Card Scimming on the rise yet again

Posted on April 9, 2012 Updated on April 10, 2012

Today yet another report that consumers using debit and creditcards at ATM’s are still being scammed. This is a continuation of an incident reported two weeks ago where as much as $1 million had been scammed from ANZ customers. This is more common than reported, one underlying problem is that Bank account details are stored on cards or Bank mobile apps providing a directlink to them.  The scam indicates that either a camera device or cardreader is being used at ATM’s or in fact anywhere a swipecard can be used. However it may be a case that in fact the Bank security systems are not robust enough or are capable of addressing the multi-million dollar theft problem.  Paybuytext EWallet application offer another tier of security by trading value in “virtual credits” , online and mobile payments that provide real-time receipting to cellphones for all transactions including any attempted “unauthorised usage.” TVNZ reported the incident involving ANZ customers and is reporting the recent scams at the moment. The statements reported by Mr Bill Farmer of Mako Networks seem to be directed at Merchants or online transactioning however most reported card scamming is done through ATM’s or in card swipe readers. This is certainly the highest incidence reported. Creditcard fraud online is rare as such because of the high security requirements and advanced technology used. Usually creditcard holders are “tricked” or “duped” into buying something only to find out later it is not what they thought it was or simply is not delivered. It is understood that four persons have been charged with the debitcard scams.