Karachi: Reported from civil hospital, by one of our reporters, that a UBL ATM card of a practicing doctor was stolen in civil hospital Karachi, today in the morning. Surprisingly there was good amount present in the ATM, the thief managed to launder 19990 rupees from the ATM card after which the owner got it blocked.
The thief was planning to make another transaction after little time, but the card was blocked few minutes earlier by the owner due to the intimated automated message of the criminal transaction that took place, which actually alerted the doctor whose card was stolen.
Moreover according to the content of the automated message by bank, the transaction was made from an electronic store named as Noman Dot Com bearing the address Sh 218 Sakhi Hassan Chowrangi Sarina Tower, Sarina, SH 218, Karachi, Pakistan.
This incident reveals serious flaws in the ATM & credit cards transaction process from departmental stores & other type of stores which do not use any method of verification except the signatures which cannot be verified right there. There is not PIN or password that is used in stores’ ATM & Credit Cards processing machines in order to minimize the magnitude of money laundering through ATM theft.
The magnitude of these incidents is increasing but the relevant authorities are not planning to implement proper protocols in order to minimize such menace of ATM theft & money laundering. Neither the banks are coming up with a solution nor is government concerned to resolve the issue.