Banking Fraud is posing risk to Indian Economy. Its vibrant effect is comprehended end up being the proven fact that in the year 2004 wide range of Cyber Crime were 347 in Asia which rose to 481 in 2005 showing a growth of 38.5percent while I.P.C. category crime stood at 302 in 2005 including 186 cases of cyber fraudulence and 68 cases cyber forgery. Hence it becomes essential that occurrence of such frauds must certanly be minimized. Even more upsetting is that such frauds are entering in Banking Sector aswell.
In our day, international situation bank operating system has acquired new proportions. Banking did scatter in Asia. These days, the bank system has entered into competitive areas in places covering resource mobilization, human being resource development, client services and credit management aswell.
Indian’s bank system has several outstanding accomplishments to its credit, more striking which is its get to. Indeed, Indian finance companies are now spread out to the remotest regions of our country. Indian financial, which was running in a very comfortable and protected environment till the start of 1990s, is forced to the choppy waters of intense competitors.
A sound bank system should possess three fundamental faculties to safeguard depositor’s interest and general public belief. Theses are (i) a fraud no-cost culture, (ii) a time tested Best training Code, and (iii) an in household immediate grievance remedial system. These conditions are their particular missing or acutely poor in Asia. Area 5(b) of the Banking Regulation Act, 1949 defines financial… “Banking could be the accepting for the true purpose of providing or financial investment, build up of money through the intent behind providing or financial investment, build up of money through the general public, repayable on need or else and withdraw in a position by cheque, draft, order or else.” However if their cash has fraudulently already been drawn through the bank the latter is under rigid responsibility to pay for the depositor. The lender consequently must make sure all the time your cash of the depositors isn’t drawn fraudulently. Time has come if the protection areas of the finance companies need to be managed on concern foundation.
The bank system in our country is handling all segments of our socio-economic setup. The content includes a discussion increasing of financial frauds and differing methods you can use to prevent such frauds. a bank fraudulence is a deliberate work of omission or percentage by anybody performed in the course of financial transactions or in the publications of accounts, leading to wrongful gain to virtually any individual for a short-term period or else, with or without having any monetary reduction into the bank. The appropriate conditions of Indian Penal Code, Criminal Procedure Code, Indian Contract Act, and Negotiable Instruments Act associated with financial frauds is cited in the present Article.
DEVELOPMENT OF BANK OPERATING SYSTEM IN ASIA
Banking system occupies an essential place in a nation’s economy. A banking establishment is vital in today’s society. It plays a pivotal role in economic development of a country and kinds the core of the cash marketplace in a sophisticated country.
Banking business in Asia has traversed a long way to assume its current stature. It’s undergone an important structural change following the nationalization of 14 major commercial finance companies in 1969 and 6 more on 15 April 1980. The Indian bank system is exclusive and maybe does not have any parallels inside financial history of any country worldwide.
RESERVE BANK OF INDIA-ECONOMIC AND SOCIAL OBJECTIVE
The Reserve Bank of Asia has an important role to try out inside maintenance of the change value of the rupee in view of the close interdependence of intercontinental trade and nationwide economic development and well-being. This aspect is of the wider responsibly of the main bank when it comes to maintenance of economic and monetary security. With this the lender is entrusted using custody plus the handling of nation’s intercontinental reserves; it acts also given that representative of the government according of Asia’s account of the intercontinental monetary investment. With economic development the lender also performs a number of developmental and marketing features which in the last were registered being away from typical purview of main financial. It acts an essential regulator.
BANK FRAUDS: CONCEPT AND PROPORTIONS
Banks will be the machines that drive the functions inside monetary industry, that will be essential when it comes to economy. Using the nationalization of finance companies in 1969, there is also emerged as machines for social modification. After Independence, the finance companies have actually passed away through three stages. They will have relocated through the character based providing to ideology based providing to today competitiveness based lending inside context of Asia’s economic liberalization guidelines plus the means of connecting using international economy.
Even though the functions of the bank have grown to be progressively significant financial frauds in finance companies are also increasing and fraudsters are becoming more sophisticated and ingenious. In a bid maintain rate using changing times, the financial industry has diversified it company manifold. And old philosophy of class financial is changed by size financial. The challenge in general management of social duty with economic viability has grown.
CONCEPT OF FRAUD
Fraud means “any behavior by which one person promises to gain a dishonest advantage on another”. Quite simply , fraudulence is a work or omission that will be meant to trigger wrongful gain to 1 individual and wrongful reduction to the other, either by way of concealment of details or else.
