Monday, April 14, 2014

Spine Chilling Incidents of online Banking Fraud

A bank transfers money twice based on instructions from a hacked gmail account; Fraudster de-activates victim’s SIM card and transfers funds from bank so the victim doesn’t get SMS alerts; while another customer doesn’t get SMS alerts because the fraudster manages to change the mobile number in bank’s KYC document. Here are three live cases and what to do to keep yourself safe from such frauds

Online frauds, specifically in the field of online banking and credit cards are at an all time rise. Here again, the smaller, sub-`1 Lakh frauds hardly get any respite. And the key reason why victims don't get any justice is because of lower literacy amongst bankers with regards to various remedies available and the unduly trust that customers have toward their bankers. "As per information available with RBI, the total monetary loss suffered by Indians (as reported to RBI) is `54 crore during the year 2013-14 (up to September 30, 2013) and the amount of monetary loss in the cases registered by the CBI is `48.49 crore (up to November 30, 2013)", said Milind Deora, the Minister of State for Communications and IT, in a written reply to Rajya Sabha.