Banking Fraud are the posing thread of Indian economy. In India there are 347 cyber-crime in the year of 2004, where the number is rapidly increased to 481 in 2005. In IPC category the cyber-crime rate is 302 in 2005 among these 186 are crime fraud and 68 are cyber forgery. At present the crime rate are minimizing. In other hand the fraud are entering into the banking sector.
How To Prevent Your Account From Banking Fraud
Picture Banking Fraud are the posing thread of Indian economy. In India there are 347cyber-crime in the year of 2004, where the number is rapidly increased to 481 in 2005. In IPC category the cyber-crime rate is 302 in 2005 among these 186 are crime fraud and 68 are cyber forgery. At present the crime rate are minimizing. In other hand the fraud are entering into the banking sector. In India the banking systems acquired new dimension, and it enter in to the competitive market by covering all the resources like customer care, human resource development, mobilization and credit managements. Indian Banking sector is the vast network controlled and maintained by the reserved bank of India. They are providing unique IFSC code in order differentiate banks and their branches. Indian banks are spread out all remote areas of our country. But the base point of the banking sector are week in India.
The banking sectors in India are following three important characteristics to make safe from the cyber-crime.
1) Fraud free culture 2) Time tested practice code 3) In house immediate grievance remedial system. According to the Banking Regulation Act 1949 section 5(b) Banks are the financial institution which are accepting money from the depositor for low interest and lending these money to customer as loan for high interest. Banks can lend the money to RBI to high interest and there is possibilities of borrowing find from RBI for low interest. If the money has fraudulently drawn from the bank, the bank should refund the amount to the depositor. Therefore the bank always ensure that the depositor money is not fraudulently drawn. Banks are the main financial source which are taking care of all the economic set up. The security of these sector should be strong in order to make the depositor the comfortable zone. Various way to prevent banking frauds 1.RBi-Banking Ombudsman 2.RBI-Guidelines and awareness 3.Using various Medias and customer forum for creating awareness 4.Punishment and charges in various sections.
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