Technology used to strangle Bank Customers

Reserve Bank of India is slowly losing focus on customer service aspects of Banking service. Acceding to a request from the Indian Bank’s association, RBI has imposed an ATM transaction limits of 3 withdrawals per month after which the customer would be charged Rs 20 per transaction. (Refer report)

Many of the Banks have already imposed a limit for direct withdrawals at the Bank counters and are charging fees for withdrawing cash at the counters. With the current notification customers are made to pay whether they withdraw cash at the counters or at the ATM. It appears that RBI wants customers to move back into the cash economy and withdraw all their monthly requirements in one go.

When technology was introduced in Banking, customers were promised of better services at lower costs. However over the years Banking transaction costs have only been on the increase and at a pace higher than the inflation. I would be happy if IBA releases data of “Weighted Average Banking Transactions Cost” in India and check how it has been increasing year after year say from 1980 when technology at higher levels was brought in to the system.

While the Government will start subsidizing the costs to select sections of privileged sectors for political reasons, other ordinary “Neglected Class of Bank Customers” will end up paying more than proportionate costs for the Banking services they may avail or even not avail.

Will the RBI Governor Mr Raghuraman Rajan respond?

Naavi

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BPO employees arrested in Chennai for Bank fraud

Two BPO employees accused of having swindled an UK Bank of £ 30000/- were arrested in Chennai after necessary investigations.

D Ezhil Maran, 29, and S Ragava Giri, 28 worked as system engineers at Atos, a business process outsourcing (BPO) company, between 2011 and 2012, when they are alleged to have committed the fraud. The company handles back-end operations of a bank in the UK.

According to the Police the duo had identified a less operated account in the Bank and impersonated the account holder to transfer the funds to their account.

The police reportedly undertook forensic examination of the laptops belonging to the accused to establish the crime. The accused are now working elsewhere one as a Government employee and other as a professor.

Report

£Naavi

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Bogus Digital Certificates of NIC detected

It is reported that Google has detected several bogus SSL certificates issued by NIC and blocked them.

Details

According to the report the certificates have been later blocked by CCA also.

It is surmised that hackers might have gained access to NIC and created the bogus certificates.

NIC may need to review the incident and report its findings for public information.

Naavi

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New Malicious Code for Android- Selfmite

A new virus called Selfmite has been detected on the Android platform. This virus spreads itself by sending SMS to contacts in the infected phone with a link.

The text message sent by Selfmite contains the contact’s name and reads: “Dear [NAME], Look the Self-time,” followed by a goo.gl shortened URL.

The rogue link points to an APK (Android application package) file called TheSelfTimerV1.apk that’s hosted on a remote server, researchers from security firm AdaptiveMobile said in a blog post.

If the user agrees to install the APK, an app with the name “The self-timer” will appear in the app list.

In addition to spreading itself to other users, the Selfmite worm tries to convince users to download and install a file called mobogenie_122141003.apk through the local browser.

Mobogenie is a legitimate application that allows users to synchronize their Android devices with their PCs and download apps from an alternative app store. The Mobogenie Market app was downloaded over 50 million times from Google Play, but is also promoted through various paid referral schemes, creating an incentive for attackers to distribute it fraudulently.

 Refer article here.

Naavi

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Loans Through SMS-Fraud Site Confirmed?

Naavi.org had brought to the notice of the public a website http://www.cgtmse-govt.in/ through its article http://www.naavi.org/wp/?p=1728.

We had remarked as follows:

There is an interesting website on the cyber space which promises all kinds of loans for which application can be made through SMS.

The site sports photographs of all Congress leaders including Mrs Sonia Gandhi, Dr Man Mohan Singh, Mr Pranab Mukherjee etc and claims to be a site of the Government of India.

Applications are sought through SMS at 09748643575

An investigation is required to find out if this is a fraudulent website and if so who is behind this fraud. The site is registered by a person in Siliguri and freely uses all Government symbols for promotion. It is possible that this could be another scam in which some of the politicians are involved.”

Subsequently several people have submitted comments. The most recent one is reproduced below since it is of interest to all.

vinod at wrote:

Hi, I am shocked,when I had call to CGTMSE Govt Head Office at Bandra.They told me our Govt site is http://www.cgtmse.in and we dont know about this site or schemes.We are inviting application through Bank only. I want to aware to all of you who are applied online to this site.Dont waste time and money. Its a fake site.I dont know intenstion of scammer.I search each and ever address which is mentioned in site there are no any office. The Officers contact nos are not receive call ever.So be aware and alert. Thanks”

I hope that all readers take note of this. I thank Mr Vinod for his efforts.

In the meantime I request the Government of India to take appropriate action to ensure that the scam if any is unearthed and perpetrators are brought to book.

Naavi

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A Test for the Modi Government

Followers of this site are aware of the mission like pursuance of the undersigned regarding the activation of Cyber Judiciary system in the country which was paralyzed during the previous regime of Mr Kapil Sibal.

During the last three years of deliberate in-action by the Ministry of Communications and Information Technology (MCIT) many cyber crime victims have lost faith in the system. Even I have been unable to enthuse them despite several attempts with the Human Rights Commission and High Court.

Now Mr Modi has indicated his preference of E Governance as well as better Governance and hence we expect things to turn around for the Cyber Crime victims of India.

After posting an open letter through this site earlier, I have today sent an email to the Minister in charge of the MCIT. Whether this mail will be responded by the Minister (at the e-mail pace) or not will be a test of E Governance to the new administration.

The officials of the department remain the same as were under the administration of the previous regime and hence we need to keep our fingers crossed if there would be any positive change in the administration even after Mr Modi is the Prime Minister and the Ministers have been given freedom to operate. However, unless Ministers are able to exercise their individual acumen and control, changes will not be effective.

Let’s wait and watch if there is any change in the MCIT.

In the past, MCIT officials were deployed more to watch critical comments made by Netizens on Twitter, Facebook and Blogs and I suspect that this site was also under  watch.  We understand that the new dispensation may not be  “Fascist” as the previous regime and hence may fail to watch this site for criticism. But I hope they do watch for constructive suggestions. The request for quick attention on CAT is one such suggestion and I am watching the speed of response if any.

Naavi

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