Ashok Kumar, additional director-general in charge of economic offences prevention, government of India, said officials often left behind files opened with passwords when they took a break.
Coming down heavily on other safety loopholes in banking networks as well, Kumar said there had been a series of economic crimes in different sectors in the country in the recent past.
According to crime data compiled by the criminology department of the University of Madras, 400 bank fraud cases were reported in Tamil Nadu during 2006-11.
Of these, 322 were in Chennai. However, the number of cases came down from 77 in 2006 to 47 in 2011.
Leading institutions, including the Bank of Baroda, Canara Bank, ICICI, Indian Bank, Indian Overseas Bank, State Bank of India, Syndicate Bank and the Union Bank of India, have reported a considerable number of banking frauds. V Rajendran, a senior advocate and cyber law consultant, said new generation banks were at high risk of such frauds.
Experts also said that more than a decade since electronic data services were introduced, no electronic record maintenance policy was in place. "When we seek data of a particular account or a series of transactions from new generation banks, they are unable to do so, citing a variety of reasons," said a senior CBI officer.
While most countries have an electronic communication act and data privacy act to deal with online frauds and ensure the safety of the customer, here everything comes under an Information Technology Act unable to handle new forms of white collar crimes, some said.
"Regulatory mechanisms, including data-record maintenance policies suggested by the RBI are not being followed by many banks, making investigation of bank frauds difficult," said a senior police officer of the economic offences wing.
Bank warns of 'potential phone scam'
CAPE GIRARDEAU, MO (KFVS) -
A local bank is warning their customers and others about a widespread potential telephone scam happening in the Heartland.
According to The Bank of Missouri, the "potential widespread phishing scam" involves someone claiming to be with The Bank of Missouri and it involves many other local and national banks.
Officials with The Bank of Missouri say they have received hundreds of reports from both customers and non-customers who have received an automated telephone message.
The message allegedly states that their Bank of Missouri, or other local bank's, debit card has been blocked and advises the customer to press "1" to unblock the card.
Officials with The Bank of Missouri say the calls are not coming from The Bank of Missouri or The Bank of Missouri's Fraud Detection program or any other local bank.
The telephone numbers being reported are 1-866-766-1257 and 1-000-999-8888.
Officials say don't press "1" as the message instructs.
The Bank of Missouri wants everyone to be assured that their debit card has not been blocked and also reminds that protection and security of customers' financial information is a priority.
The bank wants to reassure everyone that if you hold an account with The Bank of Missouri it has not been hacked, tampered with or accessed in any unauthorized manner. Your account and debit card information are safe provided that you did not give out any of your account information over the phone when prompted.
If you do not bank with The Bank of Missouri, you are encouraged to contact your bank with any questions or concerns about the safety of your account information. In the event that you did press "1" and entered any of your debit card information, you should call your bank immediately so that any fraudulent activity on your debit card can be prevented.
The Bank of Missouri says they will never ask for your account or debit card information in this manner.
If you are a Bank of Missouri customer, you can call the bank at 1-888-547-6541 to confirm the validity of the source before giving out your information.
For more information on this scam and for preventing identity theft visit The Bank of Missouri's
Fraud, Money Laundering and Narcotics. Impunity of the Banking Giants. No Prosecution of HSBC
n another shameful decision by the US Department of Justice, earlier this month federal prosecutors reached a deferred prosecution agreement (DPA) with UK banking giant HSBC, Europe’s largest bank.
Shameful perhaps, but entirely predictable. After all, in an era characterized by economic collapse owing to gross criminality by leading financial actors, policy decisions and the legal environment framing those decisions have been shaped by oligarchs who quite literally have “captured” the state.
No comments:
Post a Comment