TAMIL TIGER CREDIT CARD SCAM

TAMIL TIGER CREDIT CARD SCAM
MBA 649 Presented by – Ankit Verma – (10110) Ankan Bansal – (10327095) Atul Kumar Sinha – (10327171) Himanish- ( 12125024 ) Pramod - ( 12125035 )

The case 28 ATM cards seized from Tamil Tiger agent in Chennai Withdrew over Rs. 30 lakh Amount sent to UK Caught red-handed: civilian informed police Partner of LTTE’s Thamilini, a cash and carry grocery shop in London Registration books of two cars, a cell phone and passport also recovered 2012

Not an isolated incident... LTTE accused of masterminding credit card scam in UK - 200 petrol pumps hit - 5000 cards cloned - 2007 Stolen credit card numbers used to steal $250,000 in New York - 2007 Cloning cards to fund armed campaigns in Sri Lanka Credit card frauds amounted to £ 535m in UK in 2007 In 2009, 130 million credit and debit cards stolen from Heartland Payment Systems, retailers 7-Eleven and Hannaford Brothers 2013 - Target Corporation exposed data from about 40 million credit cards

Digging deeper... How did they achieve this scam – Card cloning Skimming - copying the data held in the magnetic strip during an otherwise legitimate transaction Cloning device is concealed in the payment/ATM machine itself Phishing Data breaches

Need for Cyber Security Electronic methods being used more and more Frauds affect consumer confidence in electronic payment systems Damage to brands Identity theft - could lead to personal damage Not limited to plastic money “Cyber Crime” - $100 billion in US annually

Existing laws and measures Many laws exist to prevent cyber crimes including laws against credit card fraud In the US, federal law limits the liability of card holders to $50 in the event of theft of the actual credit card, regardless of the amount charged on the card IT Act of India 2000 - Amendments in 2006 and 2008 Merchants and card issuers should also take certain measures PAN truncation - xxxxxxx9129 Tokenization Authentication with PIN Strong authentication

Analysis Police doesn’t have proper IT skills and training to probe such cases Collaboration with foreign police is not present in most cases Database of such cyber crimes and criminals is difficult to maintain Immediate alert system is lacking

Recommendation for defence Build proper infrastructure to encounter these issues Give emphasis on quality recruitment and training in dealing with cyber crimes Collaboration and information sharing with respective authorities in different countries Maintain database of such cyber crimes and criminals Stringent Laws and precise definition of cyber crimes

Recommendation for Banking authorities Design multi level security for highly sensible data Immediate alert system for every transaction should be made mandatory Fraud detection analytics for early detection and prevention of such cases Better encryption techniques during data storage and maintenance

Self Awareness is important The case information came from a civilian who noticed a cautious act of a smuggler. Even we, individual can give alarm to prevent unethical behavior. It serves as a warning for us to be more careful about important things especially in matters of money.

THANK YOU

TAMIL TIGER CREDIT CARD SCAM