Wednesday, 30 April 2014

India Emerges As Top Target For Phishing Attacks In 2013

MUMBAI, APRIL 22: India was the top target for phishing attacks in 2013 across Asia-Pacific Japan (APJ) and Oceania, resulting in an estimated loss of more than $225 million. Globally, India ranked fourth in terms of phishing attack by volume in 2013.
 
In the Asia-Pacific region, India was closely followed by Australia and China, according to a study by RSA, the security division of NYSE-listed EMC.
 
Phishing, a cybercrime that is equivalent of pick-pocketing, where cyber criminals acquire sensitive information such as user names, passwords and credit card details by sending in mails.
 
Globally, loss due to phishing attack was close to $5.9 billion, which is significantly higher than $1.5 billion loss in 2012. The total number of phishing attacks in 2013 stood at 4.48 lakh as against 4.45 lakh the previous year.
 
Brands in the U.S., UK, India and Canada were targeted by almost 57 per cent of phishing attacks in the first half of 2013.
 
The US and Canada remained the most targeted countries by phishing attacks in 2013 with a total of 63 per cent of the attacks. There has been a significant rise in phishing attacks in every Quarter in 2013, with the fourth quarter seeing the most number of attacks.

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: Hindu Businessline

5 Key Reasons Behind Your Credit Card Denial

BANGALORE: Sir/Madam your card got declined after swiping! Have you ever faced such situation in your life? It’s actually embarrassing even when you think about such situations. Reaching or exceeding your limit is one of the most common explanations as to why your credit card would be declined but it’s by no means the only reason. Listed below are some other, lesser-known reasons why your credit card could be declined.
 
1. Exceeding your card limit: One reason that your card got declined is you have exceeded your credit card limit. In simple words if you continue to make charges once you have hit the maximum amount your credit card company will allow you to borrow. To avoid such situations the best way is, when you reach the limit, pay down your balance or request you issuer an increase to your credit limit. There are few credit cards those have per-day spending limits. Thus before making any purchases always check how close you are to your limit by checking your account online or calling the number on the back of your card.
 
2. If you have suspicious charges: If the credit card company suspects any fraud then they can quickly freeze your credit card. This move from a credit card company will actually work in your favor if you are a victim of identity theft. But it can also happen if your own credit activity has created a security risk for instance shopping in an unusual place, doing too much of transactions in one day, making a very large purchase or trying to withdraw a lot of money from an ATM. To avoid all the confusion the best way is to call your card company and find out why there is a security problem. By doing this if there is fraud then you can stop it quickly or if you have made the charges, you might be able to resolve the issue by simply answering a few questions from the card company.
 
3. Holds on your account: There are chances that before you return a rented car or check out of a hotel room the traveling, hotels and rental car companies might place a temporary hold on your account. The hold can be for a costlier amount than your eventual charge, possibly eating up your available credit if your card is highly utilized. In simple words the hold ensures that the company gets the amount of money it needs from your use of its services and prevents you from spending beyond your credit limit. Thus while making reservations in such huge hotels do a thorough check with your credit card issuers.
 
4. Your card got expired: If you are not regularly using your credit card or not purchasing much online where you need to put your card’s expiry date then it is difficult for you to realize its expiry date. Often the credit card companies send their customers with new credit card when the old one expires. Thus it is better to check out all the mails even if it looks like junk. If your card is outdated then the merchants in both the store and online will not accept your card. Not being able to buy something is a pain, but simply placing a call to your credit card company could bring you a new one in about a week’s time.
 
5. Your personal information is outdated: Most of the merchants may require you to enter your zip code while using your credit card. By entering the wrong information can cause a rejection when you attempt to pay. To prevent such rejections, login to your account and make any necessary changes. Then proceed to swipe with confidence, knowing all your details are up-to-date. By putting in the wrong information your card will be declined. Always make sure that the card company has your current billing address and telephone number. If you move to a new place, then try to update your new address and contact number on the bank's website as soon as possible.

