ATM Theft, Overseas Fraud and Things to Consider

ATM Theft, Overseas Fraud and Things to Consider


Recently, some Chinese tried to steal using ATMs in Nepal. The scam involved NEPS directly contacting VISA without transacting in the customer’s account and by transferring about Rs. Although there was no direct loss to the customers after the withdrawal

Until now, NEPS members have not been able to withdraw money from ATMs of any other bank except the ATMs of their banks. Customers who went abroad with the cards still faced problems.

All VISA transactions through the switch of VISA ‘s four networks Nabil Bank, Himalayan Bank and Investment Bank are still going on while VISA cards issued through NEPS switch are running only at their bank ‘s ATM .

The investigating team that came for the forensic report has returned with the preliminary report. In which no specific cause has been found. It takes 90 days to complete the report . Until then, VISA will not give access to the switch of NEPS in the current situation , so NEPS has taken hardware for alternative switch , software and networking , and today, NEPS is able to migrate the data to the new network . With VISAWith authentication , the cards will be restored soon .

It is not necessary to present or create negative perception regarding card and banking regarding this incident but it is important to be careful. There are so many such incidents abroad. Such as:

  • In the UK, 32,000 counterfeit credit cards were made and the equivalent of Rs 2.5 billion was swindled in 2000 . 2. Anup Patel, a computer science student, stole data of 20,000 cards and paid Rs. Withdrew more than Rs 36 crore.
  • By sending malware to Taret , hackers managed to get all the information of about 70 million cards in 2013 . The loss was equivalent to Rs 2.3 trillion.
  • Hacked TJX ‘s system and stole Rs 1.1 trillion using about 40 million cards. The company did not use firewall , so hackers easily broke into the system . 5. Hackers broke into the system of Best Western Hotel chain and stole around Rs 4.5 trillion.

Thus, the loss of fraud in Nepal is much less than the frauds amounting to billions and trillions of rupees annually abroad and the thieves were immediately detected and taken into custody by the police. So far, a total of Rs . 37 million has been initially estimated to have been stolen and about Rs . The 24-hour monitoring system of the banks, the vigilance of the bank officials in suspicious transactions even on holidays and the immediate action of the police did not cause much damage.

The following are some of the points that need to be discussed:

  • Banks need to be more vigilant about the security and upgrade of the card and IT system. 
  • Banks need to spend more on capital budgeting for the security and upgrade of their hardware, software and servers.
  • Security had to be ensured by audit and system review of ATM, Card and IT system. 
  • The RMC and BOD should also have a detailed discussion on the status of IT and Card, possible risks and measures to be taken.
  • Physical security may need to be added to ATMs. Instead of having to spend the ATMs of the bank in one place as much as possible , the customer can have access to the ATM at any bank free of cost . And the credit of the card still grows. 
  • With the use of technology, the risk also increases. We have all the technology and payment system in the show and competition You can take it and try to use it as cheaply as possible. Adequate discussion and analysis of its risks is essential.
  • Nowadays Nepali banks have introduced internationally valid credit cards , prepaid cards, so it is necessary to plan after much discussion regarding internal control system, regular reconciliation, IT and system audit . 
  • There needs to be a lot of discussion and improvement in the security of the system, access, IT personal and training of the employees working in IT and Card as well as their role checking .
  • Awareness to customers and other device users connected to the cardIt seems to have to be increased.

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