Search Results for: bank fraud

SBI introduces a long awaited security measure to control Card frauds

State Bank of India has been one of the Banks specially targetted by Card fraudsters for cloning and fraudulent withdrawal. A few years ago, Damodaran Committee of RBI recommended the most sensible control where by the customer should be given … Continue reading

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Unified Payment Interface makes Mobile a better tool for financial frauds

Last week, Reserve Bank of India proudly announced the launch of a “Unified Payment Interface” (UPI) hailed as the next giant leap in “Digital Payment System Innovation”. UPI is expected to make our mobiles a universal instrument for all forms … Continue reading

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The Unification of Fraud possibilities through UPI

The Unified Payment System launched by RBI on 12th April 2016 on a platform managed by National Payment Corporation of India (NPCI) poses a huge challenge to the security of public money held in Banks. As we go forward, the … Continue reading

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True Caller is abetting Cyber Frauds in India… Is it only a compromise? or Is it Recklessness?

True Caller is a reasonably popular mobile App which many mobile users in India have downloaded and installed. When the user receives a call from another True Caller user, though his name may not be in the contact list of … Continue reading

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Hidden Profits Banks are making in Failed Card settlements

When a customer uses a debit card online, the card payment is authenticated by a system of payment gateways and money transferred from the card issuing Bank to the Merchant so that the Merchant can release the service. Normally the … Continue reading

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Rs 197 crores lost by ONGC to a silly Cyber Fraud

Two years back we wrote the following posts: RBI and ECGC should consider trade remittances to Hong Kong as Highly Risky : July 14, 2013 Syndicate Bank loses Rs 1.13 crores of customer’s money: November 26, 2013 Negligence of Export Promotion … Continue reading

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