Cyber Crimes in Banking

Phishing, Vishing and SMiShing in Cyber Crimes

Embezzlement, Forgeries, Frauds have been there for long in the banking and financial services.  Scandals have taken place in large amounts and a new name 'Scam' has emerged to refer them.  After introduction of Technology in Banking and Financial Services, a few more new terms have surfaced.  We have heard of Identity Thefts and ATM frauds which by themselves are great puzzle when the industry is catching fast in modernisation.  Then we started hearing about Phishing, Pharming (believe me, there is no spelling mistake in these two words), Hacking, Skimming, Trozan, etc.  More the technological advancement more the counter-productive and perverted knowledge or research that has evolved.  And now, we are reading about Vishing and SMiShing.  Very interesting, na!  Please click on the heading or go to Google or Wikipedia to search.

ATM's stolen : Any Time Money?

Another ATM Stolen in Bangalore

Theft of Bangalore ATM

What an interesting news?  This is the third time an ATM which is not guarded has been stolen with cash.  About a month ago, I read in news papers about a theft of an SBI ATM in Udupi with Rs. 14 lacs cash, which was later found empty about 30 kms away in Kundapur.  On that day, it was heavy rain that fecilitated the thieves.  Now the above news item says in Bangalore an ATM of SB Patiala was stolen with Rs. 10 lacs cash.  Earlier, about three months ago, an ATM was stolen in Anekal, about 35 kms away from Bangalore.

We know about bank robberies before during day time.  There is no record of how these thefts were being tackled.  Some times, the sincere Branch Managers and Staff or Customers used to dare such robberers and risk their lives too.  Now this development of stealing ATMs seems to have become an easy money.  It is time that our Law & Order system and Police to keep an alert of these public money and properties well secured.  While we used to feel very happy over the computerisation that has revolutionised the customer service in Railways, Roadways and in Banks through Internet Banking and Core Banking Solutions, some perverted techies found out way of cheating people through Phishing, Pharming, Trojan and Hacking.

Where are we heading?  With technological advancements, in the twenti-first century, thefts and crimes are not a dignified or intelligent development.  It is retrograde movement that something drastic should be thought of.  Else, all the fruits of reforms and research go waste with perverted individuals resorting to such crimes.