Friday, 31 January 2014

Cyber Crime Threat To Financial Services

Cyber crime is a “growing threat” globally and the second most commonly reported economic crime affecting financial-services firms, according to a survey by PricewaterhouseCoopers.
 
It accounted for 38% of criminal incidents for financial companies compared with 16% in other business sectors, the accounting firm said in a report.
 
About half of the financial-services respondents said the potential risk of cyber attacks has risen over the past 12 months compared with 36% in other sectors. “Cyber crime puts the financial sector’s customers, brand and reputation at significant risk,” Andrew Clark, forensic services partner at PricewaterhouseCoopers said in the statement. “Regulators are increasingly viewing cyber crime as a key area of focus and financial institutions are expected to have appropriate systems and controls in place.”
 
Cyber crime involves the use of computers or the internet and includes the theft of personal information, industrial espionage, reputational damage, financial theft and the disruption of services. About 29% of financial-firm respondents didn’t receive cyber security training, PricewaterhouseCoopers said.
 
Asset misappropriation such as embezzlement and deception by employees remains the most popular way of committing fraud in an organisation, the survey found.

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

CS IdentityShield helps you to Monitor, Protect and Recover your Identity from multiple risks.

Courtesy : Financial Express

Thursday, 30 January 2014

Credit Card Fraudsters Arrested By Crime Branch

NOIDA: The crime branch arrested the trio who procured more than a dozen credit cards from a financial major's Gurgaon office using fake documents and duped it of Rs 76 lakh over nine months.
 
According to the cops, one of the accused was in charge of verifying credentials and documents for the victim company. Police said a third accused is absconding. Two teams have been formed to apprehend him.
 
Police have identified Rajesh Sharma alias Pradeep Sharma as the mastermind. "Sharma was apprehended from a flat in Crossings Republik in Ghaziabad where he was residing with the absconding accused," said Vishwajeet Srivastava, DSP, Noida. "The second person has been identified as Gaurav Kumar, who is a master in computer application and was working with the victim company," he said.
 
According to the police, the crime came to light when the MNC financial services company noticed two credit cards with the same photos being swiped. "These two cards had different addresses and different company names. On further investigation it was found that the credit cards had been procured using fake documents," Srivastava said.
 
Police said that Sharma was a small-time broker involved in procuring home loans for people. Kumar on the other hand was working with the victim company and had to meet targets for marketing credit cards.
 
"The two got together and devised a plan to obtain the credit cards through false means. While Kumar would recommend the individuals to his company vouching for their credibility, Sharma would provide the fake documentation. A private landline number was provided for references and verification to the MNC and was answered by Sharma himself," the Noida DSP said.
 
Police have recovered a Skoda car, 2 LCDs, 15 pan cards, 2 laptops, 3 smart phones, scores of cheque books of several banks and jewellery. "On interrogation, the accused have revealed that the absconding fraudster has two other cars, which are yet to be recovered," said the DSP. "We have launched a manhunt for him and two crime branch teams are raiding several places where he could be hiding," he added.

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

CS IdentityShield helps you to Monitor, Protect and Recover your Identity from multiple risks.

Courtesy : Times of India 

Wednesday, 29 January 2014

Poor Credit History May Make You Pay More For Your Loans

People are increasingly becoming dependent on credit for a variety of reasons, such as buying or renovating their homes, going for a vacation, buying gadgets, and so on. Availing of loans actually smoothens cash flow during hard times. Hence, it is essential to know what your credit score is, how it is computed, the importance and, of course, ways and means to acquire and maintain good a credit rating.
 
Credit scoring and its mechanics
 
Availing of a credit means that one is borrowing money with a promise to pay it back within a specified period of time, with interest. Credit score is a statistical method to compute the possibility of a person paying back the money that he has borrowed. Credit bureaus, such as Credit Information Bureau-India (Cibil), issue these scores based on various parameters, such as current debt, credit type mix, credit utilisation, recent behaviour, time length, credit history and frequency of applications for new credit and, of course, repayment capability. The score assigned by Cibil ranges between 300 and 900. A score closer to 900 depicts the confidence in the ability of a person to repay the loan. A good credit score not only determines whether a person qualifies for the loan or not, but also increases the chances of availing of the loans faster.
 
