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The growing threat of cyber-fraud

Credit Card Scams

The growing threat of cyber-fraud

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PUBLISHED
May 08, 2022


KARACHI:

A major case of cybercrime engulfed Pakistan’s financial hub of Karachi recently. A debit card scam that targeted several consumers of three private banks emerged right before Eidul Fitr, prompting complaints with the Federal Investigation Agency’s (FIA) Cybercrime Unit of strange financial activities.

Hundreds of customers of one of Pakistan’s largest banks reported that they had lost money over the previous few days due to a technical fault with the bank’s services. The targeted customers also said were left in the dark about certain bank transfers, bill payments, and online purchases that were notified to them without their knowledge or approval. The bank’s staff informed the irate clients that their services were experiencing problems and that the bank was working hard to resolve the problems. Customers also stated that their cards had been momentarily disabled.

As the complaints piled up, debit card fraud was suggested as a likely explanation for the shady transactions. This particular type of fraud is committed by robbing and modifying ATMs so that they replicate debit card information whenever a user enters their card into the machine. The card’s key pins are also taken using key loggers, and the cards are then utilised on the Internet.

Overseas thieves utilised compromised data from many debit cards to execute fraudulent financial transactions in foreign currencies to steal from a leading bank in Pakistan that offers…

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