The PHD Chamber of Commerce and Industry (PHDCCI) & KAS (Konrad Adenauer Stiftung) is organising a Seminar on "Protection from Fake and Fraud Financial Transactions & Phishing Mail” in association with Reserve Bank of India (RBI) at Hotel Babylon Inn at Jail Road here on Thursday.
Dr Sanjeev Sharma, General Manager, RBI, Raipur will be the chief guest of the seminar.Technology is the most important and inevitable component to be competitive and innovative at present time and the industry needs upgradation and advancement with the technology, a PHDCCI press release issued here on Wednesday stated.
In the race of upgradation and adopting new technologies when people are not technology savvy there are possibilities of risks and frauds. Fraud encompasses a wide range of illicit practices and illegal acts involving intentional deception or misrepresentation, it stated.Fraud impacts organizations in several areas including financial, operational, and psychological. While the monetary loss owing to fraud is significant, the full impact of fraud on an organization can be staggering. The losses to reputation, goodwill, and customer relations can be devastating.
In today’s automated world, many business processes depend on the use of technology. This allows for people committing fraud to exploit weaknesses in security, controls or oversight in business applications to perpetrate their crimes.Rapid technology advancement, upgradation and its adoption leads to increase in chances of cheating and frauds. Cheating by fraudulent SMS, fake offers by phone calls, ATM Card Cloning, Phishing mails, fraud transactions are happening all around and due to this monitory loss is being encountered. It is then a new challenge for the society and especially Banks to protect their customers from these threats.
Despite several laws and data protecting tools, Data analysis software and analytical techniques every year, millions of people get trapped in these frauds. Scams, frauds, cons are prevalent all over the world and they are active in cheating and fooling people.Though internet is widely used for various purposes, but there are large number of people who rely on internet to learn and know more about investment opportunities.
Hackers and scammers create mirror site and it is tough to understand authenticity of the website. They ask the user to share personal information like credit card number, phone number and internet has emerged as a great platform for the investors. Every year, billions of dollars are drained with phishing.