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: Silicon India

Saturday, 19 April 2014

Anger In Cyberspace Lands Youths In Net

CHENNAI: More youngsters in the city seem to be using social networking sites to vent their anger - and a lot of them are landing in the police net. In the past three months, more than 15 complaints of youths posting obscene pictures of girls on such sites have been received by the cyber crime wing of the city police. At least half of them have been let off after a warning.
 
An investigating officer said most accused didn't admit their fault until proved guilty. "Most of them are well educated and have enough knowledge about the cyber world."
 
On an average, the cyber crime wing receives at least 15 complaints a week, five to six of which are related to offensive material on social networking sites. "We have a team to handle the large number of complaints forwarded by the deputy commissioner of police, central crime branch," the officer said.
 
Most of the accused say they posted obscene pictures to take revenge against girls who spurn their advances. Many of them, police said, superimpose the picture of a particular girl on to that of a nude model and post it on the sites. They also provide her phone number. The girl becomes aware of this after receiving calls from strange men. A compare of a private TV channel recently complained that her picture had been morphed and uploaded on a social networking site.
 
"We nabbed the offender who turned out to be a technician working for the same television channel. The girl withdrew her complaint and requested us to let the boy go after a meeting with his parents," a police officer said.
 
According to statistics, CCB police registered just five cases against people uploading obscene pictures on social networking sites in 2013 despite receiving more than 35 complaints. Most of the complaints are withdrawn after some time as the complainant is reluctant to pursue it further.

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

Keep Your Personal Info Safe Or Someone Will Misuse Your Identity

Identity theft occurs when someone uses your personal information to apply for a loan or credit card. If this application is successful, the individual has access to finance that you are liable for.
 
The individual who has stolen your identity will probably not pay back the misappropriated funds. Hence, the lender will update your credit information report (CIR) to say that you have defaulted on a loan.
 
What does it mean when I see “enquiries” on my CIR, when I haven’t applied for a loan?
 
Enquiries are usually made on your credit history when you apply to a lender for a loan. The lender accesses your CIR to assess your repayment capability. 
 
When you see enquiries that you have not made, it means one of 2 things:
1. The lender is making an enquiry to review your overall financial health.
2. Someone with access to your personal information may have approached a lender in order to apply for a loan. This is worrisome because the lender could believe that the applicant is genuine and may proceed to sanction the loan.
In the event that a loan is sanctioned by a lender, the account will appear on your CIR within 45 days.
 
What should I do when I see “enquiries” that I haven’t made?
 
The first thing you should do when you see enquiries that you have not made is to check your CIR for loan accounts that do not belong to you. If you do find discrepancies, immediately raise a ‘dispute request’ by visiting the ‘dispute resolution’ page on the credit bureau’s website. If you are informed by the bureau that the lender has rejected your dispute request, you should report the erroneous account to the relevant lender immediately so that the lender is alerted to the identity theft case.
 
How can I protect myself from identity theft?
 
The easiest way to prevent identity theft is to regularly monitor your credit history. Purchase your CIR 3-4 times a year and ensure that your credit history accurately reflects your credit usage and activity. If you see enquiries (loan applications) that you have not made, immediately alert the credit bureau via dispute resolution and the relevant lender that you have not applied for a loan. 
In addition, it is imperative that you keep your personal information, identity proofs and address proofs are stored in a secure environment.
 
If you are discarding documents ensure that the documents are shredded to prevent misuse.

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

Thursday, 17 April 2014

Credit History To Decide Your Loan Future

What is your credit history? A question often posed to most borrowers may as well be the driving focus over the next couple of years in determining the future course of the borrowing market. The current scenario in which borrowers seek loans on the same rate regardless of their payment record and financial history is unfair for those who are diligent with their payments. In fact, it will be increasingly more and more difficult for consumers to borrow unless they have a sound credit history across a range of products.
 
Capturing of relevant and timely information by credit bureaus and its effective sharing with financial institutions will have important ramifications in driving the efficacy of the whole lending industry. Last year, the RBI made concrete moves in widening the field for credit bureaus by issuing licenses to three new credit bureaus.
 
From then on, these credit bureaus have been steadily building their presence in India amid the burgeoning number of Indians who use financial products. The presence of multiple bureaus augurs well in improving lending decision making. It makes for the availability of a wide range of data, and value-added products that help interpret the value of that data, thereby improving decision making quality.
 
