Over the last few years MOOC (Massive Online Learning Courses) have grown exponentially. Despite the challenges, with the technology and capabilities to deliver almost any type of course in a cheaper and easier way it’s no surprise people are adopting this type of learning. Sites like Lynda.com, Treehouse, Laracasts and many more seem to be household names. Typically these sites deliver courses on web, management, marketing and similar skills but it seems times are changing with the newest course on credit card fraud is now available.
Though only intended for Russian speakers, one can see the potential of such courses being available in other languages too. Details of the course were reported by Khaleej Times, a reputed UAE-based publication. The course comprises twenty lectures by five expert instructors. Further, a series of webinars and other course material are provided as are on traditional courses and setting the students back $945 for the course fees and materials.
As part of the course, students will learn about how to manipulate victims by developing rapport before going in for the blow and taking the required information such as card numbers and PINs. The fraud related to credit cards is normally extremely complicated and involves several layers of criminals before the card details are sold online. According to research by Digital Shadows, a digital risk management company, the income potential of those who complete the course is around the $12,000 mark. A huge amount for anywhere in the world, but particularly in Russia, where people don’t make that much money in a year. With high earning potential, it won’t be surprising if the course is taken up by many people despite the relatively large investment required to take the course.
On the other side, the industry loses a whopping $24 billion annually to credit card fraud and though the crime-fighting agencies and banks are extremely proactive in tackling the fraud, which is expected due to the huge losses, they seem to always be a step behind. However, it must be noted, a lot of the fraud which takes place centres around failure on a human level to identify the fraud that is taking place until it is too late. For such issues, it seems the bank and crime-fighting agencies should shift some of the focus towards educating the masses on the fraud trends and what to look out for.
What is worrying is the potential that Pakistanis could soon be victim to this too. Currently due to the low adoption and use of cards, one believes the fraud is relatively low, but as more transactions become digital and cashless, the risk factor will increase. Here’s hoping the Pakistani banks and FinTech companies start focussing on education as well as security as part of their growth strategies.