Fraud is defined u/s 421 of the Indian Penal Code and u/s 17 of the Indian Contract Act. Hence important elements of frauds are:
1. There needs to be a representation and assertion;
2. It must relate to a well known fact;
3. It should be using knowledge it is untrue or without belief in its truth; and
4. It must cause another to do something upon the assertion concerned or even do or otherwise not to accomplish certain work.
Losses sustained by finance companies as a result of frauds surpass the losses considering burglary, dacoity, burglary and theft-all come up with. Unauthorized credit facilities are extended for illegal gratification such case credit allowed against pledge of goods, hypothecation of goods against expenses or against book debts. Common modus operandi are, pledging of spurious goods, inletting the worth of goods, hypothecating goods to several bank, deceptive removal of goods using knowledge and connivance of in negligence of bank staff, pledging of goods owned by a 3rd party. Merchandise hypothecated to a bank are found to consist of outdated stocks packed in-between goods stocks and case of shortage in body weight isn’t uncommon.
an evaluation made from cases brings forth generally the under-mentioned four major elements in charge of the percentage of frauds in finance companies.
1. Energetic participation of the staff-both manager and clerical either separate of external elements or in connivance with outsiders.
2. Failure on the part of the lender staff to check out meticulously laid down directions and directions.
3. External elements perpetuating frauds on finance companies by forgeries or manipulations of cheques, drafts as well as other devices.
4. There is an increasing collusion between company, top finance companies executives, civil servants and politicians in power to defraud the finance companies, through getting the principles bent, laws flouted and banking norms tossed into the winds.
FRAUDS-PREVENTION AND RECOGNITION
A detailed research of any fraudulence in bank shows many typical fundamental features. There might have been negligence or dishonesty at some stage, on part of several of the bank employees. One might have colluded using debtor. The lender authoritative might have been putting up with the debtor’s razor-sharp techniques for an individual gain. The proper care which was anticipated of the staff, as custodians of finance companies interest might not have already been taken. The lender’s rules and treatments laid down inside handbook directions plus the circulars might not have already been seen or might have been deliberately ignored.
Bank frauds will be the failure of the banker. It does not signify the external frauds try not to defraud finance companies. But if the banker is upright and knows their job, the duty of defrauder becomes extremely difficult, or even feasible.
Detection of Frauds
Despite all care and vigilance there may nevertheless be some frauds, though their particular quantity, periodicity and intensity can be considerably paid off. These process will be very helpful if taken into account:
1. All relevant data-papers, documents etc. Should really be quickly collected. Initial vouchers or other papers developing the basis of the investigation must certanly be held under lock and secret.
2. All individuals inside bank whom can be knowing one thing about the time, location a modus operandi of the fraudulence must certanly be examined and their particular statements must certanly be taped.
3. The probable order of events should after that be reconstructed by the officer, in his very own mind.
4. It is advisable to keep carefully the main office informed about the fraudulence and additional improvements in regard thereto.
Classification of Frauds and Action Required by Banks
The Reserve Bank of Asia had setup a higher level committee in 1992 which was headed by Mr. A… Ghosh, the then Dy. Governor Reserve Bank of Asia to inquire into different aspects associated with frauds malpractice in finance companies. The committee had noticed/observed three significant reasons for perpetration of fraudulence as given hereunder:
1. Laxity in observance of the laid down system and treatments by operational and supervising staff.
2. Over confidence reposed inside consumers whom indulged in breach of trust.
3. Unscrupulous consumers by firmly taking benefits of the laxity in observance of established, time tested safeguards also committed frauds.
To have uniformity in stating cases of frauds, RBI considered issue of category of bank frauds based on the conditions of the IPC.
Listed below will be the Provisions and their particular Remedial actions that may be taken.
1. Cheating (Area 415, IPC)
The preventive actions according of the cheating is concentrated on cross-checking with regards to identification, genuineness, confirmation of particulars, etc. according of numerous devices as well as individuals involved in encashment or dealing with the home of the bank.
2. Criminal misappropriation of property (Section 403 IPC).
Criminal misappropriation of property, presuppose the custody or control over resources or property, so exposed, thereupon of the person committing such frauds. Preventive actions, for this class of fraudulence must certanly be taken at the level the custody or control over the resources or property of the bank generally speaking vests. Such a measure must certanly be sufficient, its extended to these individuals that actually managing or having real custody or control over the investment or movable properties of the bank.
