Buenos Aires: Hundreds of angry customers lined up outside a Buenos Aires bank after the news broke of a bold break-in. Police say thieves dug a tunnel into the bank and stole from nearly 140 safe deposit boxes.
“No, no, I thought that the bank was really safe, especially that part of the bank, but it is clear that if they entered from down below the place must not be secure,” said one of the bank clients.
The prosecutor said the thieves rented the neighbouring building to the bank in June. The tunnel they dug included lighting, ventilation and reinforcement.
While it is valid that these details need not have been made public as thesis,the Bankers have made this known throughout the world by trying to arm twist the University!
University should have exercised restraint in publishing this thesis, put it on hold , should have attempted to find a solution with the help of Computer experts and then released the Data.
Academicians also have a social responsibility.
Businessmen also must be in constant interaction with the developers and the Academic community to update the softwares for it is in their own interest.
With all these updated systems softwares, look at what has happened in the case of the Citibank, India, where an employee had swindled Rs. 400 crores by circulating a forged Financial product brochure of the organisation.
Story:
University refuses to remove from its website a student’s thesis revealing flaw in chip-and-pin security system of bank cards.
A powerful bankers’ association has failed in its attempt to censor a student thesis after complaining that it revealed a loophole in bank card security.
“It is the publication of this level of detail which we believe breaches the boundary of responsible disclosure. Essentially, it places in the public domain a blueprint for building a device which purports to exploit a loophole in the security of chip and PIN,” the letter states.http://www.reddit.com/tb/eu2cs
The Smart Card Detective:a hand-held EMV interceptorOmar S. Choudary
How is it that an organisation with systems has not been able to notice a false product being distributed ,deposits received, receipts issued and accounted for?
Do people not check transaction details against receipts issued?
Or these people have a sophisticated Software which does not need to check the receipts issued against inflow?
Even if a receipt book was maintained by the accused,is it possible to keep the same safely over a long period of time?
Again did not the depositors visit the bank even once?
How is it they have not blurted out the ‘Scheme’ to the bank staff or their friends about their wonderful investment?
One thing is sure-we need not bother about fine prints(conditions apply);
The normal document may not also be original.
Another point is , because of IVRS ( automatic recording)system, one hardly finds a human being to answer you.( by the way how is it that none of the investors made an even a casual inquiry at the bank?)
This makes all the more easy for fraudsters who know Software to manipulate records.
NEW DELHI: Finance minister Pranab Mukherjee has ruled out any systemic failure in the muti-crore fraud at Citibank and said that precautions are being taken to ensure that such cases are not repeated.
“There are regulations and all other precautions are being taken. But if there is an individual misdemeanor, that has to be acted on. Law will take its own course of action,” Mukherjee told reporters.
The alleged fraud was detected at Citibank’s Gurgaon branch. An FIR for cheating and forgery against a bank employee and three others was lodged on Tuesday and 18 accounts, with about Rs4 crore deposits, were frozen subsequently.
The fraud is said to be a handiwork of Shiv Raj Puri, a relationship manager at the branch, who allegedly sold investment products to high networth clients claiming that they would generate unusually high returns. He also allegedly routed the fund garnered from HNI customers to stock market through brokerage firms like Religare Securities.
Citibank India spokesperson said, “We recently initiated an investigation into a certain set of suspicious transactions based on documents forged by an employee involving a few accounts in our Gurgaon branch,” the spokesperson said. “Identified suspicious transactions have been isolated and we are providing full assistance to the authorities in their investigations.”
New Delhi: A huge banking fraud has been uncovered at the Gurgaon branch of Citibank that saw a bank employee fraudulently diverting an estimated Rs.400 crore from 20 accounts of high-networth clients. Citibank has already lodged an FIR with the police and begun internal investigation into the fraud.
“We recently initiated an investigation into a certain set of suspicious transactions based on documents forged by an employee involving a few accounts in our Gurgaon branch,” a Citi India spokesperson said in a statement on Tuesday. According to sources, an employee, Shivaraj Puri, used to seek deposits from high-networth customers in lucrative schemes. However, he used to transfer the funds to some other accounts.
Funds amounting to Rs.400 crore belonging to about 20 customers, according to sources, were transferred to fictitious accounts.
The employee involved is suspected of selling investment products to clients claiming that these would generate unusually high returns.
It has been alleged that the employee also showed a forged notification of market regulator SEBI for garnering funds from customers.
The flagship branch that Citibank opened in New York’s Union Square today is a bit different from banks in its other locations.
Instead of picking up a paper brochure, patrons can use one of the six interactive sales walls with touchscreen capabilities to learn more about bank services. Instead of using deposit envelopes, they can use enhanced-image ATMs to deposit checks without them. And instead of waiting for business hours to speak with a customer service representative, customers can use a 24/7 video chat station in the ATM lobby.
The digital components of the 9,700-square-foot branch are based on technologies pioneered by Citibanks in Hong Kong and Singapore.
Some features of the new bank seem more suited for a cafe or a airport lounge than a bank. Customers can access free Wi-Fi (in a private seating lounge if they are Citigold customers), and “media walls” display news, weather, and information about Citibank. Atmosphere Proximity, Citi’s digital agency, also designed a chip with the bank’s social media team that accesses a special Foursquare feed. Whenever a certain amount of people check in to the branch, an “internal marketing screen” shows which users are inside the branch at that very moment.
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