Home  |  Advertise  |  Contact Us
4:58 pm - Monday November 20, 2017

Banking Security Breach

The faith and confidence of the people have badly shaken by the biggest security breach in Indian Banking sector in handling and protecting large number of ATM debit cards from data theft. The customer themselves cannot do anything to safe guard themselves from such theft.

The banks are solely responsible for it and it had badly failed in discharge of its duty and responsibility towards customers. It all started from the ‘Yes Bank’ through its service provider Hitachi Payment Service of Japan and soon it came to light that 19 big banks of India are also victim of such data theft and 65 lakh bank accounts are affected by it. The banks in panic closed the ATM dealing and asked the customers to return the cards. Huge amount of public money is blocked and people are facing financial blockade and unable to use it in time of need.

The banks have publicized the ATM system as most easy and beneficial in financial transactions. But it is proving very unsafe and risky. Many ATM were broken or taken out entirely by criminals. In Bangaluru a women was robbed and attacked right inside in ATM booth on busy road. Fake currency note were inserted by the staff of Contractor of putting money in ATM and in many case the staff itself with help of banking staff inserted less amount of money and misappropriated the money. Customers are also at fault and duped by trickster. On phone they pose as bank staff and asks for ATM pass ward.

The ATM cards were cloned and amount withdrawn from ATM. In many cases a card holder was forced to insert the card to get money by the criminals. Most of the ATM booth are unguarded and in some cases the lone guard was also overpowered.

In recent happenings 32 lakh debit cards of major banks are suspected to have been compromised. The banking industry is considering to compensate the customers who lost their money in this breach of security. The SBI-HDFC-ICICI-Yes Bank and Axis banks are reported to be worst hit. The banks have recalled the ATM debit cards.

These 697.7 million cards are with the customers. The banks will look at the nature of the transaction to judge fault at the banks or customer side in the issue refunding the money. Transaction worth 219,165 crores of rupees are done through the ATM cards on monthly basis. There are 201861 ATM in the country.

Posted in: Editorial

You might like:

Action Intensified Action Intensified
Diamond Producers Association launches India operations Diamond Producers Association launches India operations
Manik Banerjee and Lt. Col. RS Jamwal received IMF Awards Manik Banerjee and Lt. Col. RS Jamwal received IMF Awards
Bengaluru Open: Blaz Kavcic given top billing Bengaluru Open: Blaz Kavcic given top billing