3. Criminal breach of trust (Section 405, IPC)
Care must certanly be obtained from step one when an individual concerns the lender. Care has to be taken during recruitment in bank aswell.
4. Forgery (Area 463, IPC)
Both prevention and recognition of frauds through forgery are important for a bank. Forgery of signatures is considered the most frequent fraudulence in financial company. The lender should simply take unique care if the instrument is provided either bearer or order; whenever a bank will pay forged instrument he would be responsible for the loss into the real costumer.
5. Falsification of accounts (Section 477A)
Right diligence is needed while completing of kinds and accounts. The accounts must certanly be rechecked on everyday foundation.
6. Theft (Area 378, IPC)
Encashment of stolen’ cheque is prevented if the bank obviously specify age, sex as well as 2 noticeable identify activity marks from the body of the person tourist’s cheques from the back of the cheque leaf. This may help the paying bank to easily identify the cheque holder. Theft from lockers and safe deposit vaults aren’t easy to commit because the master-key stays using banker plus the individual secret of the locker is handed over into the costumer with due acknowledgement.
7. Criminal conspiracy (Section 120 A, IPC)
In the case of State of Andhra Pradesh v. IBS Prasad Rao and Other, the accused, who have been clerks in a cooperative Central Bank were all found guilty of the offences of cheating under Section 420 read with Section 120 A. all of the four accused had conspired collectively to defraud the lender through untrue need drafts and receipt vouchers.
8. Offences associated with currency notes and finance companies notes (Section 489 A-489E, IPC)
These areas offer the security of currency-notes and bank notes from forgery. The offences under part are:
(a) Counterfeiting currency notes or finance companies.
(b) offering, purchasing or utilizing as real, forged or counterfeit currency notes or bank notes. Understanding the exact same become forged or counterfeit.
(c) ownership of forged or counterfeit currency notes or bank-notes, knowing or counterfeit and intending to use the identical to real.
(d) Making or driving devices or materials for forging or counterfeiting currency notes or finance companies.
(e) Making or utilizing documents resembling currency-notes or bank notes.
Almost all of the above conditions are Cognizable Offences under Section 2(c) of the Code of Criminal Procedure, 1973.
FRAUD PRONE AREAS IN DIFFERENT ACCOUNTS
Listed here are the possibility fraudulence prone places in Banking Sector. As well as those places i’ve also given types of fraudulence which are typical during these places.
Savings Bank Records
Listed here are a number of the instances being played according of cost savings bank accounts:
(a) Cheques bearing the forged signatures of depositors can be provided and compensated.
(b) Specimen signatures of the depositors can be altered, especially following the loss of depositors,
(c) Dormant accounts can be operated by dishonest individuals with or without collusion of bank employees, and
(d) Unauthorized distributions from customer’s accounts by worker of the bank maintaining the cost savings ledger and soon after destruction of the current vouchers by all of them.
Current Account Fraud
These types could be committed in the event of current accounts.
(a) orifice of frauds inside names of restricted companies or corporations by unauthorized individuals;
(b) Presentation and repayment of cheques bearing forged signatures;
(c) Breach of trust by the employees of the companies or corporations possessing cheque leaves duly signed by the authorized signatures;
(d) Fraudulent alteration of the level of the cheques and having it compensated either at the countertop or though another bank.
Frauds In Case Of Advances
Following types can be committed according of advances:
(a) Spurious silver ornaments can be pledged.
(b) Sub-standard goods can be pledged using bank or their particular worth can be shown at inflated numbers.
(c) Exact same goods can be hypothecated towards various finance companies.
LEGAL REGIME TO REGULATE BANK FRAUDS
Frauds constitute white-collar crime, committed by unscrupulous individuals deftly advantage of loopholes current in systems/procedures. The perfect scenario is the one there’s no fraudulence, but using ground realities of the nation’s environment and human instinct’s fragility, an institution should love to keep carefully the overreach of frauds anyway occurrence level.
Following will be the relevant areas associated with Bank Frauds
Indian Penal Code (45 of 1860)
(a) Section 23 “Wrongful gain”.-
“Wrongful gain” is gain by illegal means of property to which the individual gaining isn’t legally entitled.
