Tuesday, May 21, 2013

RPG Group, Yes Bank to sort out hacking issue


Yes Bankand RPG Life Sciences (of Harsh Goenka) are blaming each other for the Rs 2.4 crore the company lost due to the second reported hacking of a current account of a corporate. The bank says that it is the responsibility of the account holder to prevent misuse at its end and it (the bank) is responsible only for the back-end which it claims is safe.

Executives from Yes and RPG Life will meet to settle the issue which has made the corporate world worried about the security of bank accounts.
"The onus of safe-guarding the customer's money lies with the bank," said a spokesman for RPG Group of companies. "The incident is being investigated by the authorities and we are extending all necessary cooperation for a rapid investigation."

Mumbai police is investigating a cyber fraud that led to the hacking of bank accounts of RPG Life on May 11. Earlier this year, 1 crore was siphoned off from the current account of a cosmetic firm in Mulund, Mumbai. The police had arrested 23 individuals in the case.

"The user ids and passwords were compromised from the company's systems," said a bank spokesman. "But once we received the alerts, we were asked to stop the transactions, which we did. In such cases, a process kicks in, and the police manages to track down the transacted amounts and even in cases where transactions have gone through, the KYC details of the account holders are available, which will help reverse the transactions."

Yes Bank officials were reported as saying that the company accounts were hacked as the company had responded to a Trojan mail, which provided the access of user ids and passwords to the cyber criminal. The hacker later carried out the transactions and money was transferred to 13 bank branches across cities in India.

The transactions were carried out on a real-time basis. So far the cops have arrested three people in this case, who withdrew the money from these accounts.

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