Electronic fraud

Electronic usage commenced in our country about 25 years ago. Currently its usage is in all transactions communication, etc. (computer, e-mail, website, etc.). At the same time massive frauds, scandals are shaking Sri Lanka (worldwide too). These frauds are well planned in consultation with fraudulent computer experts.

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.

Material frauds have been committed at banks, finance houses, etc.

Bogus scandalous information has been circulated via media which are dangerous to the country.

There are several more authoritative cases which cannot be described due to lack of space.

ATM card, debit/credit cardholders have lost money.

Listed below are some precautions that could be observed:

Password is very valid information which has to be preserved with utmost care. At present it is not that easy to detect the password.

Do not send ATM cards through anybody though he may be trustworthy. Due to innocence or fraudulent motive this information will leak.

Do not allow anybody to stand near you watching your ATM card operation.

If the card gets struck do not obtain assistance from anybody. Please contact the company for corrective action.

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.

Please check your monthly statements without delay.

Do not enter your PIN number on the front or reverse of ATM card for convenience. It is dangerous.

Fraudulent information would be sent to you to grab the password. Usually they are ‘system to be updated,’ ‘new system is to be introduced for your benefit,’ ‘millions of money had been credited to wrong accounts,’ etc.

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 document without checking with their head office.

Hope public at large is benefited by this information.

S.R. Balachandran BSc. FCA, FCMA (Sri Lanka)