Question

What is it is about the banking and finance industry that attracts so many talented people to commit so many fraudulent or unethical acts and what can be done to prevent this?

Answer 1

Banking and Fiance Industry in India is increasingly adopting online transactions for payments and receipts. We are moving towards a cashless society.Billion of Rs can be transferred through a payment gateway in seconds.

India is having sizable population of unemployed youths ,many of which are also technology savvy , this section of unemployed youths are lured into this fraudulent business of banking online frauds.Even youth with limited education are also trained to hack your bank account online transaction passwords to siphon off money from your account.Every then and now we are witnessing these kind of news and phone call attempts by these goons on your phone.When you call back to them their mobiles  are switched off. However, due to our busy schedule we fail to take up these cases with Police.

Banks have adopted many measures in the form of :

• Replacing your ATM/DEBIT/Credit Cards with advanced technology
• Educating Account holders regarding methodology adopted by fraudsters.

However , attraction of earning easy money in shortest possible time and lack of ethics are attracting many youths to this means of earning.

Employment of sophisticated technology and educating account holders can go a long way in controlling these kind of incidences.

Enacting stringent Ciber laws to control this menace and better enforcement is the need of the hour.