Developing nations pose unique problems for banks, and HSBC is no different. The old “phony ATM machine cardreader” scam that was once popular in the United States has resurfaced in the UAE. HSBC and other banks have become targets of debit card fraud. Banks in the UAE are warning their customers about increasing number ATM card frauds committed by criminal gangs who, the banks said, are using counterfeit cards to siphon off money from the accounts of original account and card holders. HSBC was one of the leading the banks and the first one to advise its customers through SMS to change their PIN numbers immediately.

It’s not like HSBC needs any more security issues or computer crashes, nor does HSBC need old scams that resurface in developing nations. However, it is part of the cost of doing business in areas where old scams get a new life thanks to unsuspecting victims. Hopefully this criminal activity will be halted soon.

Popularity: 5% [?]

No related posts.