Credit card fraudsters are increasingly using technology to steal credit card numbers and personal identities, says Visa International.
Neil Hawkey, Visa International Africa risk management VP, says organised fraud crime gangs typically have a high level of technical expertise. "Often these criminals know more about the technology used in the banking industry than bank employees," he says.
Hawkey`s comments come within a week of news that the US Secret Service has arrested 28 people from seven countries in connection with identity theft, computer fraud, credit card fraud and conspiracy.
The suspects are alleged to have trafficked in at least 1.7 million stolen credit card numbers and financial institutions have estimated their losses associated with the suspects to be over $4.3 million.
Hawkey says in addition to a high level of expertise in encryption and other security technologies, these criminals are assisted by the increasing availability of relatively inexpensive electronic spying devices. "Such wireless gadgets enable them to link information from card-reading devices with PIN code entries monitored on hidden spy cameras," he explains.
"Online crime is also more sophisticated, with criminals being able to replicate legitimate banking and e-commerce sites to dupe people into entering their PIN numbers and other information.
"There is nothing new about phishing, it`s merely an old fraud technique in a new guise. However, people can guard against Web- and e-mail-based phishing attempts by bearing in mind that no bank will ever ask customers to divulge PIN numbers and ignoring all unsolicited communication," he advises.
Hawkey says although fraudsters are becoming increasingly hi-tech, people can still protect themselves by using common sense and reporting any suspicious devices attached to ATMs, not sharing personal information, and making sure they know who they are dealing with at all times.
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