5 reasons your money is harder to access and easier to steal
Hands up if the password for your email account is password? Yes? You fool! I will steal your identity and all your money! What about your debit card pin number? Same as the year you were born? ? You fool! I will steal your identity and all your money! I don't suppose you use the same password to login into all your social websites, do you? You fool! I will steal your identity and etc etc.
We're meant to live our digital lives bound by a plethora of passwords that are long sequences of seemingly random numbers and letters without pattern or relevance. In reality... well, most of us can't remember a dental appointment, never mind three dozen individual ten character sequences. And then there's the medium through which we share personal data, the internet and our computer, chock full of malware, hackers and scams.
There are a lot of bad people out there who want to steal your money, and it means the world of personal banking is becoming darker and more complicated than ever before. Here's the proof:
1. Banks are planning to increase password protection for their online services: senior management at Lloyds TSB are now working under the assumption "that the vast majority of home machines are compromised" and are predicting that banks will begin to use one-use passwords, generated offline and sent to the customer by SMS or phone call. Some banks already use up to three passwords to verify users; Natwest requires a a unique customer number and randomly selected characters from both a pin number and a password.
2. There's the seemingly mandatory use of Verified by Visa being introduced by some banks. This is the third party window that pops up when making a payment online, requiring you to entire yet another password before the transaction can be completed. Problem is, there's growing concern that this system is open to phishing scams, and once details are obtained it makes it easier for thieves to make purchases online while simultaneously making it harder for consumers to deny responsibility for a fraudulent transaction.
3. There's this chap, called Chao. Doesn't he look friendly? He developed a high-quality ATM skimmer and PIN pad to covertly fix to certain models of cash machines, capturing account numbers and pin details. In this kiddie-friendly cartoon available on YouTube, Chao explains how to use a card skimmer without drawing too much attention from the public:
Ah, cute little Chao. His real name is Cagatay Evyapan, and he was captured by authorities after reportedly kidnapping and torturing a police informant. But where was the not-so-lovable rogue Chao selling his high-spec skimming devices? On DarkMarket, an online market where thousands of identity thieves, hackers and credit card swindlers traded data.
4. DarkMarket was closed down after its illegal activities had continued undetected for nearly three years. Except the authorities knew all about them; DarkMarket was a sting operation operated by the FBI. It's not unreasonable to assume that if you've been the victim of identity fraud, the FBI provided the forum within which your details were used.
5. That shifty-looking server at your local can still skim data from your card before you've finished your complimentary After 8 mint. Watch them like a hawk.