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