Monthly Archives: June 2013

AXIS Bank admits liability for ATM Fraud in Mumbai

It is reported that Axis Bank has agreed to refund the losses suffered by its customers in Mumbai who had lost about Rs 37 lakhs through the ATM card cloning fraud. It is good that Axis Bank has decided to … Continue reading

Posted in ITA 2008 | Leave a comment

Data Breach Costs in India

A study by Symantec and Ponemon institute on “Cost of Data Breach Study: Global Analysis-2013” has provided some interesting insights into the efficacy of information security and consequences of data breach. The study covers data breach incidents which occurred in … Continue reading

Posted in Cyber Crime, Information Assurance, ITA 2008 | Leave a comment

Axis Bank will now has to eat its own words..

In the Adjudicator’s forum in Bangalore, Axis Bank has advanced a mischievous argument that Section 43 of ITA 2008 cannot be invoked by a Company. If this argument is given credence, no company can invoke any offences under Section 66 … Continue reading

Posted in Cyber Crime, Cyber Law, ITA 2008 | Leave a comment

ATM Insecurity Exposed

In India, Banks ¬†are pushing Customers to interact with them only through ATMs. Even RBI is encouraging this mode of interaction and discouraging customers from visiting bank branches. As a result of this policy, Bank customers are being exposed to … Continue reading

Posted in Cyber Law | Leave a comment

Outsourcing security of Banking transactions

The recent ATM frauds in Mumbai and elsewhere has re-opened the discussion on the risks arising out of “Outsourcing” in the Indian Banking scenario. The commercial Banks in India have grown so greedy that they are looking at every opportunity … Continue reading

Posted in Bank, Cyber Law, ITA 2008 | Leave a comment

Axis Bank ATM license should be cancelled by RBI

Axis Bank has been in the news for the wrong reasons in recent days involving one kind of Cyber Fraud or the other. There have been many Phishing frauds and KYC failure reports as well as organized money laundering in … Continue reading

Posted in Bank, Cyber Crime, Cyber Law | 2 Comments