Most credit rating bureaus operate as joint ventures between banks. In many ways, this is a mutually beneficial relationship—facilitating data sharing between banks and bureaus, and the subsequent access to reports. We are also seeing many banks following the test-compare-adopt model with credit bureaus. Thus in a competitive market the multi-bureau system is well appreciated.
 
Active portfolio management of accounts will be the next important step that lenders will undertake. Typically, banks do not actively track customer activities after the sanctioning of loans, unless the customer defaults or delays a payment. Customer profiles are fast changing with a new penchant for multiple credit cards and loans.
 
A once-diligent customer is likely to go overboard and over-leverage after taking the first loan, and may even turn delinquent. Active portfolio management will help track customers constant efforts at leveraging themselves. Credit bureaus will play a key role in the implementation of active portfolio management. Thanks to modeling and monitoring tools like these, lenders can actively manage their loan portfolios to ensure an efficient risk/reward ratio and sufficient diversification of loans—much as they would in an investment portfolio.
 
The scope of offerings by credit bureaus in the Indian market is likely to get more sophisticated.
 
Personal credit reports will play a key role in empowering borrowers to begin negotiating interest rates based on their credit history. This assumes special significance in an environment marked by both high interest rates and spiraling cost of living. The time is not far off when consumers with good credit history will be in the driver's seat while going to their banks of choice and negotiating better rates for themselves. A multi bureau set up implies this will be done sooner than later, making it a win-win for both consumers and lenders.

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

Read More : Economic Times 

Wednesday, 16 April 2014

Government Warns Of Credit Card Payment Virus

MUMBAI: The government has warned banks and retail establishments of malware called 'Dexter' that steals credit card data from point of sales (POS) terminals that are connected to the internet. Experts say that there has been a surge in the number of POS terminals that use internet protocol to enable wireless features. 
 
The malware alert has been sounded by the Indian Computer Emergency Response Team under the department of electronics and information technology, which is part of the ministry of communications and information technology. TOI had reported in February 2013 that bankers suspected that the spate of credit card frauds was due to large-scale data theft by malware, possibly Dexter, which was then recently detected. 
 
"Malware intrusion cannot affect POS terminals that directly connect to telephone lines; they can infect only those POS machines that connect to IP traffic (internet),"said Nitin Bhatnagar of SISA Information Security, a cyber security specialist firm. The malware typically infects the computer that is part of the card payment system at organized retail chains. Big stores connect their systems to the POS machines so that the payment details are automatically linked to the invoice and there is straight-through processing. The malware manages to enter the system either through a phishing email or through pen drives. 
 
While earlier credit card payments were made in POS terminals connected to telephone lines in standalone retail stores, the surge in organized retail has resulted in the growth of POS terminals connected to the net. "IP traffic is the future. Biometric identification will require IP traffic so also will wireless POS terminals. It facilitates many innovations but also brings risks of malware," said Bhatnagar. 
 
"The custom-made malware dubbed as Dexter/Black POS/Memory Dump Grabber along with Project Hook malware campaign mainly targets personally identifiable information," the virus alert said. This information includes the holder's name, card number, expiration date, CVV code and other discretionary information. 
 
The stolen information is then used to make fraudulent cards. The countermeasures recommended by the alert include ensuring that computers used for payments are not used for any other purpose. "Retailers that allow internet or email access on their POS terminals are giving an invitation to malware intrusion. To protect payment systems against malware, it is important to uniquely segment the POS connections in the network," said Bhatnagar.

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 : Economic Times

Tuesday, 15 April 2014

Good Credit Score To Enable Faster Loans, With Fewer Checks

If you have a good credit score from a credit bureau, it is not necessary that you may get a loan at a lower rate. But you could get your loan faster and with fewer checks by the lender. Process differentiation is the first advantage that customers can look forward to as a result of their good credit scores. The second advantage would be the rate differential, which may take some more time, said Mohan Jayaraman, MD, Experian Credit Information Company of India.
 
