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Banks warn ATM cards skimming still high

There is no relief for bank consumers as cases of ATM card fraud in abcd seem to be rising at an alarming rate. abcd Bank sent out messages in mid-January to some of its customers asking them to hand in their cards, an indication the bank could be the latest victim of fast emerging ATM card fraud schemes.

“ATM skimming is a relatively new phenomenon in abcd. It is an industry wide matter and it is a little over one year since these cases came to the fore,” the bank added. Annual losses through fraud in the region are estimated to be around $00.00 Million (about Sh0.00 billion) according to the latest statistics by audit firm abcd. Banks say they have been upgrading their systems with more sophisticated skimming detection devises and upgrading their cards.

Most of them are moving away from the magnetic strip cards and taking up the chip and pin technology to enhance secure transactions. Most banks and payment services providers, however still hold consumers responsible for safeguarding accounts information.

ATM fraud intelligence shows fraudsters use the skimming method to trap information from unsuspecting ATM like through cleverly positioned wireless camera which captures card details entered during transaction and then transmits them to a remote device. The criminals then copy the trapped data and use it to withdraw cash from customer accounts through the ATM. The risks of card fraud are also higher now as more Kenyans are adopting the use of cards instead of cash.