Online frauds stay away..

It came as happy news for customers, as it is the first time being ordered to pay compensation to the victims by banks and other institutes who have been affected by online frauds. Usually, customers will be forced to take liability for the online frauds they face which was quoted to be secured by financial institutions. But, as a news of excitement this time the authority have addressed 6 banking institutions and other organization to take responsibility for the online frauds their customers have faced. The 6 banking institutions are Central Bank of India, Royal Bank of Scotland, Punjab National Bank, IndusInd Bank, Yes Bank, State Bank of India. Other institutes are Vodafone and SBI Cards. The overall compensation to be paid out is accumulated to Rs1.06 crore, which is to be compromise last 2 years frauds. Such frauds mostly occur in banking institutions. Hacking has become a very common issue in banking. Customer’s details are tracked very easily through which account number, balance, branch etc., can be jotted down. These details will fulfill the need to grab money from the customer’s account. Security has to be enhanced among the online sites, which can be done by frequent maintenance, up gradation and implementing higher security technologies. Security for online transfers is comparatively given importance in private sector banks. Technologies implemented in private sector banks has to be definitely improved not only to have a competitive advantage but also to attract customers, as customer’s primary importance is security to the money deposited followed by the attractive interest rates.

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