New Delhi: The HSBC employee accused of using passwords of accounts to withdraw money is now in police custody. CNBC-TV18 reports that the same technology that helped the fraudsters is now assisting the police.
It was mostly cell phone records that helped the police track down Kashmiri. The police are now in the process of gathering more evidence.
K Srinivasan, DGP, Corps of Detectives said "The motive according to preliminary investigations is probably that he was promised a lucrative job and apart from that, monetary considerations."
Kashmiri was produced in court late Wednesday afternoon. He had passed passwords and other details of 20 accounts in HSBC to his accomplices in the UK, who in turn used the information to withdraw about Rs 1.4 crore.
The police are trying to find out exactly how widespread Kashmiri's network was. This is the first case of data theft the police are handling, but they are used to dealing with fraud done through Internet banking.
The latest chain of events has shaken up the BPO industry. And banks say they are reviewing data security procedures. So how are customers taking the blow?
Amit Jaiswal, HSBC account-holder says, "I'm comfortable with internet banking. There's nothing to worry. Definitely banks are going to take precautions."
But Gaurav Sachdeva, another HSBC account-holder differs. "I'm a HSBC account holder and use net banking. It's really scary now, but we need to look at our cyber laws and make it stringent," he says.
Is anytime money becoming anybody's money?
Well, obviously, the more freedom you have in banking, the easier it gets. And the greater the security it needs. So for every step taken to bring your bank to your home, banks will have to just take an extra look at loopholes.
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