How to be performed the ATM skimming? How to secure your ATM card from it?

General words

How is ATM card skimming? How to protect ATM skimming? Recently, ATM card skimming has increased alarmingly. So, knowing how cybercrimes happen, users can understand how to be safe from them.

What is ATM skimming? 

ATM Skimming (ATM Card Hacking) is a method that uses cyber criminals to take control of your bank account using your ATM card information. And the criminals who are involved in it are called skimmers.

How to skimming?

The schemers usually skimming using three things in three steps of skimming.

1. Skimming devices.
2. Stolen Pincode or password.
3. Using fake ATM card.

Skimming devices:

The schemers will set up their skimming devices wherever you press the ATM card at the booth's slot. This device is capable of sending information to the skimmers without being too small and no connection. The skimmer stays around the booth, and he has another receiver that can accept the data of the skimming device. When the victim punches the slot card, the small device attached to the slot will then steal all the information of the magnetic portion of the card and send it to the skimmer.

Stolen Pincode:

The skimmer has got all the information stored on your card. But you also need your Pincode to take full control of your bank account. For this reason, the schema key is placed on the keypad and placed a hidden cam in the booth. Or the keypad may have a fake keypad placed on the keypad, which will send the information you have pressed to the scheme.

Using fake ATM card:

Now the scheme will create a fake skimming card with the data from the skimming device. That's right, the job is over. Now the skimmer is able to take full control of your account using this fake credit card and PIN.

Some tips for ATM card users

1) Keep an eye on the booths. Keep in mind that Whether there are any cameras on the keyboard or not.

2) Be careful while punching the slot of the card. Please inform the bank authorities if you feel pressured to apply slots in the slot rather than normal.

3) Be careful of is the keypad unusual?

4) Cover the keypad of ATM with Keeping your hands while typing pin code or password.

5) Keep in mind that if something suspicious is connected to the card slot area.

6) If you see such suspicious, quickly inform the bank authorities and law enforcement agencies.

7) Be careful. Have safe from ATM skimming and conduct secure transactions.


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How to Make or Open an LC (Letter of Credit)?

General words of LC

In this age of globalization, almost all types of business are international trade. for most cases, customers and dealers don't know anyone. Here, the seller has a risk. To avoid this risk, international buyers want these letter of credit.

If you want to import any commodity from abroad, you must make a letter of credit through the bank. LC is the only legal way for international trade. Through the LC, merchants import and export goods from one country to another.

What needs to do LC?

(1) To make a letter of credit, a trader will first need a trade license and it must be updated.

(2) The latest audit report

(3) An IRC-Import Registration Certificate

(4) Membership certificate from the local trade chamber or related association

(5) Income tax declaration or income tax declaration for a new organization

(6) VAT registration certificate

The documents have to be collected before the application for LC.

The applicant has to collect the documents mentioned before the application forLC. There will also be some other documentation needed:

(1) LC application form also.

(2) Indent / Performance Invoice (PI) / Purchase Order / Purchase Agreement.

(3) Proper and properly executed charge documents

(4) Properly sealed and signed LC approval form (LCAF)

(5) Even Insurance notes

After collecting these papers, the documents will be submitted to the bank who is willing to do a letter of credit. Of course, there must be an account with the bank. The bank will check the papers. For this, the bank will take a few days. After all the work of LC will be informed from the bank.

LC deals with the bank

Initially, the bank will have to pay the full amount. Suppose LC Value is $ 20,000. At the bank, you have to deposit 1.6 million. However, gradually increasing the business with the bank, letter of credit should be opened with 10-20% margin. There should be some other documents with money. Such as:

3 or 4 copies of all paper (Trade license, Tin, Croce, IRC) Indent / Pi of your company. Bank Credit Report of the Company's Company Insurance Cover Note (It will be paid by showing the Indent in any insurance company)

Then the bank will give you a copy of LC. The originals will send to the supplier abroad.

How to deal with LC

For all business transactions, there are two parties, one buyer and one seller. Therefore, The transaction will be processed through LC

(1) The buyer will first contact the seller

(2) The bank will contact the bank that is willing to make LCs

(3) Send from the issued LC Bank to the Vendor Consulting Bank

(4) Vendor advisory banks will send the letter of credit documents to the vendor

(5) View the papers and tell the seller the date of the purchase. And as soon as the dealer will show all the documents dealing with the consulting bank.

(6) Send the banking bank papers to the bank in which the customer has made the letter of credit.

(7) After reviewing the papers, the letter of credit will send the clearance of the issued bank transaction to the counseling bank. And at the same time send a clearance to the buyer and Counseling banks will send a clearance to the seller.

After getting clearance, finally, the buyer-seller is ready for the transaction which supports to foreign exchange.

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