Banks under attack

By Nagaland Post | Publish Date: 11/7/2019 11:58:13 AM IST

 Fraudsters succeed in cheating people because there will always be gullible prey willing to throw caution to the winds for the sake of money. In India, as per the latest Reserve Bank of India (RBI) data, an unprecedented 6,801 frauds, totalling Rs 71,500 crore, were detected in FY19. That amounts to a 15% rise in volume and 80% climb in value from 2018. The report about unsuspecting or even willing prey in Dimapur who literally “sold /auctioned” their bank accounts to conmen with promise of getting Rs.15,000 credited into their accounts. After the Personal Identify Number (PIN) in the debit card was generated through the registered mobile number provided in the bank application form, the conmen then destroyed the SIM card. It is not known whether the conmen, reportedly from north India and mostly from New Delhi, posed as bank officials or as agents of some companies etc. Police FIR files at Bank of Baroda, Dimapur branch indicated that over 80% of fraud accounts were opened by local housewives and the amount deposited in all accounts was Rs 15,000 each. The conmen used the bank accounts opened in Dimapur, for receiving money from other victims who deposited huge sums to earn money through various attractive schemes including commission for getting job placements. Once money has been deposited into the accounts, the conmen siphon the money and then freeze the accounts. The scam came to light when FIRs were filed by other victims who were defrauded of huge sums of money by the conmen. Police investigation will nevertheless, require questioning of those who had sold their bank accounts to the yet unidentified fraudsters. Bank frauds have become a major threat to the financial institutions especially after the advent of online and internet banking. Among the most common modus operandi of the fraudsters, is dial any mobile number to warn the person that his or her credit/debit card has been blocked due to some technical problem. Claiming to be officials of a particular bank, the caller/fraudster would ask for confirmation of the card and PIN number to un-block the card. Once the PIN number is given, the fraudster(s) would empty the account and transfer the money to another account. Even after continuous warnings by banks through the media, there are still many gullible victims waiting to be fleeced. The advent of internet and online banking has also increased cyber crimes such as phishing, credit cart frauds, creation of Trojan viruses for distribution to websites and emails in order to obtain the desired personal bank and financial information. There are also some who have ingeniously launched ‘Salami attacks’ or inserting a programme into a bank’s server in order to deduct an insignificant amount such as Rs.5 from the bank accounts of customers every month. Another common online banking fraud is phishing by which a bogus website is created to direct the user to update personal information such as credit cards, passwords, Aadhar and PAN cards. These would then be used to siphon money from the accounts. In order to combat rising cyber crimes, the government of India has passed the Information Technology Act, 2000 (also known as ITA-2000, or the IT Act) is an Act of the Indian Parliament (No 21 of 2000) notified on October 17, 2000. However, laws cannot protect but punish and therefore, people should be aware and vigilant to prevent frauds.

Launched on December 3,1990. Nagaland Post is the first and highest circulated newspaper of Nagaland state. Nagaland Post is also the first newspaper in Nagaland to be published in multi-colour.

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