tamil tiger credit card scam spreads to chennai, india

Report
MBA 649
Presented by –
Ankit Verma – (10110)
Ankan Bansal – (10327095)
Atul Kumar Sinha – (10327171)
Himanish - ( 12125024 )
Pramod - ( 12125035 )
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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
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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
How did they achieve this scam –
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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
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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
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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
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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
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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
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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
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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

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