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Indian Overseas Bank abets in Cyber Cheating through negligence
Cyber Frauds are a day to day aspect of our current generation. Bankers who are the focus of any fraud cannot be ignorant of the different ways and means by which frauds are committed.
The undersigned who was a Bank trainer some time back remembers the days when in every training on Bank advances, possibility of frauds were being extensively discussed and most managers and officers were aware of frauds that could occur in different types of advances such as a pledge or a hypothecation facility. Similarly, export import officers were all conversant with frauds that may occur with fraudulent LCs, etc. ECGC ensured that no exports are consigned to certain countries unless they are backed by LCS from reputed Banks in other countries.
It appears that in the current era of Cyber banking, Bankers are either ignorant of Cyber Frauds or have become so callous that they donot care if frauds result in losses to their customers.
Cyber Crime Complaints and Resolution Assistance Center (CCC-RAC) at Bangalore has received information of another Cyber cheating case in which a Doctor has been cheated of US $ 1850 by a Nigerian firm promising a job in a sophisticated hospital at a salary of US $18500. On receiving the employment order the doctor has been asked to pay the amount towards processing of VISA etc and the same has been remitted through Indian Overseas Bank, Bangalore.
Naavi.org has been highlighting this part of Banker's negligence whenever frauds are reported in which money is remitted out of India through Banking channels. In the past Branches of ICICI Bank had been reported to have made the remittances from Tirunelveli and Delhi. Now we have been informed that a branch of Indian Overseas Bank in Bangalore has remitted US $1850 regarding the fraud mentioned above.
Bankers must realize that they have vicarious liability in case of facilitating frauds through negligence. If they have not included "Cyber Frauds" as a part of every officer training programme then the negligence extends to the training system and top management.
Probably there may be need for restructuring of Cyber Crime Police Stations in places like Bangalore where the Police station is not empowered to take cases of Cheating which fall under IPC. If required clarifications have to be made in the Information Technology Act 2000 (ITA 2000) so that "Fraudulent E-mails" are considered as a "Corruption/contamination of the information residing inside the E-mail box of an individual" so that the offence can be recognized as a Section 66 and Section 43 (ITA 2000) violation.
Naavi
October 16, 2007
