Search Results for: bank

Bankers try to mislead credit card customers

Posted on February 7, 2013 by Vijayashankar Na

Earlier in the day today, Times of India first reported the arrest of 5 Indians in USA in connection with the US$ 200 million credit card fraud. Immediately thereafter there was a second report in TOI itself attributing the growth … Continue reading →

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Rs 1 Crore lost by executive in Mumbai Bank fraud

Posted on February 2, 2013 by Vijayashankar Na

In one of the larger Bank frauds of recent times, an executive in Mumbai has lost Rs 1 crore through a series of fraudulent transactions in his Bank account. The transactions occurred through 12 RTGS debits within a space of … Continue reading →

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RBI’s responsibility in preventing Aadhar Misuse for Bank Frauds

Posted on January 22, 2013 by Vijayashankar Na

I refer to the news report in Midday indicating a new modus operandi in the commission of a Bank fraud in India. This fraud has been committed as a combination of “Phishing”, “Security lapses at the victim’s Bank”, “Compromise of KYC by … Continue reading →

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Donot link Aadhar to your Bank account

Posted on January 22, 2013 by Vijayashankar Na

I observed during the Aadhar registration process in Bangalore that by default the registrar was encouraging registrants to link their Bank accounts to the Aadhar application. Risk associated with such process has been highlighted by the fraud reported in Midday … Continue reading →

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Bank fraud of 1.05 crores

Posted on December 27, 2012 by Vijayashankar Na

In an interesting fraud a Mumbai based cooperative bank found that Rs 1.05 crores was fraudulently transferred out of its account with another public sector bank by fraudulent RTGS transfers. TOI report The amount has been transferred to 12 different … Continue reading →

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Banks Should Report Data Breach Incidents

Posted on December 19, 2012 by Vijayashankar Na

European Union is considering mandatory data breach notification by Banks and other critical infrastructure services. A draft proposal to this effect is under consideration. At present one of the hindrances to Cyber Crime Insurance is the lack of adequate information … Continue reading →