CYTT News
[11/03/2011] Security measures compromise confidential financial information
Many banks are providing incentives for their customers to sign up for the online security systems of MasterCard and Visa, which serve as an additional layer that protects card users from fraud. However, fraudsters managed to turn even these measures to their advantage and are now soliciting unsuspected card users by redirecting them to fake websites. Once online, many people are receiving email messages that seem to appear coming from Visa or MasterCard, but are in fact messages with forged headers that are sent by fraudsters, hoping to get credit card numbers, ATM PINs, and online logging details from the card users. However, according to the security experts at Visa, this is not a very common occurrence and once the fake sites are reported, they are removed quickly. On the other hand, consumers have raised a valid concern since this type of fraud might not be covered by the banks and the consumers might be liable for the losses themselves.
Even though the programs offered by Visa and MasterCard reduce the possibility of fraud they also have introduced new possibilities to criminals, who prey on unsuspected consumers. Some banks are reluctant to even look at the possibility of card, protected by MasterCard SecureCode and Verified by Visa, being used without an authorization. According to the UK Cards Association, the bank clients are protected by law and refunds should be issued promptly in similar cases, unless the bank could prove that their clients have been negligent. The two large card companies have advised their customers to sign for their security systems from within their banks’ websites, or speak to a bank clerk on location. Setting personal assurance message is another simple measure that could ensure the client that the website that he or she is using is genuine.
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