take to avoid being among the statistics. But what can the poor consumer do? For a start, the experts say an unattended ATM is more likely to be targeted so it is best to use an ATM in a bank lobby where there is sure to be a camera. Another suggestion is to monitor your account regularly. Also, beware of writing your PIN and leaving the information lying around. Immediately report a stolen card.
And, if you have a computer repairman fixing your computer, be vigilant because there have been reports of them gaining access to critical information stored in computers. Earning money these days has become a grind, keeping it has become even more challenging.
PS: I am indebted to Dr Garth Rattray for educating me on the difference between STDs and STIs which I mentioned in my last column when discussing the whole business of safe sex. Thanks again, Doc.