The twist and turns around the Banking industry are not coming to an end. Now the Hot news is from India – the latest in Banking industry is the fraud with the 37 odd Axis Bank Customers from Mumbai including 13 cops. The incident never came in the news until it was identified that 13 from the various ranks in Mumbai Police have been impacted.
Few questions that come to me and that need to be answered –
- Without an insider’s help how can skimming device be installed at the ATM?
- Were the ATM location camera’s not being monitored for any suspicious activity?
- Where was the Security Guard and didn’t he observe any suspicious activity?
- What were Bank Officials doing at the time these transactions were being made in Greece, didn’t they look at their reports for any suspicious activity?
- Why Banks issue “International Debit Cards” to their customers by default??
Interesting point here is the identification of a skimming device that was used for cloning the cards and that raised the questions that I have listed above. It is imperative that there would have been an insider job in this case as without an insider’s help it would be highly tough work to carry out suspicious activity without being noticed.
There is another question – Is Bank going to refund all its customers or just the cops?? as the news came to light highlighting the cops more than the other impacted customers of the Bank.
Before closing – Media is calling it has Hack…well call it Fraud!!!
As u have rightly pointed out, nothing is possible without an insider. Most probably an IT professional sitting in the back office and covering up the offence.
These r the theches who kn the inside outs of the security systems, who show u the way to do these crimes.
Half of the cameras r just a deterrent without proper positioning , or most of the time not working.
Securty personals? lesser said the better. I have seen then dozing off even in the day time, leave alone the night shift.
I dont blame them either.. When I asked one, he replied that he had done a night shift and had to continue during the day as his replacement had not reported on duty.
I don't see anything wrong in banks issuing inter national credit/ debit cards.They would issue them anyway, if a person requests it or be travelling out.
If a card can be cloned, it can be made internationally activated too.No big deal.
These crimes have to be internally assisted.
Call it wt u may, it still amounts to a crime.
As far as refunding the customers is concerned, I doubt.