Drain your accounts

Drain your accounts

Thieves can steal your financial information,
withdraw money in your name or make large
purchases from your bank account.

Drain your accounts

What does identity theft mean?

Identity theft is the unauthorized collection of personal information and its subsequent use for criminal reasons such as to open credit cards and bank accounts, redirect mail, set up cell phone service, rent vehicles, benefit from health insurance and even get a job. These actions can mean severe consequences for the victim, who will be left with bills, charges and a damaged credit score. Identity Theft can cause financial and reputation loss leading to stress and trauma.

How your account can be drained?

1. Voice phishing
This involves crooks posing as bank staff. They collect data – account, phone and Aadhaar numbers, address and date of birth – from data vendors and call intended victims and claim that there is a problem with their account, which could be blocked, or money deducted from it. They sound convincing enough as they rattle off personal details, and often the victims reveal their user names and passwords during the call.

2. Online account hacking
In addition to bank data bought from vendors, they also use data analytics to mine more information from the victim’s social media platforms. The fraudster who wants to impersonate you hacks into your phone banking using data like your bank account number, Aadhaar number, date of birth, parents’ name, home address, etc. They use tools that make detection of cyber fraud difficult.

3. Card cloning
The third kind of scam involves card skimming or card cloning. Most such frauds are reported from ATMs. First the fraudsters identify unattended ATMs and plant cloning devices. These devices can copy bank data stored in debit or credit cards and make duplicates with the data.
Scamsters are known to install cameras in ATMs to capture the PIN you are entering. Though less frequent, skimming can happen at merchant outlets also, especially in a restaurant where your credit card is taken away from you for a few minutes. A rogue staff member can steal your data using hand-held skimming devices. Identity thieves in this manner can leave the cardholder with severe financial loss.