OVER VIEW OF BANKING FRAUDS SK.MASTAN VALI, B.COM, LLB, MCA ADVOCATE, HIGH COURT OF A.P., HYD

TYPES OF BANK FRAUDS FRAUDS ON-LINE (IDENTITY THEFT) OFF-LINE Theft of mail passwords Theft of Debit Credit card passwords Theft of cheque books ON-LINE Phishing or spooling Requests via fake emails, websites, pop-up windows

BANK FRAUDS - PHISHING REQUEST FOR FOLLOWING INFO PHISHING MEANS Send fake email msg requesting updation of details REQUEST FOR FOLLOWING INFO PIN Number Internet Banking Password Bank A/c No, Debit Card No., Credit Card No. Other verification parameters, like; your date of birth, mother's maiden name etc.

BANK FRAUDS – COUNTERFEIT WEBSITES Direct to fake website id and if you enter details of your original login, they commit theft of the same Request information with a plea of updation of information through fake email ids After stealing your credential data, they will send a expire page to divert attention This type of fraud is called 4-1-9 scam since 4-1-9 is the section of Nizerian Penal Code

BANK FRAUDS – MOST COMMON FORMS ON-LINE BAITS Offer of disbursement of money from wills Contract frauds ( purchase of goods and services) Purchase of real estate in other cities Transfer of funds from over-invoiced contracts

BANK FRAUDS – MOST COMMON FORMS ON-LINE BAITS There is always a sense of urgency There are many foreign-looking documents Often bank letterheads and account numbers are requested There is variety or processing fee or bribes that must be paid

BANK FRAUDS – MODUS OPERANDI They use the stolen details to submit request to change mobile number Transfer the amount to another victims whose credential have been stolen and withdraw from it

BANK FRAUDS – PRECAUTIONS Before login – verify whether address of website starts with ----https:// or not https – means secured Verify whether ‘lock’ icon is shown on bottom or not. Tools-Internet Options-General-Delete Files at Temporary Internet files. After transaction, clear the cashe and close the windows If you suspect theft of passwords or details, immediately change the passwords and other details

INVESTIGATION OF CASES

INVESTIGATION SEIZE THE SUSPECTED COMPUTER KNOW THE IP ADDRESS OF THE ACCUSED VERIFY THE AUDIT TRAILS OF THE SYSTEM VERIFY THE BANK ACCOUNT STATEMENT OF THE VICTIM TRACE THE ADDRESS OF TRANSFEREE ACCOUNT