Truecaller data base hacked

It is reported that a hacking group from Syria has hacked the True caller data base and downloaded large chunk of data of mobile users. Users may take precautionary steps to presume that any sensitive information in their mobile phone contacts  would have been compromised.

Report in TOI

Naavi

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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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New Small Tech dominant Banks to be licensed

RBI has issued a new set of guidelines for licensing small Payment Banks.

The essence of the new rules is that it will open the doors for Telecom operators, Super Market Chains, and NBFCs to enter Banking in a limited way.

These small “Payment Banks” can accept deposits upto Rs 1 lakh but cannot give loans. They need to invest their money only in Government Bonds.

Though these entities will be called “Banks”, these will be functioning more like  “Digital Wallet Keepers”. Minimum capital will be Rs 100 crores

Presently RBI has sought views from interested parties including public.

Details here

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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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How the lure of Samsung Galaxy at Rs 1.72 can land you in trouble

It is known for some time that fraudsters use unrelated e-mails to drop trojans which may be used for phishing.

Here is an example of an e-mail which says “..Own Samsung Galaxy for Rs 1.72..”

 

phishing_samsung_1

The link appears to contain at least two trojans which are detected by Kasparesky pure 3.0

phishing_samsung_2

 

Similar tactics could be used with World Cup related information or budget related information etc.

Many Banks in their phishing defense inform customers that “Bank never sends an email requesting for passwords ..etc”. But such notices are not useful since fraudsters may use e-mails other than in the name of the Bank and still be able to drop trojans that steal the Bank passwords.

It is also known that the new generation of trojans are even able to defeat the two factor authentication. Hence Banks need to re think on their access mechanisms and make it robust in the light of the fact that customer liability is now limited to Rs 10000/-.

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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