Importance of credit score
 
When a person applies for a credit card or a housing loan, his credit score is checked. According to a person’s credit score, bankers will compute what risk he poses to them. From the lenders’ point of view, increased credit risk means that a risk premium must be added to the loan. If a person has a poor credit score, lenders will lend him money at a higher rate than someone who has a better credit score. The differential interest, owing to the poor credit score, will have a significant impact on the equated monthly instalment (EMI).
 
Ways and means to acquire a good credit score
 
Timely repayment of a loan and, also, the correct amount — paying less than what is due will negatively affect your credit score — is important. Don’t ignore the overdue bill. If you are facing difficulties in repayment, you should call the lender to make an arrangement. If you inform the lender about your problems, they are often flexible.
 
Be aware from whom and what type of loan you propose to avail. Generally, credit from non-banking finance companies carries higher interest rates and rigid terms and conditions. One must keep the outstanding debt as low as possible and avail of credit only when it is absolutely essential, keeping in mind the current and near-future cash cycles.

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

Courtesy : Financial Express

Tuesday, 28 January 2014

Financial Strength Does Not Mean Good Credit Health

Many people think that if you are financially strong, you can get whatever you want. You can conquer the world if you are financially strong, but what do you mean by financial strength?
 
Financial strength really means that you have good amount of funds to sustain yourself and your family for a period of time. At this period of time, requirement of loans for such people are not necessary. 
 
But in case if they require loan of expansion of their business or any other purpose, their income is not the only factor which is considered. The factors which are considered other than income, which are their credit score as well as their credit health. 
 
Credit score and credit health will be a new term for many individuals. 
 
Basically credit score is a three digit numerical figure which is a snapshot of the credit health of the individual. Credit score ranges from 300 to 900 for all the bureaus. Credit score is generally considered as the prime factor in approval of loan, credit card. Nowadays telecom companies and insurance companies also check the credit score of the individuals before their enrolment with them. 
 
Credit score are calculated by the credit bureaus of the country. Considering India, there are three bureaus which are Cibil, Experian and Equifax. High Mark is also been rising bureau in India. These bureaus collect all the information of every individual from all the banks and financial institutions in the country.  
 
On the basis of their present and past credit behaviour, these bureaus rate the individual. If the individual has been frequent in paying their dues, his credit health would be considered as good. On the other hand, if the individual has been defaulting the dues or not making the payment in time, his credit health would be considered as poor. 
 
Individual with good financial strength can have good credit score. Even individual with good financial strength can have a low credit score and poor credit health. Individuals with bad credit health can face many difficulties in the future.
 
This is also the truth that, people who are financially strong are careless regarding their payments. Being careless about their payments can turn themselves into defaulters. Defaulting on payments can have a negative impact on the credit report of the individuals. 
 
So, individuals who are financially strong should be careful with their payments. They should also see to it that they pay their due on time to avoid any negative remark on their credit report. 
 
Due to the negative remark on their credit report, their credit score gets low and their credit health becomes poor. The lowering of credit score and poor credit health can also lead to financial loss. 
 
Individuals with low score and poor credit health pay high interest rates on loans as well as on credit cards. To avoid payments of high interest rates, they should make efforts to improve their credit score and be credit healthy.
 
To improve their score and make themselves credit healthy, individuals can take the help of credit health management companies. These companies assist individuals to improve their score and maintain their credit health.

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

Courtesy : Yahoo

How To Keep Yourself Safe On The Internet

Gone are the days when you had to stand in long queues to pay your electricity bills, phone bills, income tax returns and almost everything. But easy access to the internet and availability of these services online not just provide relief but of course helps in saving time. At the same time users are also exposed to the threats of identity theft, loss of personal information and spams.
 
If we follow a few golden rules we can easily protect our personal information and greatly reduce the possibility of fraud. Here are some of them:
 
Security suites
 
Outpost Security Suite: This is the only free security suite that offers antivirus, firewall and anti malware in a single package. It even offers email and web surfing security for online protection and monitors application behavior to keep a check on malicious infections. Being free, it does have some limitations — only one auto update is allowed in a day. Others need to be manually done. Also, it does not include identity theft protection or technical support.
 
