Ashokkumar Gnanasekar’s Post

I encountered transactions with HDFC Bank credit card where fraudsters were able to take away money without any OTP/Pin & HDFC has done nothing so far even after acknowledging the transaction has happened without a secure way. Last month, there were 3 unauthorised transactions of 4.3lakhs in total on my HDFC credit card, which was immediately reported to the bank and the CyberCrime, but to my surprise, no action was taken by the bank to freeze those transactions. They closed the case stating all are secure transactions and now the bank wants me to pay the full amount. For all the follow-up mails, we get a copy-paste reply from different officials from different departments. While the investigation is ongoing at CyberCrime, the so-called no-1 bank does not have any means to stop the interest/penalty/fees which gets incurred on the non-payment of those fraudulent transactions, at least until the investigation is over from CyberCrime, RBI and the appellate court. So now they expect the customer to bear the brunt of the crime and utter disregard for the concerns or the requests raised by the customer. While the support team has not been helpful so far, reaching out here Sanmoy Chakrabarti, Viswanathan Kethiramuthu, Sandeep Hindurao

Fraudulent Transactions !!! ICICI Bank, Reserve Bank of India (RBI) , Vilas Dhurandhar This email is with regards to the fraudulent transactions that were encountered on 1st July 2024. Today I got a message from you stating "SR993176172: Dear Customer, Rs 19162 dispute not eligible for reversal as UPI PIN authenticated-ICICI Bank" I called the Customer Support team and they said that I was the one because of which the money was transferred. Kindly be informed that, as I said earlier too to your ICICI staff - I received coding messages in my mobile and after sometime I got one otp and automatically my money started deducting. I didn't share my OTP to anyone and this actually happened in a minute only. I was shocked and I directly went to ICICI bank and they freezed my account and asked me to contact 1930 Cyber Crime too, which I did - Acknowledgement no: 31907240093926. This is my hard earned money and I am actually not satisfied with the investigation. The investigating team already knew that this scam was done by some hacker, as on the next day too, that hacker was trying to take my money through upi id only. But, when I called 18001080, they said there is nothing to worry about, as we have debit froze on your account, so the hacker will not be able to take my money again. Please be advised that this hacker also tried to do fraudulent transactions on my Vasai Vikas Sahakari Bank too after 3-4days. But I already did a debit freeze on that account too, as I didn't want to take any risk. You all asked me to wait for more than 45 days to investigate the matter, which I was okay with, as I had complete trust that I will receive my money back, as I actually didn't give my OTP to anyone or clicked any link from my side. I really don't know why we people have to bear this if your security is not up to the mark. Such a shameful act by leading private bank than what a person should expect from any other banks. I have mailed all the supported documents which were asked by ICICI Bank for unauthorised transactions done without my authentication. I once again request you to give me money back. Kindly re-investigate this case and I am sure that I will get justice, as I haven't done anything wrong. For a middle class family, Rs. 19,162/- means a lot and I need my money back. Thanks & Regards, Manish Molasi

In an era where the boundaries of finance and technology are increasingly blurred, the recent unsettling events in the banking sector serve as a stark reminder of the vulnerabilities that exist. For our global NRI community, these incidents underscore the importance of being vigilant and informed about where and how our financial assets are managed. It's not just about seeking the highest returns, but also ensuring that our investments are secure and our savings are protected. Let's lead the charge in advocating for stronger security measures and transparency in our banking transactions, ensuring our financial well-being is never compromised. #NRIFinance #GlobalBanking News about ICICI fraud here - https://lnkd.in/g9_54kDE

