Cyber Fraud

I am writing this after reading a news with regard to a cyber fraud  case which involed in to the missing of cash Rs.11.14 lakh from a bank account of Dr.Shabeer Khan, who works at the Lakeshore Hospital, in Ernakulam, on March 30.

Three level of procedures are carried out to complete an online transaction. The fraudster first managed to access the unique customer ID and Password of Dr.Shabeer Khan. He then took a duplicate sim card in the name of Dr.Shabeer to get the pin number that will be sent by the bank to transfer the money from the account. After completing the first two steps, the bank sends the pin number as SMS to the registered mobile number of the account. This pin is required to complete the online transaction.  As per the preliminary probe, it was revealed that the money has been transferred to 20 various bank accounts spread across the branches of three private sector banks in different states.  

The important thing is to be noted in this case is the fraudster managed to get a duplicate sim to get the pin number. While issuing the duplicate sim card, the telecom operator did not verify the difference in the signature. This is a serious offence on the part of a telecom operator.

The enquiry may reveal the whereabouts of the account holders in which the amount was transferred and the police authorities may be managed to catch and punish the main person behind the incident.

The concerned employee of the telecom department who had issued the duplicate sim, with out verifying the signature, also should be punished. For preventing this type of fraud activities in the online banking sector, the present system should be strngthened. Then only people can avail online banking facility without any fear, in future.