Search Results for: bank

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 →

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Banks are under Attack.. Beware

Posted on December 16, 2012 by Vijayashankar Na

Security specialists have put out a grave warning about a massive Cyber attack planned against 30 major US Banks. RSA recently announced that a gang of Criminals had developed a sophisticated Trojan under a project idenitified as “Project Blitzkreig” which … Continue reading →

Posted in Bank, Information Assurance | Tagged , , , | 1 Comment

How the OTP system for Bank transactions is bypassed

Posted on December 13, 2012 by Vijayashankar Na

Dec 7: The commercial banks in India have banked heavily on the two factor system where the OTP sent through a mobile is used to authenticate the password based access. Some Banks like SBI and ICICI Bank even tried to convince … Continue reading →

Posted in Bank, Information Assurance | Tagged , , , , | 1 Comment