Attention all ICICI Bank customers! With 17,000 credit cards blocked due to a data breach, it's crucial to know how to safeguard your personal data. Discover the necessary actions to take now. ICICI Bank has swiftly responded to the exposure of credit card data belonging to at least 17,000 new customers by promptly blocking the compromised cards and issuing new ones to those affected. This proactive approach aims to mitigate any potential risks associated with unauthorized access to sensitive information. The breach was brought to light by concerned ICICI Bank customers who raised alarms about the security of the iMobile Pay app, where full credit card details were reportedly visible. This incident underscored the importance of robust security measures to protect customer data from unauthorized access. Following reports on Technofino, users shared instances of encountering complete card details of unknown individuals while using the iMobile Pay app, sparking concerns about the efficacy of ICICI Bank's security protocols. The bank's acknowledgment of the breach highlighted the need for enhanced measures to prevent such incidents in the future. iMobile Pay app is ICICI Bank's official mobile banking application that provides a wide range of banking services, including card management, fund transfers, loan applications, and deposit openings. Accessible to both ICICI Bank and non-ICICI Bank customers, the app offers convenience and efficiency in managing financial transactions. For ICICI Bank credit card holders, it is crucial to take immediate steps to protect their financial information in light of the recent breach. While the bank has taken measures to address the situation, customers should remain vigilant and monitor their accounts for any suspicious activity. By staying informed and proactive, customers can safeguard their financial well-being and prevent potential fraud. #ICICIBank #DataBreach #CreditCardSecurity #CustomerProtection #CyberSecurity #FinancialSafety #FraudPrevention #SecureBanking #DataPrivacy #CustomerAlert #IdentityTheft #AccountSecurity #OnlineSafety #ProtectYourself #SecureTransactions #BankingSecurity #CreditCardProtection #CustomerSafety #DataSecurity #StayVigilant

A recent news story shows the true extent of the fraud crisis. Shveta Sharma alleges that a bank official created "fake accounts, forged her signature, took out debit cards and cheque books in her name" to withdraw money from her accounts. "He gave me fake statements, created a fake email ID in my name and manipulated my mobile number in the bank records so I won't get any withdrawal notifications," Don't lose the trust of your customers by a bad employee. Do you suspect an employee is acting maliciously in your company? Contact us today for a free consultation and learn how we can support your business. Read the full story here: https://lnkd.in/eDiQAfzv #fraud #news #detective

📢 Breaking News: Kerala Woman Techie, Dhanya Mohan, Arrested for Rs 20 Crore Fraud using Company's Personal Loan App In a shocking turn of events, Dhanya Mohan, a woman techie from Kerala, has been arrested for allegedly committing a financial fraud of Rs 20 crores using the personal loan app of her company, Manappuram Comptech & Consultants Ltd (MACOM). Dhanya, who started as a manager and was later promoted to Assistant General Manager, Tech Lead at MACOM, had access to all data and processes associated with the paper-less, instant loan disbursal via the loan app. She misused this access to create a fake loan account and transfer money to her personal bank accounts. The police suspect that her husband also benefited from the fraudulent money. Although the police currently believe that Dhanya acted alone, they are investigating if her husband was involved in the crime. Dhanya meticulously deleted all backend data to avoid suspicion, but the police will recover server records to rebuild the digital trail and establish the track of her fraudulent transactions. Everything was going as per the plan until July 23, when Dhanya was summoned by the head of the application team after he found something amiss regarding a transaction of Rs 80 lakhs. Sensing that her fraud was exposed, Dhanya fled and ultimately surrendered to the police. This incident highlights the need for stringent security measures and internal controls to prevent fraudulent activities, especially in financial institutions. It's crucial to regularly monitor and audit systems and processes to detect any irregularities and take swift action against any wrongdoing. #fraud #financialfraud #keralatechie #personal #loanapp #manappuramcomptech #techlead #cybercrime #womentechie #surrender #arrest #justice https://lnkd.in/guaR75aD

