SCENARIO:
A 10-person consulting firm sent a small team to South America to complete a client project. During their stay, an employee used a business debit card at a local ATM. A month after returning to the US, the firm received overdraft notices from their bank. They identified fraudulent withdrawals of $13,000, all originating from South America. There was an additional $1,000 overdraft fee.
ATTACK:
The criminals installed an ATM skimmer device to record card account credentials. Many false debit cards
were manufactured and used at ATMs in different cities across South America.
What is Skimming? Skimming occurs when criminals install devices on ATMs, point-of-sale (POS) terminals, fuel pumps, etc. to capture data or record
cardholders’ PINs. Criminals use the data to create fake debit or credit cards and then steal from victims’ accounts.
Knowing how the firm responded, what would you have done differently?What are some steps you think the firm could have taken to prevent this incident?Is your business susceptible? How are you going to reduce your risk?
- Font: 12 points
- Spacing: 1.5 lines
- Pages 2-3 pages or Word Count: 500-750