The ATM fraud has sent shockwaves to all the bank who are all reviewing their machines after the Central Bank has intervened.
What worries me is why Banks wait for something like this to happen and don't constantly upgrade their machines?
Now my main concern is not ATM's but Credit card frauds, what are they doing about it? Drive by Sheikh Zayed Road and a new Platinum Credit card is the new offer from RAKBANK and today morning I saw a large display in Dubai Islamic Bank too of a similar promotion.
Some years back my photo was added onto my Standard Chartered and CitiBank credit cards which made me feel secure if i lost it.
Firstly your signature can be forged, your PIN is known to you; so cash cannot be withdrawn, however purchases can be made. If you have a photo-ID credit card; there's a good chance the Thief cannot use it.
Why don't ALL banks implement this? What's wrong?
Many banks send an SMS notification immediately as you make a credit card purchase which is a very good idea, however the message is sent after the transaction is made right? So how would it help if your card was stolen or someone had your Credit-card information?
Secondly I would recommend, adding Finger/Thumb print scanners to Visa/ Master Card machines for further security, or even more to ATMs?
At a time when the term e-banking seems outdated, which many of us never used ! it's a scary thought to put your money in a bank with e-banking facilities, someone in Russia could drain out your account and leave your penniless, how secure is e-banking really?
The Credit card is not secure as it is and many people have lost money becoz of it, can we trust e-banking?
Banks claiming to have a 128-bit encryption and all sorts of security, but Microsoft and some of the world's most protected highly encrypted servers such as Pentagon have been hit too, so these banks are peanuts for these intellectual hackers.
Here's some pointers to help you.
