Topics on Credit / Debit / Banking Crime that can help for an Informed Decision.
BANKING CYBER CRIME: Because money is the root of all evil!
There is not a single person today who does not have a bank account, thanks to the introduction of schemes and policies people can now open zero balance accounts. Mobile banking, online transactions, ATMs, credit cards and transactions through mobile applications like PayTM, mCent, FreeCharge etc, are becoming increasingly common these days.
There is no denying the ease of access and convenience online methods of payment have brought in the lives of people. The problem arises when delinquents get attracted and commit crimes, by violating the privacy of account holders. Although banks use highly secure systems for banking activities and ATMs, secure servers for online banking transactions, criminals somehow find a breach in their systems and cause huge losses to banks as well the account holders. Even reliable and password/PIN protected cards and transactions are vulnerable.
Banking crimes constitute that part of ‘Cyber Crime’, wherein the target of a criminal is to rob an innocent person or a bank, off their money using hacking methods, breaching security systems, gateways, etc. Criminals employ different means to commit a banking crime, the most common of them are-