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BANK FRAUDS IN INDIA

 
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  Bank fraud is the use of illegal or unethical means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently posing as a bank or other financial institution. In most cases, bank frauds are criminal offences.

Some of the offences related to Banking frauds are explained below:
  1. Viruses are extremely common, though their delivery methods can vary. Malicious software or malware generally are designed to infiltrate systems without being detected by the usual firewalls – whether they are delivered through an email attachment, software, or an open computer network. Viruses can access your information by recording keystrokes, sending ads or spam, or by redirecting traffic to certain websites.
  2. Phishing is an electronic communication done in furtherance of gaining unauthorized access to user data of a company. As per the American Banker’s Association “Phishing attacks use ‘spoofed’ e-mails and fraudulent web sites designed to fool recipients into divulging personal financial data such as credit card numbers, account usernames and passwords, Social Security numbers, etc. By hijacking the trusted brands of well-known banks, online retailers and credit card companies, phishers are able to convince up to 5 percent of recipients to respond to them.”
  3. Identity Theft
    Identity theft is a crime and occurs when one’s personally identifiable information (PII) is stolen and used to commit fraud or other crimes. Common methods adopted by fraudsters to steal one’s identity include social engineering, stealing mails, dumpster diving, spoof emails and websites, etc.
    Section 66C of the IT Act prescribes punishment for identity theft which states, “Whoever, fraudulently or dishonestly makes use of the electronic signature, password or any other unique identification feature of any other person, shall be punished with imprisonment of either description for a term which may extend to three years and shall also be liable to fine with may extend to rupees one lakh.” The object of this section is not merely to protect the information in a computer resource but to protect the authentication details of a person in electronic forms.
  4. Banking Frauds under Indian Penal Code, 1860 (IPC)
    Persons indulging in banking frauds are also liable to be prosecuted under the criminal law. The Indian Penal Code, 1860 (IPC) makes provisions of punishment of such offences. Offences such as dishonest misappropriation of property (Section 403), criminal breach of trust (Section 405), cheating (Section 415) forgery (Section 463) and counterfeiting of currency notes (Section 489) are commonly occurring banking frauds which the IPC deals with.
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