Online transactions increasingly coming into our routine activities, the chances of fraudulent cases are on the rise. If a company like ONGC Mumbai can be a victim of cyber crime with Rs197 crores being transferred to Bangkok Bank Public Company limited instead of their client Saudi Aramco — an oil company based in Saudi Arabia — one can easily imagine how vulnerable the security of small enterprises and individuals is.
In an exclusive talk with The Pioneer, the national convener of Digital Entrepreneurship, Computer Society of India, Anuj Agarwal shares his experiences with the recent frauds and how a common user can sail safe following some simple tips. A little more care can help one to steer clear of many such problems, says the cyber crime expert Agarwal who has come here to participate in a three- day conference held for chartered accountants near Mussoorie.
Just two months ago, in one of the biggest cyber crimes that surfaced in Mumbai, Oil and Natural Gas Corporation limited (ONGC) lost Rs197 crores after cyber criminals duplicated the public sector company’s official e-mail address with minor changes and used it to convince a Saudi Arabia-based client to transfer payments to their account. While ONGC communicated with the company from patel_dv@ongc.co.in the fraudsters duped the company by communicating with them from patel_dv@ognc.co.in. With timely intervention of the cyber police, the money was recovered. “One must remember that no one can ask you about your personal information, including PIN number or email id or personal account number, from a bank or any insurance company on phone or email. There is a set of procedures for the same if they need to do so,” says Anuj, asking all to be cautious for fake mails generated which have minor spelling differences.
Credit cards are safer than debit cards, says this cyber crime expert, reasoning, “As per RBI guidelines, all banks must use one time password facility which is sent to the user’s registered mobile number and lasts for only 15 minutes. Unless you enter the OTP as generated by the system, your transaction would not be completed. One time password is a second layer of defence against any financial fraud.” Misuse of OTP is also not possible unless someone possesses your mobile as well as your card. The fraudsters cannot transact with your credit card unless they have the CVV, PIN as well as OTP, he says, adding that it ensures enhanced safety for card users.
Also by the time the payment bill is generated, there is enough time gap, he says. “If you wish to hold the transaction from the bank you can do it. Booking your travel with a debit card would have the amount debited immediately from the account. So if you are buying travel that you won't use for six months or making a reservation for a few weeks from now you'll be out of money immediately. It is thus better to use credit card for such transactions,” Anuj adds.