Norton 360 (v 6.0): As an all-in-one suite, Norton 360 (Rs 1,649) is pretty complete. Apart from protecting against local threats, it has a set of tools for online identity theft protection, to tune up your PC, Email and instant message monitoring as well as browser plugins to warn you of harmful websites & downloads. It even has parental controls to track Internet usage and keep kids safe from online threats. Finally, the price includes 2GB cloud storage. Norton 360 can automatically take a regular backup of important files to the cloud.
 
Firewalls
 
Comodo: The free Comodo firewall uses cloud-based data to to protect your computer against online threats and programs. It is capable of detecting most trojans, worms, hacker attacks and even has a sandbox mode where new programs can be run in a protected, virtual environment to make sure that they are not harmful. In 'game mode', Comodo works silently in the background — useful if you don't want to be disturbed while playing a game or watching a movie. Finally, a built in 'TrustConnect' Wi-Fi feature encrypts and safeguards data transfers when connected to a public network.
 
ZoneAlarm Pro: The Pro version of ZoneAlarm's Firewall (US$ 30/year) protects your computer against hackers and makes it invisible online by hiding your information. It has a built-in anti-phishing tool that stops fake/infected websites from opening on your system and it even authenticates websites to show you which ones are secure and which are not. If an active download is infected, the firewall automatically suspends the download for protection. It even gives you 2GB online storage where the program uploads and backs up important data that can be restored if required.
 
Mobile
 
Avast for Android: Avast's free app provides real time antivirus protection and even offers a firewall that can stop any app from accessing the Internet. It even offers SMS/call filtering, an app task manager and can show access rights of each app installed to detect any data stealing. The app has a strong set of anti-theft features that include lost notification on the phone, SIM lock, SIM change notifications, remote restart, remote wipe as well as the option to remotely locate your phone using GPS. The only thing that this free app skips out on is any sort of data backup service.
 
VirusBarrier for iOS: This $2.99 app can do on-demand scans of content downloaded on to your iOS device. The program scans for malware, adware and hacker tools on the iOS device which might get transferred and then infect the computer (Windows/MAC/Unix) when the device is connected to it. It can scan through zip files, email attachments, files stored online in Dropbox or on FTP severs and can also scan websites for phishing links or other online threats.
 
More options for advanced users
 
Stay safe while downloading: Using Torrents is not illegal - sharing of copyrighted information is. Having said that, if you are a torrent user and are fed up of internet service providers clamping down on torrent speeds or are wary about your privacy being compromised (because of over-zealous media industry watchdogs), you should consider services like www.peerblock.com and www.btguard. com.
 
BTGuard's paid service completely hides your computer's IP address and provides a secure, encrypted route for your torrent data. PeerBlock is open source and works in conjunction with www.iblocklist.com. It essentially blocks your computer's communication with advertising or spyware oriented servers, computers monitoring torrents or computers which have been 'hacked' ( botnets).

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

CS IdentityShield helps you to Monitor, Protect and Recover your Identity from multiple risks.

Courtesy : Times of India 

Saturday, 25 January 2014

Is Your Smartphone Protected From Cyber Criminals?

There was a time only when criminals with a face were on the prowl. This class included people who snatched gold chains, picked pockets or stole cars. But with wealth management going online, they have become faceless, at least until they are tracked down. In fact, until a few years ago, tracking these cyber criminal was not so difficult as a hacker could be traced back to his computer. But that is not the case any more.
 
A report published in theBusiness Line todaysaid this is due to a software which spoofs IPs and hence cover the hacker’s identify as well as the place of his origin. The attacks by cyber criminals just got more intense as, with increasing popularity of smartphones, the number of viruses and malware that can be used to hack also surged.
 
“A sample study carried out by our company in eight cities shows that more than one lakh smartphones are subjected to cyber attacks every day in India,”Ritesh Chopra, country sales manager of anti-virus manufacturer Norton, has been quoted as saying in the report.
 
There are various types of risks. Such attacks not only affects the hardware slowing down the phone, but also your exposes your personal data to the criminals. Many of us store details of our bank accounts and other such personal financial data on our smartphone these days. But unlike PCs and laptops, most of these smartphones don’t have anti-virus software installed. Since many use social media via smartphones, identity theft too becomes an added risk.
 
