Financial Frauds - Must Read all

The financial fraud survey of LocalCircles is very very relevant and you may only realise it when something happens with you.

Here is How my friend’s mother’s Saving Account was drained by a hacker with the help of aadhar card. Here is how it happened:

Last Month friend went to PNB Bank for mother passbook entry. He noticed 0 balance in Account.
After that he asked the banker why it’s showing 0 balance and called immediately to his mother & explained she has 0 balance. She said I have never withdrawn any money, how come it is showing 0?

After sometime she came to bank along with him and they had a discussion with bank manager.
Bank Manager replied: “Someone drained this account by using Aadhar card fingerprint from Bihar

Friend said we have never shared our Aadhar card and OTP with anyone how it can be hacked.
He said here are lot of cases where hacker copied/clone finger print from plot/flat registry documents.
When asked where is our fault? Is money not safe in bank ?

This is the banking system’s failure, if someone is doing continued transactions using finger print with different -different location why bank is not blocking account access?
After detailed discussion the manager said only one thing to them:

This is not in my hand i can only write a complaint if you will first file police report

Here is the key lesson:
Must turn off aadhar biometric authentication. By default it's on.
Hacker can easily clone fingerprint and access bank account with different location. more  

View all 13 comments Below 13 comments
In a conference, a cybersecurity expert advised: For saving yourself from cyber crime 😞 1 Do not respond any unknown call or link sent on email. 2 Go to bank personally for any kind of updation of personal information. 3 Keep minimum balance in the Bank account with ATM card ♦️. 4 Do not share ATM password or OTP with anyone. Not with your nears and dears even. 5 Never mind to take extra precautions to save yourself from cyber fraud 🙏. For example: Be alert when someone asks your bank details, ATM number and CBC. If you do so, you are trapped. 6 Extortion and blackmailing is aplenty online. So, do not enrer into any friendship online unless you know personally the person and his family off line. हाथी के दांत खाने के और, और दिखाने के और। बचें। Alertness saves. सावधानी ही सुरक्षा है। संभलना आपको है। more  
How to turn off aadhar biometric authentication if by default it's on? Please enlighten us on the group. more more  
It is very difficult to eliminate Cyber crimes. Banks do not have the capability to stop this though they try. The Privacy and Security system is nit very robust. Digital transformation is picking up and these types of fraud will happen. One has to be extra cautious. You can look into having 2 bank accounts, change your passwords often, do not use the same passwords for all your email, bank account etc. , requests 2step authentication, set limit for daily transaction amount. more  
As a customer, we need to be more cautious and alert. Currently, bank accounts are linked with mobile numbers and mail ids. So message flashes immediately on mobile and mail is sent to ids. If one notices such fraud transactions happen, immediately inform the bank latest within 3 days then you don't loose anything. If bank does not taken action on your complaint, you complain in RBI portal. I got back money with interest. Due to lack of knowledge of bank customers, nearly 60000 cr worth of deposits lying unclaimed. Similarly PF & insurance maturity amounts are unclaimed. But customers of NBFCs are worst affected as few companies going insolvent and they loose their hard earned money. Even secured NCDs have gone unpaid. This insolvency happens due to politics. Recently DHFL & SREI failed and many politicians have siphoned money. Government is silent. Questions may come up that why people go for these companies. But we must understand these companies are also registered under rules, regulations and various acts. Does this mean that these acts do not safeguard the customers. In short, for any financial frauds, all directors of the companies & banks must be made liable. more  
Pl post the contact details for RBI and Prime Minister portal and any Ombudsman contact. more  
Post a Comment

Related Posts

    • Mobile Number portability problems

      Glad LC Manager took up this survey on mobile number porting

      By Shikha Chhabra
    • Cricket World Cup Tickets Scam

      BCCI or whosoever is selling online tickets via bookmyshow and other websites you are likely doing big scam. Ahmedabad match, capacity 135000, ticket was sold out within minute. However ...

      By Dinesh Shah
    • Regulating child access to social media OTT and online gaming

      Is the need of the hour. I am amazed at the fact that many of the mainstream media channels and papers are refraining from talking about it. Perhaps there is vested interest. Super glad ...

      By Sudesh Rai
    • Junk consumption soaring only bad to follow

      Varun Beverages sold 480 Cr Litres of Pepsi and other Beverages in FY23 Dominos India sold 6.7 cr to 7.83 cr Pizzas in FY23 Pizza hut India (Sapphire) sold abou...

      By Sudesh Rai
    • Are we going to have a rabies and dog bit epidemic

      LocalCircles Manager and members are doing excellent work in sensitising the Government to take dog bite menace seriously and on the other hand we have officers like District Magistrate Noida who a...

      By Radha Puri
    • Banking difficulties of people

      Thrilled to see LocalCircles banking difficulties survey in multiple english hindi news papers yesterday.

      By Shailesh Deshmukh
    • Appeasing minorities by giving vehicle subsidies

      Is a really wrong policy that is being deployed bh Karnataka Government. The only way such subsidies must be given is based on economic status (basis tax returns) and not caste. We all r...

      By SN Mittal
    • Kudos LocalCircles

      Great work on bank malpractices and escalating this issue to RBI. All members who have a loan need to save the attached notification in their mobile/computer. Your bank will now have to...

      By Shikha Jain
    • Need safety standards for commercial public events

      A lot of women who went to the AR Rahman concert this weekend had to face horror. Many, i mean a lot were groped and assaulted.

      By Sarita S
    • High costs of medical education

      It is costing anywhere between 1.5 crores to 4 crores for a medical specialisation MD degree. How many people in middle class have this kind of money in their banks which means only chi...

      By Sarita Ravichandran
    • G-20 India - Declarations

      Attached for all those who are interested. This circle has such knowledgeable people. We should discuss how these broad areas of consensus can be translated into real areas of actions on the ground

      By Ashima Gupta
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)