How do bank frauds take place? | Forensic 101
Everyone and everything is online now. We live our lives online, we chat online, we shop online and we even learn online. Our finances have shifted online too, especially post demonetisation. The government is striving to make our economy digital. Digital India is their goal. It sounds well and good. A digital economy will mean fewer cash frauds, easier transactions and a significant decrease in the flow of black money.
However, going digital isn’t really the safest bet. Hacking and online attacks are an everyday phenomenon. Online fraud, identity theft even online robberies happen all around the world on a daily basis. This is one of the main reasons we need to educate and take digital forensics seriously.
We at Forensic 101 create videos on the digital frauds and hacks that takes place in day to day life, hence educating people and making internet a safe place. We work closely with DIgital Forensic Solution companies and education institutes.
On September 5, some banks witnessed fraudulent transactions in which, although the customers were in India, it appeared as if the debit cards were used in China and US. The investigation found a malware-induced security breach in the systems of Hitachi Payment Services.
Our forensic auditor conducted an independent investigation into the biggest data breach affecting 32.4 lakh debit cards of several public and private sector bank customers.
RBI has also been carrying out IT examination of the banks since last year. It has also set up an IT subsidiary on cyber security within the central bank as well as in the regulated entities. Earlier, the RBI had said it came to its notice on September 5 that details of certain cards issued by some banks had been possibly compromised at ATMs linked to the ATM Switch of one of the service providers. Following the data breach, 19 banks had recalled the compromised cards.
