Rs 1 crore stolen from executive's bank account - Warning to Members

[sankara_sharmah]

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Please see this report in Times of India

Rs 1 crore stolen from executive's bank account - The Times of India

The security in the concerned Bank was not sufficient. When a transfer has to be made to new account the procedure in my Bank is

1. You have to get the new Payee authorized. For Authorization you need a separate password other than the Password for Logging in.

2. It takes some time for the bank to authorize new Payees.

3.In between you get a SMS about the action. If you have not done it you can always go back and cancel the authorization.

4. Once the authorization is complete you get another SMS.

5. When you authorize a payment, any payment, the bank generates a one time password and sends it to you by SMS. You have to enter this password for the transaction to take place.

The above fraud could not have taken place with my Bank.

You may avoid Banks which have such elaborate procedures and go for the banks which make it easier and quicker.

But then it is also easier and quicker to get defrauded.

Check the procedures in your bank.

 

[Naina_Marbus]

To my knowledge, the above procedure is adopted by SBI. It would be useful to hear about the experience of the forum members in regard to other banks.

In some banks, I understand that a text message is sent for each money transfer, requesting the receiver of the text message to reply YES or NO to a question: "Did you request this transfer" and/or ask the receiver to answer a secret question that had been set up by the account holder; or the bank sends a code number that the receiver should text back to the bank.

 

[sankara_sharmah]

The name of the bank does not matter.

There has to be security procedures in addition to just a Log In Name and password.

Log In Name and password can be hacked in many ways.

Every Bank wants to boast about how easy it is to Bank from Your Mobile.

It is also the question is whether it is Safe enough to do.

These procedures are all done by Software. The Software has to be written and tested extensively.

But many Banks prefer to just to buy off the shelf software and implement them without adequate safety precautions.

 

[Naina_Marbus]

The name of the bank does not matter.

There has to be security procedures in addition to just a Log In Name and password.

Log In Name and password can be hacked in many ways.

Every Bank wants to boast about how easy it is to Bank from Your Mobile.

It is also the question is whether it is Safe enough to do.

These procedures are all done by Software. The Software has to be written and tested extensively.

But many Banks prefer to just to buy off the shelf software and implement them without adequate safety precautions.

Most members in the forum are just as equally familiar as you are about login name and password, and that “Every Bank wants to boast about how easy it is to Bank from Your Mobile”, that “These procedures are all done by Software, the Software has to be written and tested extensively”,blah, blah, blah.

The only sentence that makes sense is that “Banks prefer to just to buy off the shelf software and implement them without adequate safety precautions.”

The name of the bank does not matter?

The name of thebank does matter, since the public then has the opportunity to know which bank is adopting efficient procedures and which are adopting sloppy procedures.

To quote your own signature tune “யான்பெற்றஇன்பம்பெறுகஇவ்வையகம்”,if you really want இவ்வையகம் to benefit from your (யான்பெற்றஇன்பம்)experience, then instead of posturing that “The name of the bank does not matter”, “Theabove fraud could not have taken place with my Bank”, etc etc it would indeed be beneficial to share the name of the bank whose superior services are so loudly applauded by you.

Kindly avoid posturing as if you are the high priest pontificating to an ignorant laity.

 

[sankara_sharmah]

I am not here to promote any Bank. It is not ethical. I have only pointed how security procedures could be improved. Take it or Leave it.

 

[kunjuppu]

amazing how easy to dupe people. the adage that there is a sucker born every minute, appears to be only partly true; from the looks of it, they are born more often than that

here is last week's neeya naana show. the first 30 or 40 minutes is hilarious...only to be seen to be believed. after that, it gets boring...but the first 40 minutes tops as far as comedy goes..

Neeya Naana 20-01-2013 -YouTube HQ | Tamilkey.com