So what should you do? One way to deal with this issue is to get rid of the smartphone and use a low-end phone instead. But if that’s not possible, you could take a few steps to mitigate the risk. For instance, don’t have your internet switched on your phone when you are not using it. Also be cautious while using Wi-Fi and Bluetooth, since these are relatively more vulnerable to such attacks. And finally, you could install antivirus software. 

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

CS IdentityShield helps you to Monitor, Protect and Recover your Identity from multiple risks.

Courtesy : First Post 

Thursday, 23 January 2014

Make Sure Your Home Loan Proposal Is Not Rejected

As a young, upwardly mobile professional working as a finance officer with a top retail company, 35-year-old Megha Agarwal was confident that her home loan application would be cleared within days. However, nearly two months ago, she was turned down.
 
"I had a decent salary and repaying capacity, so I was baffled. On questioning the decision, I found out that the bank had turned me down because I had failed to pay some of my credit card bills on time," she says. Unfortunately for Agarwal, this rejection may prompt other banks to take the same decision since it will be considered a red flag in her credit report.
 
Had she taken the trouble to check her credit rating before applying for the loan, she would have saved herself this trouble. To help potential home loan customers avoid a similar fate, here's a list of the potential grounds for rejection. Stability quotient According to Pankaaj Maalde, head, financial planning at Apnapaisa.com, the first factor that banks consider is the repayment capacity of the borrower.
 
"So, if his salary package is not adequate, the loan application will be rejected," he says. Other assets, such as property or fixed deposits, are also taken into consideration while ascertaining the financial stability of the borrower. Apart from this, banks factor in a customer's job stability—is his employment of a permanent nature or has he job-hopped too often?
 
This is the reason most institutions insist on bank statements for at least six months or salary slips for 3-6 months. To be on the safe side, it is advisable to hang on to your job for at least a year if you are planning to apply for a home loan. If you are servicing any other loans, these are also taken into consideration since they will have a bearing on an individual's repayment capacity.
 
In other words, if you have a car loan and a personal loan in your name, your current loan eligibility will come down and your home loan application is likely to be rejected. Personal profile According to experts, age and credit history play equally important roles in evaluating loan applications. "The age of the borrower is a crucial factor and most banks ensure that all the EMIs can be paid by him during the earning phase. So, a person who is 45 years old or above will find it difficult to bag a loan with a long tenure, say, for 20 years," says Maalde.
 
In such a scenario, you can try seeking a loan with a shorter tenure, provided your salary can handle the higher EMI outgo. "If a borrower has defaulted on servicing previous loans, his current loan application is likely to be rejected," adds Maalde.
 
According to him, the Credit Information Bureau of India Limited (Cibil) report is the first port of call for every lender.
 
The report keeps track of your entire credit. While defaults lead to serious repercussions, a good report—and, hence, a good credit score—can help you land a sweeter loan deal.
 
"One also needs to be careful before agreeing to act as a guarantor for another person. This is because any default by the original borrower will also affect a guarantor's score," cautions Maalde.
 
The same logic applies while applying for a joint loan. Make sure that your co-borrower has a good credit score before you decide to join hands. Paper trail According to RK Bansal, executive director, IDBI Bank, the title of the property has led to many a loan application being junked.
 
"The buyer often has no clue as far as the details of the property are concerned. However, the bank exercises due diligence to determine if the title of the property and related documents are in order since these guarantee the legality of a project. If the bank or investigation agency finds any discrepancies in the title, it will reject the loan application," says Bansal.
 
Moreover, blacklisted projects and/or developers could also be the reason for loan rejection.
 
Experts point out that these checks not only safeguard the bank's interest, but also protect borrowers from legal hassles.
  
Property detail The last factor to be considered is the age of the property in question. If it was constructed over 30 years ago, banks will be sceptical about furnishing a loan to fund its purchase. In the relatively rare instances where such applications are entertained, the borrower may not bag the entire loan amount sought. This is because the banks would want to limit their exposure given the likelihood of a structural collapse in the future. Finally, make sure you are not impacted by association. If you live with a loan defaulter, be it a tenant, landlord or a family member, chances are that your residential address is on the watchlist.
 
