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Just now, Gaurav said:

Isn't pre-approved transactions are of small amount of 200 or 500 dhs max? Like the fuel station billing never needed a PIN...?

Not pre approved trans, its the pre approved vendors like amazon, gas station have exemption from otp verification considering their volume of business. So for them no limit is applied unless individuals set online, transfer, direct swiping transaction limits which can be done from online banking. This is what bank advised me!!!!!

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7 minutes ago, Frederic said:

Same here, lost a large sum of money last November in a matter of 15-20 seconds from the debit account (fraudulent bank transfers). No OTP ... nothing, it just was swiped off our acount. Bank blocked all our cards immediately but it took 5 months to get the money back.

Oops ...looks like this is more common than i expected. 

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12 minutes ago, Frederic said:

but it took 5 months to get the money back.

Good that you were able to recover even though you have gone thru 5 months of struggle. Just now got to know one of friend is struggling for more than a year, but on credit card.

4 minutes ago, Sunil Mathew said:

looks like this is more common than i expected. 

Happening more during this pandemic i guess!!!! Thanks to digital transformation!!!

Edited by Lakshmi Narasimhan
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1 hour ago, Lakshmi Narasimhan said:

Dear All,

Yesterday I encountered with a fraudulent transaction clean sweeping my bank balance. I never share pin, otp even with my wife. Where ever I tap in the shop I make sure I do it on my own. Still this incident happened with out even receiving OTP. Bankers say that Visa and Master cards have pre approved vendors for whom OTP is not required. Scammers take advantage if this. Banks don’t take responsibility for this to enhance the security. The only option to protect is to set a maximum transaction limit. Such crapy solution from banks running on high end tech solution. At least not to get scammed again I decided to set a limit and also advised by my friend, will maintain another account just only for shopping and topping up that account only when needed. Thought of sharing this with you all so that you can be aware and protect your hard earned money and have peace of mind rather than calling banks and visiting police station to recovery the money.

sad to hear this. Wish you all the best to get your money back soon. 

BTW may i know which bank it was.  

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1 minute ago, Rizwanm2 said:

sad to hear this. Wish you all the best to get your money back soon. 

BTW may i know which bank it was.  

DIB

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I use a wallet that blocks the RFID of the card.  One of the scams is that they approach you and scan your card while in your wallet without you knowing it.,  It will happen with the scanner in the jacket pocket.  You can be walking in the mall and the scammer will just walk by you and voila!!!!!

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2 month back, my CC was charged for about 400 aed on Uber Eats Canada, I called the bank and cancelled the card. I opened a dispute with bank and they said that they will investigate and check if the amount can be returned, but it might take up to 180 days. I spoke to Uber directly and they returned me back the money.

Another incident happened last week, in which I got a new CC from another bank, never used it before on any transaction whether POS or online, just 1 day after activating it, I got a message from Paypal with an amount being deducted. No idea how the Card number was leaked, but thanks god it was with Paypal and they usually do pre-authorization before they the payment is done. I'm convinced that this breach happened at the bank's side..

This week two of my friends also encountered similar issue, again no OTP was sent, the first amount was 3.5K deducted from an airline and the other friend got a charge or 11K from Facebook!! After doing some personal investigation from their side, they figured out that both of them purchased some Protein supplements from an online store few days before their CC got hacked. They posted the case on FB and guess what, they got 10s of replies from people mentioning the same, that they purchased from the same website and few days later their CC got hacked.

So apparently, some sites don't use secure gateway payments and the CC info gets leaked, in which hackers tend to use these CCs on Visa/Mastercard pre-approved vendors.

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Up until last year RSA insurance were using credit card number and CVC on the phone to process the transaction, the most scariest thing to get CC details in wrong hands.

Usually the companies aren't bad, but the way they handle the CC information makes me scare and run away.

If I'm using online I always check the https and padlock sign first: image.png

And then second, if they are using at least 128 bit encryption, 256 is better.

Without these two it means information is going like a notepad file that anyone can see all auth data.

The only surprising fact I learned new today was from @Alexander Alcala experience of CC hack from shopping mall visits without even using it. Really scary.

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Let's root for each other & watch each other grow.

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As a previous banker myself kindly note that these fraudulent transactions are mostly possible with someone inside the bank initiating it. Kindly file a police case and all these silly reasons for the delay in investigation by the bank is over ruled and you get your money back in a couple of days. A client of mine got scammed for 800000 AED once he got a payment for a contract on the same day without any OTP. The victim got the shock of his life when he went to withdraw money for paying out his sub contractors the next day. The bank gave him 180 days or 6 months for investigation and no guarantee of money back. He was in tears and discussed the matter with me where upon I suggested him to file a police complaint. The police arrested the scammer within hours and the money was returned to his account same day. Don't under estimate Dubai Police. They are smart and have the means and ways to help you in times of need like this. 

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It’s no surprise that cyber crime is on the rise varying between different kinds of ransomware attacks on individuals as well as large behemoth corporation despite of spending billions on their cyber defence but still proved ineffective in some occasions. FBI just announced recovery of millions of cryptocurrency that was paid in ransom to prevent shutdown of a key US pipeline company. I hope @Lakshmi Narasimhan you are not paying the price for this and the attackers are now coming after you in revenge of FBI success!

 

 

Digital transformation comes with its own set of challenges; elevating the game higher and to some extent requires compromises on privacy,  SPI guardrails, and exchange of confidential data.  Financial services fraud is equally on the rise leveraging combination of cyber security breaches due to weak security frameworks, social intelligence breaches, and unfortunately inside jobs.

I wish there is an easy answer to have a good night sleep, but unfortunately it’s a risk that we have to accept as individuals or businesses and sometime a price some of us have to sadly pay for the gains to quality of life and economy growth we all gain by embracing digital transformation. 
 

Some advises hopefully can help:

- carefully choose who you bank with and only transact (specially online) with merchants using the highest available encryption technologies to make sure your data is not vulnerable.

- Continuous change of your passwords/pin codes (every month or 2 max) is advisable and of course don’t use easy passwords or same passwords/pin across multiple platforms/cards.

- Lots of attackers are able to mimic exact replicas of very known websites/merchants that you can’t tell any difference to the original websites and they know already you know these websites, you deal with them, and your trust them.. so most people will fall for it. The trick is the URL address they send you is going to be different from the original one, if you are not paying full attention you can easily fall for it. 
- Ensure SMS notification is setup for the correct phone number you always monitor to be on top and take immediate action against any suspicious transactions.

- Stay vigilant with communication (phone, WhatsApp, emails, F2F,.. etc) as it’s found that most of the attacks starts by very “basic” social engineered phishing techniques that will not get any one suspicious until very late, but the information gathered by these techniques enable these attackers to have enough to empty your wallet sometime without leaving a single fingerprint behind!

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