Rising Cyber Fraud through Card Cloning : Global Concern in the Banking Industry

Authors

  • Satyendra Sharma  Senior Manager (IT), Cyber Crime Monitoring Cell, Fraud Risk Management Division, Head Office, Punjab National Bank, New Delhi, India
  • Prof. (Dr.) Triveni Singh  Indian Police Service, Superintendent of Police, Auraiya District, Uttar Pradesh, India

DOI:

https://doi.org//10.32628/CSEIT1838100

Keywords:

Cyber Crime, Cyber Security, Skimming, Card Cloning, Cyber Criminals, Banking, Cyber Fraud

Abstract

Nowadays, cyber crime is a serious problem in the world including banking industries wherein card cloning is the greatest concern. In various countries, banks are giving magnetic stripe card to their customers, which is not secure because card cloning of magnetic stripe card is very easy and cyber criminals can make cloned card easily using an electronic device known as skimmer. There is strong need to eliminate magnetic stripe cards from banking industries and issue chip based card to the bank customers so that their money can be secured in the banks. In this research, it is suggested that banks should use chip based card to fight against cyber fraud which happens using cloned card.

References

  1. Wesley Fenlon (November 2010) "How does ATM skimming work?" https://money.howstuffworks.com/atm-skimming.htm
  2. Max Eddy (February 2018) "How to Spot and Avoid Credit Card Skimmers" https://in.pcmag.com/software/48978/how-to-spot-and-avoid-credit-card-skimmers
  3. Margaret Rouse (January 2017) "Card Skiming" https://whatis.techtarget.com/definition/card-skimming
  4. Julia Kagen (July 2018) "Cloning" https://www.investopedia.com/terms/c/cloning.asp
  5. Michael Roland and Josef Langer "Cloning Credit Cards: A combined pre-play and downgrade attack on EMV Contactless" (2013) https://www.usenix.org/system/files/conference/woot13/woot13-roland.pdf
  6. Brandon Mercer, special agent, FBI Albany (December 2018) "Credit Card Cloners Stole Thousands" https://www.fbi.gov/news/stories/credit-card-cloners-sentenced-120318
  7. the pioneer (January 2018) Cyber Crime on rise, 3,286 cases reported in Gurugram https://www.dailypioneer.com/2018/delhi/cyber-crime-on-rise-3286-cases-reported-in-gurugram.html
  8. U.S. Secret Service (September 2018) "Secret Service Warns of Surge in ATM ‘Wiretapping’ Attacks" https://krebsonsecurity.com/2018/09/secret-service-warns-of-surge-in-atm-wiretapping-attacks
  9. Punjab National Bank (India)

IInternational Journal of Scientific Research in Computer Science, Engineering and Information Technology

Downloads

Published

2018-12-30

Issue

Volume 3, Issue 8, November-December-2018

Section

Research Articles

License

Copyright (c) IJSRCSEIT

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite

[1]
Satyendra Sharma, Prof. (Dr.) Triveni Singh, " Rising Cyber Fraud through Card Cloning : Global Concern in the Banking Industry , IInternational Journal of Scientific Research in Computer Science, Engineering and Information Technology(IJSRCSEIT), ISSN : 2456-3307, Volume 3, Issue 8, pp.357-362, November-December-2018. Available at doi : https://doi.org/10.32628/CSEIT1838100