This could prompt a bank to turn down your loan application. The solution, again, is to check your credit report before applying for a loan. If you are facing this problem, take up the matter with the bank you are keen to take the loan from, and establish that you don't have a personal relationship with the defaulter. In case a family member is involved, you will need to prove that he/she is not dependent on you.

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

Courtesy : Economic Times 

Wednesday, 22 January 2014

Beware! Ignorance Can Damage Your Credit History

Mr Rajeev had a well-established business.
 
Being the only child, he, with the support of his father, consolidated his family business. 
 
Rajeev maintained good ties with people as well as with his bank. 
 
As he kept a huge balance in his account and made big transactions, he was a prominent customer of the bank.
 
The bank handled all his issues, which helped him to concentrate on his business better.
 
At some point of time, Rajeev planned to expand the business abroad.
 
But for doing so, he needed a huge amount of fund.
 
As he was a prominent customer of the bank, he was confident that the bank will finance the intended expansion. 
 
But the bank rejected his loan application.
 
Rejected?
 
How can the bank reject his loan, he was a prominent customer?
 
The reason for denial was stated to be Rajeev's low credit score.
 
With such a credit score, even if he had applied for a smaller amount of loan, the bank would have refused that as well.
 
Had Rajeev been ignoring his credit health?
 
Did his plan of expanding the business abroad end here?
 
Did Rajeev become successful in improving his credit score and credit health?
 
Nowadays, people are not aware of credit score.
 
They are least interested. 
 
People do not consider these factors important.
 
They do not even know the meaning of credit history.
 
According to a recent survey, above 90 per cent of the respondents were not aware of their credit scores.
 
Credit score is a three digit number which ranges from 300 to 900.
 
It is considered that a score of 750 and above is a good one.
 
The credit score is decided by the credit bureaus.
 
Banks provide all the information of an individual to these bureaus to check the creditworthiness of an individual. 
 
With the information provided by the banks, the credit bureaus calculate the credit score.
 
Unaware of his credit score and credit history, Rajeev was irritated and depressed.
 
His low score and poor credit history restricted him from getting loan for expansion.
 
Not only his bank, but other banks as well denied to grant him loan. 
 
Afterwards, Rajeev contacted many financial advisors but in vain.
 
On discussing his problems with a good business client, he was suggested to contact a good credit health improvement company. 
 
Rajeev was also unaware that there are organisations who help individuals to improve their credit health.
 
These companies assist individuals not only to restore a bad credit health but also teach them how to maintain a high credit score for future.

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

Courtesy : Rediff

Tuesday, 21 January 2014

Rewrite Your Credit History For Finance Freedom

In India, most working people start thinking about their retirement after they are well into their 30s or 40s. However, to have a financially strong retired life, ideally one needs to think and also plan) about retirement soon after taking up the first job. That way, time would be on his/her side to build a substantial retirement corpus over the long term through a disciplined investment approach. In other words, time and the power of compounding would give one financial freedom during his/her sunset years. 
 
So what is financial freedom? "The word freedom evokes a sense of hope, inspiration, choice and joy all at the same time, and could mean very different things to different people ," says Vishal Dhawan, founder, Plan Ahead Wealth Advisors. 
 
"Financial freedom is something which can give us the same sense of emotions of liberation for the money side of our life," he adds. However, according to Dhawan, you need to remember that financial freedom is not a gift, but an achievement. "We have to put in active efforts to achieve this phase of financial freedom in our lives," he says. 
 
To achieve this goal, Dhawan suggests a few easy-to-achieve steps. These are knowing your exact financial position, crystallizing your goals, building a road map to reach those goals, followed by concrete action according to the road map, then sticking to the plan and, lastly, reviewing the plan periodically but not too frequently .
 
"These steps may not give you financial freedom tomorrow but remember that, just like a journey of a thousand miles begins with a single step, your journey towards financial freedom begins when you firm up your mind about achieving the same," he says. 
A related article by Vikrant Gugnani details the steps you need to take to have a financially independent life over the long run. 
 
