Banking Payment system Anand Bhide

Indian Banking community and public in general is in the state of shock after hearing the story that estimated 3.2 million cards issued by Master, Visa and Rupay from various Indian Banks have been compromised in what can be termed as biggest Cyber Crime in Indian Banking Industry.

Hitachi Payment Services, which maintains ATMs and point-of-sale terminals in India is at the center of this

Controversy.

Usually there are two types of cyber crimes which are found to be most common when it comes to ATM or POS,

first is where skimmers are installed in the ATM machines and or spy cams are installed which read the card details

as well as take images of corresponding key press for PIN Code. While the other is malware affecting the ATM

data transfer which steals data while it is being transmitted or stored.

 

It’s practically not feasible to completely stop occurrences of cyber crimes as hackers are much more intelligent

than ordinary developers who actually develop the systems (more often under time pressures due to delivery deadlines).

 

But common sense can save you a fortune. Some of the basic tips for a layman will be never keep unreasonably high balance as a free float in Savings account. The better way to manage liquidity is to have short duration FDs which can be broken at 1 day notice.

Keep changing the pin of all cards at regular frequency (once every month). Never use Internet Banking on public machines, if used, make sure you clear Browser History at the end of session and change Internet Banking Password immediately once you are back on trusted network.

Never use unknown ATMs or especially the ATMs which are directly accessible on road.

ATMs inside Bank premises are usually safer as tinkering with them is not that easy unless insiders are involved.

Registering for SMS based alert services is one more important thing as one can immediately come to know about fraudulent transactions and inform bank within first 24 hours. Reading monthly statements in detail for all the bank accounts and or credit card accounts is of paramount importance. So may be 1st of every month is the date for the diary. Buying blanket insurance for all card transactions is also one more option to secure multiple credit and debit cards at one go.

Last but not the least is to spend money yourselves to enjoy life before someone else does it for you!!

 

by

Anand Bhide

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