The twist and turns around the Banking industry are not coming to an end. Now the Hot news is from India - the latest in Banking industry is the fraud with the 37 odd Axis Bank Customers from Mumbai including 13 cops. The incident never came in the news until it was identified that 13 from the various ranks in Mumbai Police have been impacted.
Few questions that come to me and that need to be answered -
- Without an insider's help how can skimming device be installed at the ATM?
- Were the ATM location camera's not being monitored for any suspicious activity?
- Where was the Security Guard and didn't he observe any suspicious activity?
- What were Bank Officials doing at the time these transactions were being made in Greece, didn't they look at their reports for any suspicious activity?
- Why Banks issue "International Debit Cards" to their customers by default??
Interesting point here is the identification of a skimming device that was used for cloning the cards and that raised the questions that I have listed above. It is imperative that there would have been an insider job in this case as without an insider's help it would be highly tough work to carry out suspicious activity without being noticed.
There is another question - Is Bank going to refund all its customers or just the cops?? as the news came to light highlighting the cops more than the other impacted customers of the Bank.
Before closing - Media is calling it has Hack...well call it Fraud!!!