Leaving positive footprints 
 
Here, we give you some idea about another aspect related to your financial dealings that can have substantial bearing on your financial freedom: Your credit history (called credit footprint) and why increasingly it is becoming important in every individual's life. As the term suggests , the credit history of an individual is that person's track record of dealings with various institutions like banks, home loan and other financial services firms and also other companies where an individual may have left some monetary dues — like telecom service providers, etc — knowingly or unknowingly . Put simply, if your credit history is good, you are always in a sweet spot to easily avail of loans from a lender or get a credit card from a card-issuing institution . On the other hand, if your credit history is bad, you may have a tough time getting a loan or a credit card. According to Mohan Jayaraman, MD, Experian Credit Information Company of India, individuals need to be very careful about their credit histories. However, the reality is that not many people are careful about the same and, over the long run, this may affect the financial life of an individual. 
 
Taking care of your history 
 
According to Jayaraman, the first step is to take out a consumer report from any of the four registered credit bureaus after presenting appropriate know your client (KYC) documents like a PAN card, driving licence , Aadhaar card, or some other government-approved proof for an individual and his/her address. There are four sections in this report. The first is the demographic report in which there will be the name, age, address, etc. You should check if these things are correct, or get it corrected in case of any wrong entry. The next section is the credit summary which gives details about loans, credit cards, etc, that you have taken. 
 
The third section is called the credit tradeline where the status of the loans, credit cards, etc, is given. The report will also give you data about how many credit cards you hold and the status of each. It could be that you may have used a credit card many years ago but have not cancelled it, although you think it was cancelled. 
 
As a result, some huge dues may have piled up in that credit card account . In such a situation, you need to correct the tradeline data. 
 
The fourth section is about the number of enquiries the credit bureaus got about your application for loans, credit cards, etc. In other words, it gives the whole summary of the number of times you have gone to banks and other lenders for loans, credit cards, etc. 
 
For a smooth financial life, although the first priority is to have a disciplined and well thought-out long-term investment plan, having a good credit score, which comes from a solid credit history, is also essential, according to financial advisers. 

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

Courtesy : Times of India

Monday, 20 January 2014

Indians Wake Up To Identity Thefts, Still Reluctant To React

As the cyber world unveils websites that let you live a ‘second life’, fake identities and identity thefts are fast emerging a menace giving spurt to hate mails and even serious crimes.
 
Identity theft remains unrecognised by many Indians, but many may already be becoming targets even without realising it, experts say.
 
One of the fastest growing crimes in the developed nations like United States, it is spreading in developing economies too. According to a website that monitors cyber crimes, in 2006, identity theft complaints made up thirty seven per cent (37%) of all fraud complaints.
 
With extensive use of social networking sites in India, the young population chatting for hours, however is unaware of the risks involved. Sharing personal information on social networking sites like Orkut, Tagged, hi5, etc. can be hazardous. The delinquents will have no difficulty in using someone’s personal information for their vested interest, cyber experts say.
 
There has been number of cases reported in the country where the people were cheated after sharing their personal information on Internet. Latest among them is one of a youth from Mumbai who was murdered, after pals on the net abducted and then killed him, having won his confidence through the network chatting.
 
“People discuss sex, try to find a dating partner or indulge in ‘cyber romance,’ falling prey to social networking sites. As a result, most of them undergo emotional abuses and have long lasting psychological effects. At least ten victims visits my clinic everyday seeking counselling on ‘abuses’ they had experienced on vast net-world,” says Dr Roma Kumar, Clinical Psychologist with Sri Ganga Ram Hospital.
 
“Youngsters, mostly school goers are unaware of the risk involved in sharing personal details on Internet. Some do it for fun rest to explore answers to their queries. But most of them later suffer owing to ignorance and lack of information,” she says.
 
“We receive 10-20 cases of identity thefts mainly on cyberfrauds monthly. The cases of cyber-crimes are increasing in the country,” says Sanjay Singh, CEO of Indian Detective Agency.
 
“We get number of inquiries asking us for the tips to protect against identity theft,” he adds.
 
“Once I got a call from a person asking me about legal proceedings pertinent to cyber crimes. He was actually duped by an imposter who posed herself as a Bollywood actress and asked him some money citing personal reasons and said that she (Imposter) would marry him, if he agrees to pay the asked amount. That person got carried away and deposited money in the bank account given to him. Later, as obvious, it was found to be a cyber fraud and he was robbed off with his money”, says G Venkatesh Rao, a Supreme Court lawyer.
 
