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Tom Muleya Fraud Insight
In this era of technological advancement, it is even becoming more critical to safeguard personal and financial information as card cloners are becoming a serious economic threat.
Card cloning is a big global problem and the global loss in the last five years may be estimated at US$300 billion.
In our local context, card cloning is also a big challenge like elsewhere in the global village. The losses due to card cloning in the period 2020 to 2021, that is, for the past two years is estimated to be more than $41 million.
While statistics show that card cloning cases have dropped significantly in year 2022 as Police through its Commercial Crime Division have managed to detect and arrest criminal syndicates in these scams, what is however worrying is that the cloners are now targeting those people with “fat accounts”.
According to cases currently under investigation, losses from $100 000 to over $1 Million have been incurred.
This then calls for all people with huge sums of money in their bank accounts to ensure water tight measures to protect their money.
Card cloners prey on their victims once they acquire victim’s personal information either through hacking, identity theft, disclosure of particulars to third parties, and through lost particulars.
Once you lose personal bank particulars, quickly report to the Police, and also to your bank, you may never know, your particulars may be in possession of the card Cloner.
Let me pose a question here: Do you have money in your bank account? If the answer is yes, so you are at risk. If you have a fat account, then more security measures are required from you to safeguard your money. In light of that, I suggest the following measures to prevent or minimise the chances of falling victim to card cloners;
- When you accidental lose your personal information such as bank details, and mobile phone containing personal sensitive information, quickly report to the police, the bank and mobile service provider.
- Make sure you keep reasonable distance between you and the next person either in front or behind you when in the queue to the point of sale, and or at bank ATM.
- Ensure that you keep your card securely and never expose the card numbers and PIN lest your attacker may capture them.
- Treat any person whom you don’t know as a potential threat when performing a financial transaction.
- Ensure that you shield your PIN as you enter it on the POS machine.
- When someone unreasonably places themselves so close to you, don’t hesitate to tell them to keep distance and cleverly watch their actions and discern their motive.
- When doing online transactions, ensure to take all precautionary measures to avoid hacking.
Watch out for card cloners when shopping or performing a transaction at the Bank and avoid being a victim to cyber card cloning fraudsters. Get empowered by Fraud Insight and be part of a solution to card cloning.
For your feedback, WhatsApp line: 0772 764 043, or e-mail:[email protected]. Tom Muleya is a Detective Assistant Inspector working under the Criminal Investigations Department. Harare. He is also a member of the National Cyber Security Taskforce, Zimbabwe.
Online Reporter