(b) “Wrongful reduction”
“Wrongful reduction” could be the reduction by illegal means of property to which the individual dropping its legally entitled.
(c) Gaining wrongfully.
Dropping wrongfully-A individual is thought to gain wrongfully when such individual keeps wrongfully, as well as when such individual acquires wrongfully. an individual is thought to drop wrongfully when such individual is wrongfully held out of any property, as well as when such individual is wrongfully deprived of property.
(d) Section 24. “Dishonestly”
Anyone who does everything using intention of causing wrongful gain to one individual or wrongful reduction to some other individual, is thought to do that thing “dishonestly”.
(e) Section 28. “Counterfeit”
an individual is thought to “counterfeit” whom triggers the one thing to look like another thing, intending by means of that similarity to practice deception, or knowing it to be most likely that deception will thus be practiced.
BREACH OF TRUST
1. Area 408- Criminal breach of trust by clerk or servant.
2. Area 409- Criminal breach of trust by general public servant, or by banker, merchant or representative.
3. Area 416- Cheating by personating
4. Area 419- Punishment for cheating by personation.
OFFENCES CONCERNING DOCMENTS
1) Area 463-Forgery
2) Section 464 -Making an untrue document
3) Section 465- Punishment for forgery.
4) Section 467- Forgery of valuable protection, will, etc
5) Section 468- Forgery for function of cheating
6) Section 469- Forgery for intent behind damaging reputation
7) Section 470- Forged document.
8) Section 471- utilizing as real a forged document
9) Section 477- Fraudulent cancellation, destruction, etc., of will, expert to adopt, or valuable protection.
10) Section 477A- Falsification of accounts.
THE RESERVE BANK OF ASIA ACT, 1934
Issue of need expenses and notes Section 31.
Provides that just Bank and except supplied by Central national will probably be authorized to-draw, take, make or issue any bill of change, hundi, promissory note or wedding when it comes to repayment of money payable to bearer on need, or borrow, owe and take up any amount or sums of money from the expenses, hundis or notes payable to bearer on need of any such individual
THE NEGOTIABLE INSTRUMENTS ACT, 1881
Holder’s directly to replicate of missing bill Section 45A.
1. The finder of lost bill or note acquires no subject to it. The subject stays using true owner. He could be eligible for get over the true owner.
2. If finder obtains repayment on a missing bill or note in due program, the payee may be able to get a valid release because of it. Nevertheless the true owner can recover the money due from the instrument as damages through the finder.
Whenever a guitar is acquired by illegal means or for illegal consideration no possessor or indorse whom claims through the person who found roughly acquired the instrument is eligible for get the quantity due thereon from such maker, acceptor or holder, or from any party just before such holder, unless such possessor or indorse is, or some individual through whom he claims had been, a holder thereof in due program.
Cheque payable to order.
1. By this part, bankers are put in privileged place. It gives when a purchase cheque is indorsed by or with respect to the payee, plus the banker on whom its drawn will pay it in due program, the banker is released. He can debit their client using quantity so compensated, although the recommendation of the payee might become a forgery.
2. The claim security under this part the banker must show your repayment had been a repayment in due program, in good-faith and without negligence.
Area 87. Effect of material alteration
Under this part any alteration made with no consent of party will be void. Alteration will be valid as long as is made with typical intention of the party.
Area 138. Dishonour of cheque for insufficiency, etc., of resources inside account.
Where any cheque drawn by an individual on an account maintained by him with a banker for repayment of any amount of cash to someone from regarding that account fully for the release, in entire or in part, of any debt or other liability, is returned by the bank delinquent. either because of the amount of cash standing into the credit of that account is insufficient to honour the cheque or so it surpasses extent arranged become compensated from that account by an agreement created using that bank, such individual will probably be deemed to have committed an offence and shall, without prejudice.
Area 141(1) Offences by companies.
If individual committing an offence under Section 138 is a company, everybody whom, at the time the offence had been committed, was in cost of, and had been accountable to, the business when it comes to conduct of the company of the company, plus the company, shall be deemed become responsible of the offence and shall be prone to be proceeded against and punished properly.
PROTECTION REGIME IN BANK OPERATING SYSTEM
Protection implies sense of protection and of freedom from danger or anxiety. Whenever a banker takes a collateral protection, state by means of silver or a title deed, from the cash lent by him, he has got a feeling of protection and of freedom from anxiety about the feasible non-payment of the loan by the debtor. These must certanly be communicated to all or any strata of the business through appropriate means. Before staff supervisors should evaluate current techniques. Protection process must certanly be stated clearly and decided by each user inside certain environment. Such techniques ensure information protection and improve accessibility. Bank protection is basically a defense against unforced assaults by thieves, dacoits and burglars.
