COMMON SENSE SIMPLIFIED: ATM PIN GOES PUBLIC

COMMON SENSE SIMPLIFIED: ATM PIN GOES PUBLIC:


The expression of risk in banking/financial fraud is as grave, if not more, in India as in other developed countries like US and UK. It is because of loopholes in our regulations and greater propensity to outsource services by our banks. For instance, allotment of bank account, credit/debit cards, cheque books, ATM PIN And other such details are dispatched to the customers through outsourced sources increasing the risk of misuse. Further, while sharing the ATM network by the banks SPDI (Sensitive Personal Data or Information) is shared with outsourced executives. Also, the personal information is often shared with other banks or vendors in calculating reward points in credit cards. Last but not the least; SDPI is also pooled in case of Internet banking with the BPO employees.


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