Bloomberg says: Identity Theft Fraud Falls 34%, Victims Pay More (8-Feb-2011)


Identity theft fraud fell 34 percent last year to $37 billion, the lowest since Javelin Strategy & Research began tracking data in 2003.

About 8.1 million identities were stolen in 2010, the fewest since 2007, according to a Javelin study released today. Out-of-pocket costs to victims rose to $631 in 2010 from $387 in 2009, according to the Pleasanton, California-based market- research firm.

Image representing Bloomberg as depicted in Cr...

Image via CrunchBase

“There are fewer cases of identity fraud than there were in previous years. The bad news is there’s more consumer cost,” said James Van Dyke, Javelin’s president and founder. “That’s really due to a shift in the types of fraud.”

Debit-card fraud accounted for 36 percent of crimes committed with cards already in circulation in 2010, up from 26 percent in 2009. Debit-card fraud is generally more expensive for consumers than credit card because zero-liability policies, which protect consumers from losses if their cards are stolen, are less common for debit cards, according to the study.

“There’s been a shift from credit to debit in all kinds of transactions, and unfortunately as you have more debit transactions you have more debit fraud,” said Van Dyke.

New-account fraud, in which a criminal opens an account in the individual’s name rather than exploiting an existing account, also contributed to the rise in costs. Out-of-pocket losses for consumers on new-account fraud averaged $1,267 in 2010, up from $787 in 2009.

Consumer Education

Better consumer education and the success of systems that monitor customer accounts for unusual activity have helped to reduce fraud rates and losses, according to Erik Stein, a vice president of Brookfield, Wisconsin-based Fiserv, a financial services technology company and a sponsor of the survey.

High-income households, or ones earning $150,000 or more a year, had the highest fraud rate of 7.3 percent compared with an average of 3.5 percent across all income levels, the study said.

Consumers should regularly check their free credit reports and monitor their bank and credit-card statements for unfamiliar charges, said Linda Sherry, a spokeswoman for Consumer Action.

“I’m always amazed when I hear from people who don’t read their credit-card statement, they just pay the bill,” said Sherry, who is based in Washington. “If they don’t catch something right away it can be an endless torment.”

Opinion Access Corp., a Long Island City, New York, research firm, surveyed 5,004 people by phone between September 2010 and November 2010 on behalf of Javelin.

To contact the reporter on this story: Elizabeth Ody in New York eody@bloomberg.net

To contact the editor responsible for this story: Rick Levinson at rlevinson2@bloomberg.net.

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Social purchases turned into Conversations @ www.swipely.com


We turn purchases into conversations

It was really interesting to read about www.swipely.com today in the magazine THE ECONOMIST.

Its amazing to know, as to what extent socialising networks can be influential these days. Swieply sounds like an amazing idea, which, I’m sure won’t take much time to grow beyond the imagination.

Our heartiest Congratulations for Swipely Team efforts in cultivating this amazing concept.

Well, while searching for the actual SWIPELY website, I noticed certain flaws which could hamper away a large number of visitors. I’m sure my suggestion will certainly add value to their business line. There could be potential process Risk which needs to be evaluated on a timely basis for optimal concept output.

Please feel free to comment with your inputs to improve this concept further :-

Screenshot- webpage http://www.swipely.com

e-promotion by ICICI Bank against Phishing mails !!


Kindly make a note of Phishing mails that can hack into your precious bank / Monetary accounts & fetch-out free money.

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I myself had received such mailers from IDBI Bank asking for personal banking details. On the follow-up with Bank’s Top  officials over mail, it was found that the respective hacking bug was blocked & de-activated.

Here are a few Forensic Triggers mention in the web-poster of ICICI Bank, which is pretty much enlightening.

  • The email ID domain might appear to be Bank name / familiar company / friend’s ID.
  • On moving  the cursor onto the sender’s address, it would reveal mis-matching characters in the URL.
  • The padlock (Security protection) icon would be missing.
  • Generally, mailer will mention the urgent step-by-step action required in order to avoid shut-down of account.
  • It will ask for secret information like user ID, passwords, PINs, CVV number, Credit/Debit Card number, vbyv passcode details, etc.

    Money going e-line

    Phishing Mail

 
 
  Dear Customer, You must have heard of ‘Phishing’ ! It is a trap laid by fraudsters through e-mail. If you reply to the e-mail, you might be ‘phished’ of your confidential banking/credit-card details and end up losing your hard-earned money.

The way to protect yourself against phishing is to identify a phishing e-mail. If you suspect an e-mail to be a phishing attempt, forward it to antiphishing@icicibank.com, and delete from your mailbox. Do not respond to such mails.

 
     
 
 
 
For more details on Phishing, please click here.
 
  Sincerely,
ICICI Bank Ltd.
   
 
epromotion against PHISHING by icici Bank

p.s. – Original structure is modified as to suit the formatting.

 

 

Chinese national held in credit card fraud


CHENNAI: The police on Wednesday arrested a Singapore-based Chinese national for using a fake credit card to buy gold jewels from a shop in Purasawalkam.

According to the police, T Tan Koh Yu (28) was nabbed from a mansion in Vepery and four fake credit cards and two mobile phones recovered. Inquiries revealed that he had bought the fake cards from a person in Singapore.

Chinese national held in credit card fraud

Chinese national held in credit card fraud

On Wednesday, the police said, Tan went to a shop in Purasawalkam, ordered a jewel and paid with a Bangladeshi credit card. When the card was rejected for insufficient funds, officials at the private bank that issued the card contacted the person whose name was on it. The latter said he indeed possessed the card and that he had never been to Chennai. The officials then realised the card had been cloned and informed the police. The latter registered a case, conducted investigations and nabbed the Chinese national. He was later remanded in judicial custody.

The police, meanwhile, have suggested to shop-keepers in the city ways to avoid falling prey to such fraudsters. “Whenever, purchases exceed a certain limit, customers can be asked to produce another document as proof of identity. The cashiers in the counters should check the identity of the person as well as their signature,” city police commissioner T Rajendran said.

“We have come to know that most of the fake credit cards seized in recent days have been bought in Malaysia and brought here through ‘kuruvis’ (couriers). The kingpin could be operating from Malaysia where the fake credit cards are being cloned,” a senior police officer.

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