40,000 robbed using cloned debit card

Cyber thieves have struck again. This time they managed to rob money from the account of a person at Vaikom by using a cloned debit card, and Rs 40,000 was withdrawn from an ATM in Kolkata.

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The victim came to know about the robbery when he received two SMS alerts about the transactions.

Credit/debit card cloning or 'skimming' is a technique used by fraudsters to obtain credit or debit card details using a device with a scanner. Once the card is swiped on the device, it collects the information on the card's magnetic strip and copies it to a counterfeit card.

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No fear of law, lure of lavish life drove execs to crime

Easy money, lavish lifestyle and trendy gadgets have lured professionals working in IT companies to the world of cyber crime. The recent credit card fraud cases reported from multinational companies, including WNS, Convergys and American Express, show that making quick bucks prompted the executives to take the illegal route.

Investigations revealed that a majority of the accused had never thought they would get caught........

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Radiowave could steal your card details

Millions of credit and debit card users could be "robbed by radiowave" because of a new contactless technology. Almost 20 million shoppers are now able to buy goods by simply waving their card in front of a reader at the tills, even if it is still in a wallet or a purse.

But industry experts have warned that the information emitted by the cards can be stolen by fraudsters using handheld receptors that cost as little as seven pounds on the internet.

It means cardholders - most of whom are given a contactless card automatically when their old one expires - can unknowingly surrender their personal bank details to a thief by simply walking past them in the street.

The technology in the card, known as radio frequency identification ( RFID), transmits bank details via its own radio signal, and is accepted in many High Street chains, including Co-op, Boots and Pret-a-Manger..........

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