A credit score is a number that indicates the borrowers potential to repay and chances of default. It indicates the creditworthiness of the person. Banks and lenders now increasingly rely on credit scores, which are given by credit bureaus, to decide if the loan should be approved. Usually, the higher your score, the more are the chances of your loan application getting approved.
 
Explaining why banks are not yet offering lower rates for customers with a good credit score, Jayaraman says that for Indian banks consumer lending segment is a fairly low margin business. So, their aim would be to keep margins steady. But many banks have now started making the process simpler for customers with better scores.
 
For example, for a customer with a good score, the bank may do away multiple field investigations. If normally the bank conducts two field investigations before approving the loan, in this case the bank may do with just one.
 
Similarly, the turn around for approving the loan could be faster in case of a customer with a high credit score. For instance, the bank may approve the loan of a customer with a good credit good within one or two days, while for other customer it may take up to a week. 
Unsecured loans, such as personal loans is where the differential, especially the rate differential is likely to be seen before other segments, since the margins are higher in that segment.
 
In personal loans, some banks offer better deals for customers of a particular profile, such as those working in a particular company and who may have their salary accounts with the bank. Or customers who already have a banking relationship with the bank. 
"'Eventually the credit score bank will be a new segment for banks to approve the loan. For instance, banks will say that borrowers in certain band will get better scores,'' Jayaraman said.
 
Shyamal Saxena, general manager, retail banking products, Standard Chartered Bank said that the market will eventually evolve to the pricing differential based on credit scores. As of now for a customer with a good score, banks may do fewer verification. "The retail credit penetration in India is still very low and there are a large number of customers for whom banks will do the extra verification,'' he said. 
Customers can know their individual scores by accessing the individual credit report from credit bureaus.

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 : Business Standard

Two More Become Victims Of Online Fraud

SURAT: Unidentified miscreants withdrew Rs 74,701 from the bank accounts of two account holders in the city. A man called an account holder and introduced himself as an officer of the bank.
 
He sought debit card details from the account holder. He said if the account holder refused to divulge the details to him, then he would block his debit card. The caller collected the debit card number, its CVV number and PIN also. The unidentified miscreant then withdrew Rs 24,000 from the account of Vali Shaikh, 32. The victim, a resident of Limbayat, had received the call from mobile number 08809005567 on April 1.
 
When Shaikh came to know about the theft, he contacted the State Bank of India branch near Udhna Cross Road. However, the bank officials expressed their helplessness. Finally, he lodged a police complaint on Friday.
 
A Limbayat resident Arif Mohammad (22) lost Rs 50,701 when someone withdrew the amount from his account with Bank of Baroda. Arif had received a similar call on March 21 from mobile number 07767811244. The caller sought his debit card details. Arif shared his details with the miscreant who then withdrew the amount from his account. In the past few days, six incidents of theft by miscreants using the debit card details of unsuspecting victims have been reported from the city.
 
Police so far have been unable to track the callers, who are members of an organized group, despite having their numbers, sources 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

Friday, 11 April 2014

Cyber Crimes On Debit, Credit Cards Double As Fraudsters Evolve New Methods

MUMBAI: Cyber crimes on debit or credit card usage have more than doubled as fraudsters evolve new cloning methods to stay ahead of banks which are improving security features with chip and pin cards, according to preliminary industry data. 
 
The number of such crimes has increased by about 125% since a year ago, a senior official from the National Payments Corporation or NPCI, a settlement platform for e-payments, told ET on condition of anonymity. 
 
Every month there are up to 50 cases of travelers who have used their cards in smaller towns and when they leave it gets swiped again even though they are carrying their original card, according to data provided by cyber crime experts. 
 
"The rate of cyber crime on debit/credit card usage is tremendously rising at the national level," said Rakshit Tandon, Director - A&R Info Security Solutions & Advisor- Cyber Crime Unit, Uttar Pradesh Police, Agra. "Awareness about security measures is abysmally low from both customers and banks. People are falling victim either of cloning or identify theft." 
 
On an average there are about between 40 and 50 cases compared with between 10 and 12 cases Tandon had to deal with every month two years ago. 
 
