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ATM fraud: How to withdraw cash, but keep bank balance intact
Since automated teller machines (ATMs) made their grand entrance in the country, scams like the matchstick trick, glue stick trick, thermo-cam trick, skimmer trick, shoulder surfing trick, sleek trick at pouch, and sleek trick at the cash dispenser unit began surfacing as conmen used all kinds of methods to obtain cash fraudulently from the machines.
However, these tricks are old hat when compared to the latest ATM fraud that has taken Bengaluru by storm due to its ingeniously effortless technique.
So simple is the plot that it could have been lifted straight from a Hollywood flick: 15 employees of a country's leading cash management and ATM operations firm found a way to hoodwink the servers of a nationalized public bank repeatedly and committed brazen fraud from inside various ATMs across the city, right under the nose of the security guards and CCTV cameras.
Over a period of four months, these employees — some present and some former — swindled the bank of Rs 5.91 lakh, but the total fraud committed — including by various other groups of unknown persons — is reported to be a whopping Rs 66.58 lakh.
But this figure pertains to just one bank; it is likely that many more banks have been swindled through a similar modus operandi.
In that case, the fraud amount could be many times over.
The deputy manager of CMS Info Systems Private Limited (Securitas Division) in Cooke Town, Shankar Pawar, recently filed a complaint with the East division police accusing 15 of the firm's own employees of being involved in a large-scale fraud that took place in Corporation Bank ATMs across Bengaluru between mid-April and early September this year.
The police are yet to arrest the accused, and the case has been handed over to the Central Crime Branch's Fraud and Misappropriation Squad.
The modus operandi used by the fraudsters required scrupulous precision during execution but was deviously simple in nature. Known as the 'exit shutter manipulation fraud', the accused would boldly enter an ATM kiosk and insert their card.
Once the PIN and requested amount had been keyed in, the machine would authenticate the card and account, and the process of cash dispensation would begin.
Read more from here
ATM fraud: How to withdraw cash, but keep bank balance intact - The Times of India
Since automated teller machines (ATMs) made their grand entrance in the country, scams like the matchstick trick, glue stick trick, thermo-cam trick, skimmer trick, shoulder surfing trick, sleek trick at pouch, and sleek trick at the cash dispenser unit began surfacing as conmen used all kinds of methods to obtain cash fraudulently from the machines.
However, these tricks are old hat when compared to the latest ATM fraud that has taken Bengaluru by storm due to its ingeniously effortless technique.
So simple is the plot that it could have been lifted straight from a Hollywood flick: 15 employees of a country's leading cash management and ATM operations firm found a way to hoodwink the servers of a nationalized public bank repeatedly and committed brazen fraud from inside various ATMs across the city, right under the nose of the security guards and CCTV cameras.
Over a period of four months, these employees — some present and some former — swindled the bank of Rs 5.91 lakh, but the total fraud committed — including by various other groups of unknown persons — is reported to be a whopping Rs 66.58 lakh.
But this figure pertains to just one bank; it is likely that many more banks have been swindled through a similar modus operandi.
In that case, the fraud amount could be many times over.
The deputy manager of CMS Info Systems Private Limited (Securitas Division) in Cooke Town, Shankar Pawar, recently filed a complaint with the East division police accusing 15 of the firm's own employees of being involved in a large-scale fraud that took place in Corporation Bank ATMs across Bengaluru between mid-April and early September this year.
The police are yet to arrest the accused, and the case has been handed over to the Central Crime Branch's Fraud and Misappropriation Squad.
The modus operandi used by the fraudsters required scrupulous precision during execution but was deviously simple in nature. Known as the 'exit shutter manipulation fraud', the accused would boldly enter an ATM kiosk and insert their card.
Once the PIN and requested amount had been keyed in, the machine would authenticate the card and account, and the process of cash dispensation would begin.
Read more from here
ATM fraud: How to withdraw cash, but keep bank balance intact - The Times of India