“People should be careful while using networking sites. They should avoid using very personal information like mobile number, credit card and bank account detail, date of birth to avoid identity theft,” says Rao.

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

CS IdentityShield helps you to Monitor, Protect and Recover your Identity from multiple risks.

Courtesy : Financial Express

Saturday, 18 January 2014

Cyber Criminals Float New Trick To Steal Bank Accounts

JAIPUR: Some gangs of hackers are using a new cyber trick to dupe bank customers of the account details in the city.
 
Three days after an FIR was registered with the cyber police station by Lokesh Choudhary, a city-based jeweler, who lost who lost Rs 7.50 lakh to one such gang, police officials said several similar victims have surfaced in the recent past.
 
In their new modus operandi, cyber criminals send fraudulent emails to bank customers and con them into providing their bank account details. Hackers design a fake page of the bank's original website and host it on a hacked website's server.
 
This HTML page's link is sent to people via email. The hackers posing as an administrative officer of the bank ask people to fill up a form on the website page citing some security reason for the exercise.
 
The customers believe the genuineness of the email when they see that the design of the website page is exactly similar with the their bank's original website. Hence they fill up the forms and provided their transaction IDs, passwords, debit and card PIN numbers and other account details.
 
The form generates an email which is received by the hackers will the details. This information is then used for online transaction from the victim's account.
 
The cyber police officials have cautioned people against such emails after some such cases were reported recently.
 
As the fake page of the bank is hosted on a hacked server, it becomes difficult for the police to reach the criminals.
 
Deputy SP (cyber crime police station) Rajendra Sharma said that they have received three to four complaints about such emails over the past one month.
 
He said that a probe has been launched into the fraud case which Lokesh Choudhary filed. "It has come up during the preliminary investigation that a total of 12 online transfers of money were made from Lokesh's account by cyber criminals after he was duped into providing his account details," Sharma added.
 
Sources said that the accounts in which the money was deposited after online transfers are under police scanner.
 
"The IP addresses of the websites used by the hackers are being investigated. Besides, we have sought some details from the bank also. Further investigation is going on," the police officer said.

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

CS IdentityShield helps you to Monitor, Protect and Recover your Identity from multiple risks.

Courtesy : Times of India

Biggest Misconceptions About Credit Score Debunked

Bangalore: Nowadays to apply for a loan or credits it has become mandatory that you should have a high credit score. According to rating on your credit scores the insurance companies, cable companies and even utility providers will decide on the rates or deposit amounts that will be charged on you. But often it is seen that like many other important things in life, even the credit scores are often misunderstood. There are many myths about the credit card scores that are going around about what hurts or improves.
 
Let’s have a look at seven popular myths about credit scores and credit reports:
 
I cannot check my credit card report as it will hurt my credit card score : 
There is no harm in checking your personal credit report. Usually while you review your own credit report that is called as a “soft pull,” or “soft inquiry,” that will be seen on a personal credit report and in addition to that this will have no impact on your scores.  It is advisable that everyone should at least annually check their credit report.
 
When lenders or others check your credit card score then it is called as a “hard enquiry” and this can affect your credit card scores.  Sometimes hard inquiries are shown to other lenders in order to represent new debt that might not be shown on a credit report as an account. Thus hard inquiries can really affect your credit scores but soft enquires don’t.
 
Employers should not check a job applicant’s credit : 
This myth is wrong it is actually legal for an employer to pull and review a credit report of a job applicant before hiring him or an employee. But yes the employer should seek job applicants or employees permission for this reviewing. In some of the fields like finance, government and banking agencies have to often review credit reports before hiring any person as they might have access to large amount of money or any confidential information. But it is advisable for employers to just check the financial habits or failings of a job applicant instead of checking their credit report.
 
By paying cash instead of using credit card might increase my credit score : 
Using cash every time instead of credit cards will not help you increase your credit scores, instead using credit accounts is the best way to help you establish and build credit. As both cash and debit cards are just like an electronic check these are not the better options. In order to get qualified for the best rates in order to for instance apply for a home loan or a student loan you need to prove that you can manage your credit responsibly. Second way to build your credit score is to make sure that you make loan and rent payments on time and in addition to that when you have high scores you will be offered with best and new services.
 