It was not a joke played out on April 1, when Delhi's Santosh Pandey had read six cash withdrawal texts on his mobile phone in the morning wiping out Rs 80,000 in just five-ten minutes during midnight from Navi Mumbai ATMs, the place he has not visited even once in life. 
 
The country's largest lender, the State Bank of IndiaBSE -0.73 %, will shortly make two security mechanisms fully operational: a one-time password or OTP and SMS card block facility with a brief narration. Besides, SBIBSE -0.73 % is set to run a media campaign on do's and don'ts for a customer to protect the person from any cyber attacks. 
 
"We have been running extensive campaigns to create awareness among customers and will pace it up. We are compliant to all RBI guidelines in this regard," said SBI's Pulak Sinha, general manager (payment solutions). The bank keeps on receiving complaints of debit card cloning, he said. 
 
NPCI runs a system called Fraud Monitoring Solutions where 45 scenarios have been fed to detect any possible manipulation. "It will decline transactions in such scenarios. Cloning related frauds are on the rise," said the NPCI official on condition of anonymity. But this will not trace transactions where debit cards are used within the parent bank's ATM network. 
 
Most of us are using debit cards encrypted with black magnetic strip on the flip side, which can easily be cloned unlike a chip-enabled card. "The entire industry hardly has one or two percent cards with chip and pin. This will not expand unless it is mandated by the regulator," said a head of a public sector bank. 
 
Here's how some ploys work: 
 
A cyber swindler typically uses skimmers, a device to take image of your cards. There are several innovative ways to use such tool. This mostly happens with travelers. 
 
For example, a customer uses card to pay her bills at restaurants, bars, hotels and malls. Now, a person with malicious intentions, will drop her card deliberately and bent to pick it up when the skimmer planted on his shirt pocket will take images within fraction of seconds. The same image is transferred to personal computer and then, given to manufacturers to get a duplicate card. 
 
For password, fraudsters take the help of "shoulder surfing", where one can trace password closely observing finger movements standing just behind user's shoulder. 
 
Similarly, a customer leaves potential space for skimmers when he gives his card to a third party at a petrol pump to pay bills. 
 
The most latest con game is that some glue is put below the key pad at ATMs so that the circuit does not function properly even if you press button but the ATM can read your card data once it gets swiped in the machine. Later, when you exit from ATM terminal, the prowler will immediately enter the same and remove the glue and will receive the desire access but for only one time. 
 
Con men can also get your card data cloned from the ATM slips, which almost every user drops at dustbin without destroying it completely.

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 : Economic Times

To Battle Cyber Crime, Be Smarter Than Technology

Information Technology is the driving force of almost all industry. Global markets and business are dependent on this huge and vast world of unseen intelligent radio waves which is practically running our lives today.
 
Think about those times when there was hardly anything called the internet, networking, mobile, Wi-Fi, GPS, GPRS, Cloud etc a whole new world around us so called virtual real world, in a nutshell IT has given a all new meaning to this global civilization.
 
Today no more distances matters neither time, with the ever growing technology the focus is getting sharper and clearer, we are one world, every one of us is under one roof, we are connected now.
 
Discovery of any new earth shattering innovations brings certain disturbances too. We the intelligent minds who thrive and drive our lives today primarily on technology are we safe enough? Do we really always thank this unseen intelligent friend or sometimes this friend gives us real problems?
 
Yes it does, with the ever increasing tools of communication we get more and more vulnerable to access, today saying hi to someone at north pole is as simple as knocking your next door neighbor. World today is enjoying the advancement of IT but along with that is also facing a battle against piracy and duplicity or rather cyber crime.
 
Countries across the world are setting up cyber laws to check crime but how effective are these laws are? Or is the thief smarter than the law?
 
We need to realize and counter this new wave of crime through the unseen radio waves, with the ever growing technology we are doomed to face new challenges but to balance a smart technology you have to be smarter.
 
Crime Files brings to light the growing online lottery frauds which is getting visible day by day with increase in cases registered. On a normal mail box you will find thousand of offers including strange messages like Mr XYZ have left fifty million dollars to be transferred to your account as a beneficiary or you have won ten million dollar on a random draw by some company.
 