BODILY PROTECTION MEASURES-CONCEPT
A sizable part of finance companies protection varies according to social protection actions. Actual protection actions can be explained as those certain and unique safety or defensive actions adopted to deter, identify, wait, defend and conquer or even perform anybody or even more among these features against culpable acts, both covert and covert and acclamations normal events. The safety or defensive, actions adopted involve building, set up and implementation of structures, gear and individuals correspondingly.
Listed here are couple of directions to check on malpractices:
1. To rotate the money work within the staff.
2. Someone cannot keep on exactly the same chair for over 8 weeks.
3. Daybook shouldn’t be compiled by the Cashier in which an other person can be obtained into the job
4. No cash detachment must certanly be allowed within passbook in the event of detachment by pay order.
5. The part supervisor should make certain that all staff members have actually recorder their particular presence inside attendance registrar, prior to starting work.
Execution of papers
1. a bank officer must adopt a rigid expert strategy inside execution of documents. The ink plus the pen utilized for the execution must be maintained uniformly.
2. Bank documents shouldn’t be typed on a typewriter for execution. These must certanly be invariably handwritten for execution.
3. The execution should always be carried out in the current presence of the officer in charge of obtain all of them,
4. The consumers must certanly be expected to check in complete signatures in exact same style throughout the documents.
5. Unless there was a certain requirement inside document, it will not be got attested or experienced as such attestation may replace the character of the devices plus the documents may subject to ad volrem stamp responsibility.
6. The paper by which the lender documents are formulated must certanly be pilfer evidence. It must be unique and open to the finance companies just.
7. The printing of the bank documents need to have extremely imaginative intricate and complex visuals.
8. The documents performed between Banker and Borrowers must be held in safe custody,
CHANGES IN LEGISLATIONS UPON ELECTRONIC TRANSACTIONS
1. Area 91 of IPC will probably be amended to add digital documents also.
2. Area 92 of Indian Evidence Act, 1872 will probably be amended to add commuter based communications
3. Area 93 of Bankers Book Evidence Act, 1891 is amended to provide legal sanctity for publications of account maintained inside digital form by the finance companies.
4. Area 94 of the Reserve Bank of Asia Act, 1939 will probably be amended to facilitate digital investment transfers between the financial institutions plus the finance companies. A brand new term (pp) is placed in Section 58(2).
LATEST TRENDS OF BANK OPERATING SYSTEM IN ASIA
When you look at the financial and monetary areas, the introduction of digital technology for transactions, settlement of accounts, book-keeping and all sorts of various other associated features happens to be an imperative. Progressively, whether we like it or otherwise not, all financial transactions will be digital. The push is on commercially important centers, which account fully for 65 percent of financial company in terms of worth. Nowadays there are numerous totally computerized branches in the united states.
A switchover from cash-based transactions to paper-based transactions has been accelerated. Magnetized Ink character recognition clearing of cheques happens to be operational in lots of cities, beside the four metro cities. In Asia, the look, management and legislation of electronically-based repayments system are becoming the main focus of policy deliberations. The imperatives of developing a fruitful, efficient and speedy repayment and settlement systems are becoming sharper with introduction of new devices such credit cards, telebanking, ATMs, retail Electronic Funds Transfer (EFT) and Electronic Clearing Services (ECS). Our company is moving towards wise cards, credit and monetary Electronic Data Interchange (EDI) for directly through handling.
Financial Fraud (Investigation, Prosecution, healing and Restoration of property) Bill, 2001
Further the Financial Fraud (Investigation, Prosecution, healing and Restoration of property) Bill, 2001 had been introduced in Parliament to suppress the menace of Bank Fraud. The Act was to prohibit, control, investigate financial frauds; recover and restore properties subject to such fraud; prosecute for causing financial fraud and matters connected therewith or incidental thereto.
