Electronic usage commenced in Sri Lanka about 25 years ago. Currently, its usage is widespread in all transactions and communications (computer, e-mail, websites etc.). At the same time, massive frauds and scandals in the industry are shaking Sri Lanka and many other countries globally. These frauds are well planned in consultation with deceitful computer experts.
- Material fraud has been committed at banks, finance houses etc.
- Documents have been forged and fraudulent transactions have been carried out. Particularly, it is not that easy to identify the original documents submitted.
- Bogus certificates have been raised and unqualified people have secured jobs, income etc.
- Bogus scandalous information has been circulated via media which is dangerous for the country.
There are several more authoritative cases which cannot be described due to lack of space, and have resulted in ATM cardholders, debit and credit cardholders in losing money. Listed below are some precautions that could be observed:
- Fraudulent information could be sent to you to grab the password. Usually they state ‘system to be updated’, ‘new system is to be introduced for your benefit’, ‘millions of money had been credited to wrong accounts’ etc.
- Please check your monthly statements without delay.
- If the card gets struck, do not obtain assistance from anybody. Please contact the company for corrective action.
- Do not send ATM cards through anybody though they may be trustworthy. Due to innocence or fraudulent motives, this information will leak out.
- A password is vital information which has to be preserved with utmost care. At present, it is not that easy to detect the password.
- Do not allow anybody to stand near you watching your ATM card operation.
- When you pay your bills via credit card at hotels, shops etc., please watch whether he uses the correct bank machine. He may insert your card in a wrong machine and obtain details later.
- Do not enter your PIN number on the front or reverse of ATM card for convenience. It is dangerous.
- It is better to introduce a new password when you make online purchases. Never give information to unknown canvassers who promise attractive terms. Do not sign any documents without checking with the head office.
Hope the public at large is benefited by this information.
S.R. Balachandran BSc. FCA, FCMA (Sri Lanka)
