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ATM Fraud: Tech tricks
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| 13/07/2012 02:34 PM |
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While genuine customers are made to run around for opening new accounts, banks continue to encourage dubious accounts knowing fully well that they are used to launder black money
A bunch of tech-savvy thieves has been exploiting a design flaw in the working of automated teller machines (ATMs) to pull out a few crore rupees from bank ATMs in Punjab and Kerala since 2010, said a report in The Economic Times recently. The modus operandi of the ‘transaction reversal’ fraud is ridiculously simple. ATM machines are apparently not designed to count currency notes that are retracted if the depositor ...
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