Underneath the said work the definition of Financial Fraud is understood to be underneath:
Area 512 – Financial Fraud
Financial frauds suggests and includes any of the following acts committed by an individual or along with his connivance, or by their representative, in his transactions with any bank or lender or any other entity keeping general public resources;
1. The suggestion, as a well known fact, of that that will be not true, by a person who does not think that it is true;
2. The active concealment of a well known fact by one having knowledge or belief of the reality;
3. a vow created using out any intention of doing it;
4. Every other work suited to deceive;
5. Any such work or omission given that legislation specifically declares become fraudulent.
Provided that anyone who acquires, possesses or transfers any proceeds of monetary fraudulence or goes into into any exchange that will be regarding proceeds of fraudulence either right or indirectly or conceals or helps with the concealment of the proceeds of monetary fraudulence, commits monetary fraudulence.
513(a) – Punishment for Financial Fraud
Whoever commits monetary fraudulence will probably be: (a) Punished with thorough imprisonment for a term, that might expand to seven many years and shall be prone to fine.
(b)Whoever commits severe monetary fraudulence will probably be punished with thorough imprisonment for a term that might expand to ten years but shall not be under 5 years and shall be responsible for good to double the quantity involved in such fraudulence.
Provided that in both (a) and (b) all resources, bank accounts and properties acquired utilizing such resources afflicted by the monetary fraudulence as may sensibly be attributed by the examining company will probably be restored and restored into the rightful owner based on the process established by law.
The Indian Banking Industry has undergone great development since nationalization of 14 finance companies in the year 1969. There’s an almost eight times rise in the lender branches from about 8000 during 1969 to mote than 60,000 owned by 289 commercial finance companies, which 66 finance companies are in personal industry.
It absolutely was the consequence of two successive Committees on Computerization (Rangarajan Committee) that put the tone for computerization in Asia. Even though the first committee drew the blue print in 1983-84 when it comes to mechanization and computerization in financial business, the second committee setup in 1989 paved just how for built-in usage of telecommunications and computer systems for applying technogical breakthroughs in financial industry.
But using scatter of financial and finance companies, frauds happen on a consistent enhance. It could be a normal corollary to boost inside wide range of consumers that utilizing finance companies today. Around 2000 alone we’ve lost Rs 673 crores in up to 3,072 wide range of fraudulence cases. They’re just reported numbers. Though, this really is 0.075percent of Rs 8,96,696 crores of total build up and 0.15percent of Rs 4,44,125 crores of loans & advances, there are any amounts of cases which are not reported. There were almost 65,800 bank branches of a total of 295 commercial finance companies in Asia as on June 30, 2001 stating a total of almost 3,072 bank fraudulence cases. This is why almost 10.4 frauds per bank and approximately 0.47 frauds per part.
A professional Committee on Bank Frauds (Chairman: Dr.N.L.Mitra) presented its Report to RBI in September 2001. The Committee examined and proposed the preventive and curative areas of bank frauds.
The significant suggestions of the Committee consist of:
o a necessity for including monetary fraudulence as a criminal offence;
o Amendments into the IPC by including a fresh section on monetary fraudulence;
o Amendments into the proof Act to shift the duty of evidence from the accused individual;
o Special provision inside Cr. Computer for properties mixed up in Financial Fraud.
o Confiscating illegal gains; and preventive actions such as the development of ideal Code Procedures by finance companies and financial institutions.
Hence it can be figured following actions should always be adopted by the Ministry of Finance being reduce cases of Fraud.
o There must be a particular legal to use monetary fraudulence cases of severe nature.
o The law should offer separate structural and recovery process. Every bank need a domestic enquiry officer to find out more about the civil dimension of fraudulence.
o a fraud concerning an amount of ten crore of rupees and overhead can be considered severe and stay attempted inside Special legal.
The Twenty-ninth Report of the Law Commission had dealt some types of crimes one of that will be “offences computed to avoid and impair the economic development of the united states and endanger its economic health.” Offences associated with Banking Fraud will are categorized as this category. The most crucial function of such offences usually ordinarily they cannot include someone direct target. These are generally punishable since they harm your whole society. It’s obvious that cash involved in Bank belongs to general public. They deposit there life time’ protection in Banks plus in case of Dacoity or Robbery in finance companies the general public is al missing. Hence it is important that sufficient attempts must certanly be drawn in this regard.
There is certainly a fresh type of risk in cyber world. Authors are referring it as “Salami Attack” under this a unique software program is utilized for transferring extent through the account of the individual. Thus the culprits of such crimes must certanly be found rapidly and may get rigid punishment. Moreover there was requirement of even more wide range of IT experts who can help to locate an answer against every one of these protection threats.