This same format is also used via mobile SMSs Such messages might not work or may not be able to fool people at large but, yes still there are people from small town who get trapped in this net or racket of cheaters and land up paying money in the name of huge gift.

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

Think Twice Before Guaranteeing A Friend's Loan

Nowadays credit score has become a critical factor while availing loans and credit cards from banks and financial institutions.
 
Individuals having low credit score face can face problems at the time of getting bank's approval after applying for any kind of loan.
 
Having poor credit health can prompt the lender to reject your loan application or to charge you with higher interest rate.
 
Banks and financial institutions do not solely depend on the financial status of the primary borrower and this is when a guarantor comes into picture.
 
A guarantor is a person who guarantees to pay for the debt, if the primary borrower defaults on the loan obligation.
 
A guarantor acts as a co-signer of sorts, in that he can pledge his own assets or services if incase the principal borrower cannot perform his/her obligation.
 
Take, for example, the case of Harish, a 27 year old youth from Delhi earning decent salary.
 
He wanted to buy a house for his parents. And he was confident that his home loan application will be approved by the bank. But he was shocked to learn that the bank had denied his application.
 
The reason for this rejection was that he had signed as a guarantor for one of his friends who had defaulted on loan repayment, and this in turn lowered his credit score.
 
Individuals should be careful while signing as a guarantor for a loan taken by other person, as it can have negative effect on his/her credit health.
 
If the primary borrower repays the loan provided by the banks and financial institutions properly, the guarantor will be benefited from it as it will reflect in his credit report.
 
On the other hand, if the primary borrower defaults on the loan, then it will affect the credit score of the individual. Not only this, the guarantor will be liable to pay on behalf of the primary borrower.
 
An Individual should become guarantor for a loan of his relative or friend, only if he is confident of the former’s financial situation.
 
Individuals should know that becoming a guarantor can affect his credit score negatively too. He can also face problems while applying for loans and credit cards. This exactly what happened with Harish.
 
Hence, one should be extremely careful while guaranteeing a friend's loan.
 
There are some cases where a guarantor has been penalised when the primary borrower failed to perform his duties.
 
Even if the guarantor has a good repayment track, the defaults made by the primary borrower can affect the creditworthiness of the guarantor.
 
Before helping your friend or relative in getting a loan you should be doubly sure about the pros and cons associated with the financial backing of the primary borrower.

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

Monday, 7 April 2014

Cybercrime Part Of Sophisticated Online Economy: Study

The dark world of cybercrime has evolved from one of rogue individuals to a functioning market-based economy with its ups and downs, code of conduct and "innovation."
 
A study by Rand Corp. and commissioned by the security firm Juniper Networks found a well-organised, multibillion-dollar underground economy that has become "a playground of financially driven, highly organized and sophisticated groups."
 
The evolution of cybercrime creates new challenges for security professionals trying to protect computer networks, says Nawaf Bitar, Juniper's general manager for security.
 
"We have long suspected that cybercriminals were sophisticated and that they had an organizational structure, but no one had studied this," Bitar told AFP.
 
"The success of this market is driven by accelerated economics, and the way to address this is through economics."
 
The report says the black markets "are growing in size and complexity" and that this activity "mirrors the normal evolution of a free market, with both innovation and growth."
 
Juniper's security vice president Michael Callahan said this cyber underground has all the characteristics of an economy, including its own currencies -- chiefly cryptographic payment forms such as Bitcoin.
 
Callahan said the underground economy is characterized by specialization and "resilience," so that if one market participant leaves, another steps up.
 
"We saw this when (the black market bazaar) Silk Road went down, and within a day other participants started filling that gap," Callahan said.
 
"It's one of those signs this is a mature economy."

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, 5 April 2014

Bad Credit Health Can Ruin Your Dreams If Ignored

Can you imagine how credit score and credit history can obstruct in fulfilling your dreams!! 
 
Nowadays credit score and credit health are gaining importance. These things are analysed by Banks, Financial institutions, Insurance companies, Telecom companies and even by Employers. People with low credit score and bad credit health face a lot of difficulties in getting finance from the market.
 