Title: Exposing Axis Bank's Alleged Involvement in Money Laundering Activities: A Call for Justice In a stunning revelation, Axis Bank's Virar(w), Gokul branch finds itself embroiled in a potential lawsuit totalling Rs 500 crores for its alleged participation in money laundering activities following India's demonetization. While the common people endured long ATM queues and defunct processes, the bank stands accused of favouring the wealthiest by disbursing crores of rupees, leaving many questions unanswered. Adding insult to injury, Axis Bank reportedly resorted to draconian measures, imposing hefty fines of Rs 2000 plus for minor delays in closing savings accounts, as experienced by one aggrieved customer at the Bolinj branch. Furthermore, recent harassment tactics were employed against the same individual for outstanding credit card dues on cards ending with numbers 9007 and 7524, amounting to a staggering Rs 5.50 lakh and Rs 2 lakh, respectively. The situation escalates as Axis Bank faces accusations of unauthorized debits from a zero-balance Jan Dhan account, totalling Rs 50,000, along with an additional Rs 43,500. This appalling breach of trust further undermines the bank's credibility, leaving customers vulnerable and disillusioned. Compounding the issue, the transfer of Rs 50,000 to the customer's Axis Jan Dhan account from Federal Bank and UNI Cards raises alarming questions. UNI Cards, a suspended entity in India, claims responsibility for the transfer, implicating itself in a tangled web of financial malpractice. Moreover, encounters with UNI Cards executives reveal not only a lack of professionalism but also a concerning lack of education and awareness, mirroring the indifference displayed by authorities at Tilaknagar police station towards cyber fraud cases involving less than Rs 2 lakh. In light of these egregious actions, one cannot help but question the safety of one's money in any bank, credit card, or loan arrangement. Axis Bank's alleged misconduct serves as a stark reminder of the urgent need for accountability and transparency within the financial sector. As the pursuit of justice unfolds, the voices of those wronged by such practices must be heard and addressed swiftly and decisively. I request you to come in support in large numbers.

Financial crime is growing at a record pace and it is they is relatively poorly understood. Yet it is linked to #humantrafficking and so many other #crimes! Please educate yourselves and your families.

The Reserve Bank of India (RBI) reported 13,000+ bank fraud cases across India in fiscal year 2022-2023. While the absolute number of loan related frauds have been low the total value of these has been the highest among all other types of frauds in India. There are multiple ways these frauds are being committed, one common way is to defraud the applicant by acting as a lender or defraud the lender acting as an applicant. In case of the latter, fraudsters impersonate a person or provide falsified information making them eligible for larger loan amounts. Over the years, fraudsters have found various ways to manipulate documents including bank statements, salary slips and even id cards. The simplest is to edit PDF documents using free software that allows them to edit the bank statement or salary slips. Within bank statements itself there are multiple data points that can be edited to gain access to loans from lenders. Here are the 4 ways that a fraudster could manipulate a bank statement to apply for a loan, 1️⃣ Creating a fake bank statement using tools freely available on the internet 2️⃣ Using an existing bank statement and replacing the name on it. 3️⃣ Editing transactions for eg: increasing the salary value to gain eligibility to larger loan amounts. 4️⃣ Creating fake transactions to show higher value. Eg: Circular transactions These manipulations are easy to do but hard to identify without a tool. Perfios Insights and Fraud Check Utility (FCU) is able to identify manipulations done to a PDF document using the meta logs and digital footprint. This also includes checking the name of the applicant mentioned on the bank statement and checking for fraudulent transactions within the said statement. To know more how FCU can help you mitigate fraud risk, click on the first comment below. #banking #BFSI #lending #financialinclusion

Warning: Bank Telephone Call Scams:Stay alert: spoofed calls are on the rise We’re seeing a lot of spoofed call fraud right now. In this type of scam, criminals initiate a suspicious transaction in a customer’s account and then call the customer posing as an employee from the Bank Fraud Department. They tell the customer there is fraud in their account that needs attention. The scammers then ask the customer to open a third-party digital currency account in order to resolve the fraud or they may ask for bank account info so that they can help with the issues. Do not engage, do not give information, call your bank. [Thank you to my Bank for this Alert].