ATMs fraud: Nearly 74% Bank ATMs running on outdated
By MYBRANDBOOK
On Friday, the government woke up to the fact that as many as 74% of the cash dispensers are processing on outdated software and are prone to fraud and lack basic security features. The automated teller machines (ATMs) run by public sector banks may be easily accessible to frauds as they are running on outdated software by leaving it vulnerable to cyber attacks.The government, however, did not disclose details of such ATMs that were run by private sector lenders. Most ATMs in India are easy targets for Hackers & Malware Attacks.
A question arises on why do people wait for such attacks to happen to bring about a change? A huge number of machines in the country are operated by public sector players, with state run-banks controling close to 70% of the business, comprising of ending and deposits. The report says that close to 89% of the ATMs belong to this category, as told by the government in the parliament. The development came at a point when several ATM fraud incidents have been reported in different parts of the country.
Currently, India has over 2 lakh ATMs and approximately 70 per cent of them still run on Windows XP - which Microsoft itself stopped supporting in 2014. Most of the machines are running on Windows XP which cannot run many of the sophisticated security measures and many advanced security programmes cannot be loaded. Banks were going slow in upgrading the systems.
Since last few years, consumers have been complaining of the increase in ATM-related frauds, but it prompted the Reserve Bank of India only last month to issue a fresh advisory, asking banks to upgrade software in a time-bound manner and carefully monitor compliance. The RBI has asked banks to upgrade the operating systems and beef up security features in ATM machines with immediate effect to prevent frauds. Banks have to complete upgrades with the latest operating systems by June 2019. RBI further said that Banks have to submit a Board-approved compliance or an action plan detailing the implementation plan by July 31, 2018.
It is surprise to note as why banks were silent upto this time, when they have a dedicated IT and security team in place and have known about this fact. There are many banks that have created a 'Fraud budget'. When any cyber crime comes to their notice, they pay to the customer to fight the case and give money to the consultant and legal officers. Another question that remains unasnwered is how much money the banks have disbursed against this type of fraud.
The government informed Parliament that between July 2017 and June 2018 there were close to 25,000 complaints issued related to debit and credit cards, while the total number of transactions during this period was 861 crore, indicating that the number of frauds were few.
BREAKING NEWS
TECHNO TRENDS
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
Hrithik Roshan to endorse RuPay as Brand Ambassador
RuPay is reportedly planning to feature Bollywood superstar Hrithik Rosha
India Today Group launches – AI Pop Stars
Staying true to our industry leadership position in using cutting-edge tech
MOVERS & SHAKERS
TelioLabs ropes in Phaniraj V A as the Group CEO
TelioLabs has announced the onboarding of Phaniraj V A as its new Group CE
Wipro Appoints Amit Kumar as Managing Partner and Global Head
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology s
OPEN YOUR EYES
INTERVIEWS
AMD Pensando driving innovation in the DPU architecture space
AMD Pensando stands out in the DPU (Data Processing Unit) market with its u
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
HOT PICK
MSI Announces the availability of RTX 50 series of laptops in
MSI, the innovative computing manufacturer in gaming, creator
Nothing Phone (3a) goes on sale today, starting at Rs 19,999
The phone was launched on March 4, featuring a 50MP main, ultra-wide, and t
MAKE IN INDIA BRANDS
HIMACHAL FUTURISTIC COMMUNICATIONS LTD.
NUMERIC INDIA, A Group Brand Legrand
MATRIX COMSEC PVT. LTD.
TEJAS NETWORKS INDIA PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : RITESH AGARWAL
Ritesh Agarwal is an Indian billionaire entrepreneur and the founder a...
Icons Of India : B.V.R. Subrahmanyam
A 1987 batch (Chhattisgarh cadre) Indian Administrative Service Office...
ICONS OF INDIA : RISHAD PREMJI
Rishad Premji is Executive Chairman of Wipro Limited, a $11.3 billion ...
PARTNER SPEAKERS
PSU
NPCI - National Payments Corporation of India
NPCI is an umbrella organization for operating retail payments and set...
C-DAC - Centre for Development of Advanced Computing
C-DAC is uniquely positioned in the field of advanced computing...
C-DOT - Center of Development of Telematics
India’s premier research and development center focused on telecommu...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Satya Nadella, Chairman & CEO- Microsoft
Satya Nadella, the Chairman and CEO of Microsoft, recently emphasized ...
Indian Tech Talent Excelling The Tech World - Thomas Kurian, CEO- Google Cloud
Thomas Kurian, the CEO of Google Cloud, has been instrumental in expan...
Indian Tech Talent Excelling The Tech World - Sanjay Mehrotra, CEO- Micron Technology
Sanjay Mehrotra, the President and CEO of Micron Technology, is at the...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
