Friday, March 1, 2024

Standard Chartered Bank warns against ATM Fraud

Last week we shared some lessons learnt from fraud cases on “how to protect your savings from fraudsters”.

We would like appeal to our customers and the public to use these lessons to protect their savings.
Rutang Moses, Head of Compliance and Assurance at Standard Chartered Bank said: “we take the security of our customers’ funds very seriously. We have controls and measures in place to ensure that our customers’ funds are safe, and we are confident that these controls work”.

This week, we look closer at the various ATM frauds that can be perpetrated.
One of the most likely frauds is when you try to utilise an ATM but you find you are having difficulty with your card.

Someone will come to your aid and likely wipe the card on their side, put it in the machine and offer to ‘try the number for you’.

They will seem helpful and non-threatening. The chances are that they will switch cards on you or clone it and use your pin.

To avoid this fraud, always protect your pin, never write it down or give it to anyone.
Always have the ATM card for your transaction ready and in your hand.

Opening your wallet or purse can be time consuming and provides a potential thief with easier access to your valuables. Do not accept help from anyone, even if they seem official.

Again, carefully cover the keypad while entering the number, and check where the security cameras are located. While many ATM have cameras, they won’t be positioned to record the keypad.

Another possible fraud is, as you approach the cash machine, a person or people dressed in the bank’s uniforms will tell you that you must swipe your card with them as the machine isn’t working.
They will swipe your card through a separate small handheld device, cloning it, and then try it in the cash machine. The card will work and they will offer to put the pin in for you or watch you do it.

Remember that even people who look like bank officials can be scammers. Bank personnel do NOT hang around outside the bank to “assist” people with ATM trouble.

If you are having trouble immediately recuperate your card and enter the branch for assistance rather than rely on other people.

Observe your ATM and familiarise yourself with how it should look. Leaflet holders and the ATM’s face can contain small cameras designed to catch your pin.

Remember there should be no loose wires, no containers or leaflet holders, and no loose fittings. Check where the security cameras are located.

While many ATMs have cameras, they won’t be positioned to record the keypad.
Your card may mysteriously get stuck and a passerby will suggest you try the pin one more time or may even offer to try it for you.

Then, having “no success” the passerby could offer to stand guard while you report it to the bank, or ask the bank officials to retrieve the card from the machine inside the bank. When you enter the branch, the so-called helpful passerby can now get the card from the machine and leaves with your pin.

Always be very wary to any offers of ‘help’ with ATM transactions, even if it appears the help is coming from a bank official.

Report anything or anyone that seems suspicious or strange about the ATM. This could include anyone offering help, trying to look over your shoulder or taking pictures in the area.
Also call the bank right away if the machine retains the card. Do not allow someone you don’t know to ‘stand guard’ while you report your card trouble in the bank.
Next week, we will share lessons learnt on Internet /Online Frauds.


Read this week's paper