Cracking of e-mails and online banking frauds have significantly increased in India. As a result RTGS frauds are committed on a regular basis in India. Another related problem is that cyber security of e-governance services in India is in a very poor condition. There is negligible Internet banking cyber security and mobile payment cyber security in India as on date.
Although the Reserve Bank of India (RBI) is trying to persuade banks of India to ensure robust cyber security yet banks of India are negligent in this regard. Recently the security and risk mitigation measures for card present transactions in India was brought into force by RBI yet banks have still not complied with its requirements.
It has been reported that a businessman has lodged a complaint under the Information Technology Act, 2000 with Ankleshwar GIDC police station alleging that his email account was hacked and Rs 18.50 lakh was fraudulently transferred from his bank account.
Hitesh Shah, a director at Panoli-based Vismita Intermediate Pvt Ltd, said that the company has its account in Bank of Maharashtra at GIDC Ankleshwar branch. Several transactions were made through his emailed instructions to the bank on Monday and as per the mails, the bank transferred RS 18.5 lakh to another account by the name f E-business, Kolkata.
“I came to know about the transaction on Wednesday and immediately approached the bank and asked for explanation. The bank officers showed me real time gross settlement (RTGS) instructions through an email. I was shocked and immediately issued stop payment instructions to the bank. I realized that my account was hacked and also confirmed as another RTGS request over mail was lying pending in banks email box for transfer of Rs 32 lakh,” he said.
Ashok Pandey, branch manager of Bank of Maharashtra, said, “It was a regular practice of customer to instruct bank over emails and similarly we have done the said transaction also. The Canara Bank at Kolkata has provided complete details of a company and a person in whose account money was transferred. It is a matter of investigation.”
Investigating officer M S Rana said, “We will also take help of cyber expert team to reach up to the hacker. We have located details of persons, who own accounts in name of E-business in Kolkata, and catch them soon. We have to identify whether the bank account is fake or real. Cash of Rs 5.50 lakh is still lying in the account of E-business. The complainant will get it after legal formalities and process.”