Credit, debit card frauds and how you can avoid them

On 19 October, the country woke up to a banking nightmare. The State Bank of India (SBI) blocked 6 lakh debit cards after a reported malware-related breach in a non-SBI ATM network. In what is possibly India’s largest financial data breach, nearly 32 lakh debit cards across 19 banks, including HDFC Bank, ICICI Bank and Axis Bank, were compromised. As per the National Payments Corporation of India (NPCI), 90 ATMs were impacted and at least 641 customers lost Rs 1.3 crore in fraudulent transactions.

Even as the council of Payment Card Industry Data Security Standard (PCI-DSS), an international body that sets data security standards, has ordered a forensic audit, banks have advised their customers to change PINs and confine themselves to own bank ATMs. The customers, meanwhile, are worried about how secure their debit and credit cards really are.

It’s a justified concern, considering that nearly 2.59 crore credit cards issued by 56 banks had a transaction worth Rs 24,341 crore via points of sale (POS) and Rs 202 crore through ATMs, while 69.72 crore debit cards registered transactions worth Rs 2.19 lakh crore through ATMs and Rs 17,100 crore via POS in July 2016. This is a fortune that fraudsters are waiting to tap into through several, ready loopholes. “Banks are definitely revisiting their network security by applying additional layers of security to prevent any compromise,” says Rajiv Anand, Executive Director, Axis Bank.

Even as the RBI and banks are trying to stay one step ahead by introducing several security features, including chip-based cards and two-factor authentication, customers need to take the initiative to prevent being conned. We list here the various ways that cards, credit and debit, can be used to commit fraud and steps you can take to steer clear of these.

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Why the White House Wants to Spend $19 Billion on Cyber-Security

President Obama has earmarked $19 billion to fund his Cybersecurity National Action Plan to improve cyber-security. Here are some of the key components of the plan.

Some people who care about Web security may have been aware that Feb. 9 was proclaimed Safer Internet Day. The observance, which was organized by the European public-awareness organization Insafe, centers on promoting safe and responsible use of online technology. To celebrate Safer Internet Day, President Barack Obama on Feb. 9 announced the Cybersecurity National Action Plan. The plan, which includes the development of a cyber-security commission, as well as new rules for how the government must safeguard against online attacks, is also focused on creating new ways for consumers and companies to enhance their online security. To prove that he's serious about improving the nation's cyber-security, Obama has earmarked $19 billion to fund the program in the $4.1 trillion federal budget proposal he sent Congress on Feb. 9. This slide show focuses on some of the Cybersecurity National Action Plan's key components that Obama said is intended to "ensure our prosperity and security online for the generations to come."

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8 tips to improve cyber security in the New Year

More of the same for 2015 in the security landscape: While we can—and certainly will—leverage cutting-edge technology to address new threats, we can—and must—leverage human behavior and best practices as a means for shoring defenses. Let’s take a look at some ways organizations can minimize risks.

Practice Good Cyber Hygiene.

Count: Know what’s connected to and running on your network.

Configure: Implement key security settings to help protect your systems.

Control: Limit and manage those who have admin privileges to change, bypass, or override your security settings.

Patch: Regularly update all apps, software and operating systems.

Repeat: Regularize the top priorities.

Address the human factor.

Recognize the power of collaboration.

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