My academic background can affect my credit scores : 
Your Academic background or education level is never part of a credit report, so it will not affect your credit scores. Only debt related information is included in credit reports. Therefore, information about loans, credit cards and payment history, as well as bankruptcy, tax liens and civil judgments will be reported.
 
Other information like income, investments or assets such as stocks or bonds will also not be included in a credit report. In addition to that there is no information about savings accounts, checking accounts, certificates of deposit or other non-debt banking relationships etc. Additionally, factors like race, gender, marital status, national origin or religion are also not included in credit report

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

Courtesy : Silicon India 

Thursday, 16 January 2014

Blocked SIM card could mean online fraud

Online banking cheating cases on the rise in city, warn experts

A 35-year-old software engineer working with an information technology (IT) company in Chinchwad got an SMS that her ICICI Bank debit card had been used to make purchases worth Rs93,000. She almost fainted because she had never made any such transaction. But her nightmare did not end there. A short while later she received another SMS saying her debit card had been used to make another purchases of Rs 5,000.

The cases of online banking and mobile transactions are on the rise in the city. The officers of the cyber crime cell (CCC) of Pune police claimed people are not aware about fraudsters and their tricks. As a result, the cases have increased in the city.

The CCC officers said that people do not have adequate knowledge of safety and security measures for online transactions. They said as many as 60 such cases are being registered at different police stations in the city.

Fraudsters are using the technique of blocking the SIM card of the victims’ cellphones to ensure they don’t get alerts from the bank. Senior police inspector Sarjerao Babar of CCC told dna, “The present modus operandi of the fraudsters is to block the SIM card with the help of the telecom company employees. Thereafter, they send an application to the telecom company for a new SIM card on the victim’s name. Once the fraudsters get the new SIM card, they get the bank alerts.”

On that basis, fraudsters submit fake know your customer (KYC) forms on the name of the victim and open new accounts in their name and make transactions. “Thereafter, the fraudsters immediately transfer money to their different accounts,” Babar said.

Analysing the causes for the rise in number of cyber crimes in Pune, Babar said, “As more people use the Internet and cellphones for banking, the number of people falling prey to cyber crimes is increasing. People carrying out bank transactions using the Internet are falling prey to economic offenders on the prowl.”

Deputy commissioner of police (cyber) Sanjay Shinde told dna, “People do not have adequate knowledge of safety and security measures to be taken while carrying out online transactions. We have been trying to spread awareness by giving safety tips in dos and dont’s format. However, many Internet users do not pay enough attention to our advice. In recent cases, we have observed that if the SIM card was blocked, the victims could have contacted the nearest telecom office and get a confirmation on it, but they did not. As a result, the fraud took place.”

Shinde said they had asked bank authorities to create awareness among customers about the latest security measures. “But the banks are slowly proactive in security aspects related to mobile banking,” Shinde said.

Besides, a major chunk of cyber crimes pertain to credit /debit card frauds.

Banks authorities asked to step on it

Deputy commissioner of police (cyber) Sanjay Shinde claimed that they had asked bank authorities to create awareness among customers about the latest security measures and to be vigilant during submission of KYC forms to weed out fake accounts. “But the banks are slow in responding to security aspects related to mobile banking,” he said.

Online shopping tips

l Shop with merchants you know and trust

l Check whether the shopping website is secure

l Be cautious of unsolicited phone calls or emails from merchants

l Read merchant’s refund and exchange policies before making any purchase

l Do not share your password

l Always print and keep the order confirmation documents

l Read the privacy statement

l Never enter your personal information on a pop-up screen.

Internet Banking

l Keep your passwords/PIN codes safe and memorise them

l Check if the online banking website is secure

l Log out immediately after you complete your online transaction

l Do not copy or click on any links that are not from a known source

l Do not respond to emails asking for personal or banking related information

l Read privacy and policy statements to ensure that no unauthorised transaction has taken place

l Check your account statements regularly

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

CS IdentityShield helps you to Monitor, Protect and Recover your Identity from multiple risks.

Courtesy : DNA