As the rising importance of credit score and health, every individual have to mark these things important in their personal finance and keep themselves updated; otherwise they could face difficulty as faced by Mr. Manish Kumar.
Mr. Manish, a middle class businessman was happy with his life. He was very good in his work which inspired him to expand his business which could change his life in the future. His dream was to have a respected name in the market. He did not want to be a billionaire, but just wanted a good name in the market.
 
He did not have sufficient funds which he could invest to expand his business. After all his thoughts, he finally decided to apply for loan for bank. He was confident that his loan will be accepted. 
 
One day while he was working in his office, he received a call from the bank which informed him that his loan was rejected. He was shocked to hear this news. He was totally depressed. He asked his agent (advisor) the reason for rejection, which informed him that his loan was rejected due to his bad credit health.
 
Manish was unaware about the term “credit health”. He was also unaware that bad credit health could affect in his loan approval. He also came to know that his credit score was low i.e 550 as he had defaulted payment in the past. He never knew that defaulting on payment could raise this impact on his report and reduce down his credit score.
 
Where credit score is a three digit number which ranges from 0-999 for all the bureaus. It is calculated by credit bureaus. The three major bureaus in India are CIBIL, Equifax and Experian. These bureaus collect data from all the banks and financial institutions in the country. Generally a score of 750 and above is considered to be a good.
 
Individuals with score lower than 750 will find it very difficult to avail loans and credit cards from banks and financial institutions. 
 
Maintaining a good credit health and credit score is nowadays essential for individuals, if not taken proper care will result in rejection of loans and credit cards or will have to pay high interest on the same. 
 
Many people like Manish are unaware about their credit health. Nowadays credit health is considered to be important part of personal finance of every individual. Credit health is considered equally important to your physical health, so people should be credit healthy because “Credit health is real Wealth”.

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

Thursday, 3 April 2014

What Happens When Someone Steals You?

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 37 per cent 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.
 
“All laws related to cyber crimes including those of identity thefts by means of transactions carried out by electronic data interchange and other means of electronic communication are contained in Information Technology Act, 2000,” he says.
 
“Though, harsh punishment to offenders, Protection through Internet Service Providers and generating awareness among masses can be a better solution. But personal awareness and following net-etiquette will be a permanent remedy to it,” Rao adds.
 
There have been many incidents of identity thefts including those of ‘Phishing’ (hoax mails) but most of them go unreported as people either do not take it seriously or are simply ignorant of the possible damage, say experts.
 
“I was quite disturbed after receiving credit-card bill, issued in my name and address, of more than Rs15,000. What was more surprising is that I didn't have any credit card at all. It was just a month after I applied for one with the bank,” says Vindhyachal Pandey, an executive with a telecom firm.
 
“Although in the year 2006 only, a total of 335 phishing incidents were reported by various National and International agencies, on an average 28 incidents in a month. There was progressive increase of phishing incidence noticed in the second half of the year," says Anirban Sen Gupta, Principal
Consultant with a consulting firm with worldwide presence.
 
“On contacting bank for further information I was told that the credit card in my name was issued five days after submission of my application and the concerned courier service had my acknowledgement proving delivery of the card. I was helpless and decided to take help of a detective agency to probe in to the matter,” says Pandey.
 
There are many like Vindhyachal who are approaching detective agencies to investigate identity thefts. Experts categorise Identity theft into four - Identity Cloning (using another's information to assume his or her identity in daily life), Business/Commercial Identity Theft (using another's business name to obtain credit), Financial Identity Theft (misusing another's name) and Criminal Identity Theft (posing as another when apprehended for a crime).
 
Many leading companies being required to pay hefty compensation to the victims whose personal information has been stolen by hackers. Even companies incur great loss due to these identity hackers as they damage websites after cloning it and then by making unauthorised changes.
 
According to Gartner Survey, the financial losses from phishing attacks stood around USD 2.8 Billion in the year 2006. “The most widespread phishing attacks reported were carried out against e-commerce sectors which include online retailers and auction sites. The second most targeted sector was banks including financial institutes that accounted for 24 per cent of the total number of incidents reported in 2006,” says Anirban.

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Courtesy: DNA