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ATM frauds/crimes This article aims at alerting those who use their ATM/Debit cards. In this world fraud can take place in any form. We should be ever vigilant to protect ourselves from that frauds. The technology has paved the way to many frauds. Today’s fraudsters are white collard people sitting somewhere and steeling from your pocket your hard earned money. E-mail and Internet related fraud schemes are being perpetrated with increasing frequency, creativity and intensity. A few methods adopted by fraudsters are; Skimming: Here the fraudsters make counterfeit ATM cards by using a skimmer, which is s card swipe device that reads the information on a consumer’s ATM card. Scammers insert onto an ATM, ready to swipe information from unsuspecting customers. They take a blank card and encode all the information from an ATM card when they swipe The skimmer catches the PIN through a small camera mounted on the ATM. Lebanese Loop: Here fraudsters insert a portable steel loop into an ATM card slot. The fraudster usually approaches the victim while at the machine, and poses as the person next in the line. Victims are advised to enter their PIN three times and then hit cancel to get the machine to accept the cards. The fraudster is able to memorize the PIN for future use and the machine keeps the card because of the excessive number of attempts to enter the correct PIN. The victim cannot get back the card as it is held in the loop. When the victim leaves the fraudster removes the loop and he has both card and pin. Spoofing: Here the attacker creates a misleading context to trick victim into making an inappropriate security relevant decision. For example, fraudster have set up bogus automated teller machines, typically in public areas or shopping malls. The machines would accept ATM cards and ask for PIN codes. Once victim gives the information. Fraudster has enough information to steel the money. Pretexting: Here the fraudster has some information about you and wants to have more information so that he can steel your money. He claims to be from victims bank and makes calls to victim to provide the needed information. Many a times victim provides the needed information and fraudster can make merry on that. Phishing: Here the fraudster sends emails at random, purporting to come from a genuine company operating on the internet and this mail requests the victim to provide his personal information like password etc to update the database. The link provided in the mail takes the victim to look alike website of the bank. When the victim provides the required information, fraudster can steel the money at his will. Protect yourself: While using ATM see that no extra fitting is attached to Machine if any inform the security or the contact number of the bank provided on the ATM. Never take the help of third person to operate your card. Never disclose your PIN to anybody. Never keep your PIN and card at same place. Be cautious when third person comes to help you generously. Never disclose your personal information over phone to bank unless you know Cent percent that this is genuine call. Banks usually never call/mail you to take your personal information, when you receive Such call/mail take his number and confirm/inform the bank.

No RBI subsidy to banks for ‘no frills’ accounts

The Reserve Bank of India (RBI) has ruled out support or subvention to banks for the opening of ‘no frills’ accounts as part of the nationwide financial inclusion project. Speaking after inaugurating the biometrically- enabled smart cards of Canara Bank, the RBI Deputy Governor, Ms Usha Thorat, said, “Banks stand to benefit through financial inclusion and they are prepared to incur the costs for the purpose.” Financial inclusion, she said, allowed the State governments to dispense social security, subsidies and pensions directly to the beneficiaries through their bank accounts. She also said that for the last financial year, about 60 million ‘no frills’ accounts had been opened by the public sector banks. These cards allowed customers to use Automatic Teller Machines, especially in the rural regions where literacy rates were low. Customer identification is done on the basis of finger prints. These cards are estimated to cost anywhere between Rs 80-100 each. Mr M.B.N. Rao, Canara Bank Chairman and Managing Director, said that Canara Bank intended to complete banking inclusion in 1639 villages by the end of the current financial year and open at least 10 lakh ‘no frills’ accounts. The bank, he said, had opened about 6.5 lakh such accounts after completing the inclusion project in 23 districts where it was the lead bank

Fitch ties up with Dena Bank

Credit rating agency Fitch has tied up with Dena Bank to evaluate the credit quality of its existing and potential clients to help the bank prepare for Basel-II norms. Fitch has also signed MoU for bank loan ratings with Indian Bank, State Bank of India, Syndicate Bank and UCO Bank and was in the process of signing MoUs with other banks.