Saturday, 30 August 2014

Beware Of Net Threat To Kids!

Come summer vacations and parents have one more reason to worry about for their naughty children, who apart form picking a fight with other kids or breaking a neighbour's window pane while playing cricket, could also innocently invite trouble over the Internet.
 
During school holidays kids are likely to spend more time on the Internet than perhaps they normally do and thus become an easy prey for cyber criminals, say internet security experts.
 
Besides being exposed to malware, online scams and illegal content, including pornography, innocent children also have threatened by online stalkers who indulge in cyber bullying and identity theft.
 
"Children and youth present a vulnerable target. As most schools in India are closed for vacations, it is obvious that the youth will have more time on hand to surf the web, with little or no supervision.
 
Although they are internet-savvy and increasingly use the medium to gather information, for socialising and recreation, yet they are naive and inexperienced," cautions Siobhan MacDermott, senior vice-president of security software maker AVG Technologies.
 
With ready access to the Internet through their home computers, schools and even cyber-cafes and mobile phones, teens and pre-teens are increasingly spending their time online.
 
According to a survey conducted by the TCS across 12 Indian cities last year, 63 per cent of urban students spend over an hour online daily and 62 per cent have a personal computer at home.
 
Over 80 per cent find time for the internet alongside school, classes and extra-curricular activities, and are starting to embrace Web 2.0 tools like blogs and social networking sites, the report says.
 
As internet penetration increases, cyber crime cells across the country are increasingly receiving complaints of children being victimised on the World Wide Web.
 
"Teenagers can easily be lured to reveal their personal details and credit card information leading to siphoning off money from accounts. Besides they might also be exposed to content against their family values," warns Sanjay Bahl, chief security officer of software maker Microsoft India.
 
The largest threat, however, comes from the usage of social networking websites such as Facebook and Orkut.
 
"A sexual predator could easily establish a false identity and masquerade as a young girl online to gain the trust of young children. Without using common sense and examining the profile photos, it is difficult identifying online predators," he says.
 
Earlier this month, a class eight girl student in Agra had suddenly discovered that someone had hacked her Facebook profile and posted vulgar content. This led to huge social embarrassment for the teenager, who had all her school friends on the social networking website.
 
"We get such complaints from teachers and guardians quite regularly. Many a times it is found to be a case of bullying by a classmate. When friends have a falling out or even just a simple disagreement, many turn to the internet to seek revenge, as it is possible to hide behind a computer," says Rakshit Tandon, a cyber security consultant with the Agra Police.
 
"Young brains rattle off everything on community websites. If a child's profile says that he has a car and a bungalow in a posh area, he indicates that he belongs to a rich family. Now when he updates his friends that he is feeling lonely at home today after his parents are out to attend a party, the child will obviously invite the attention of online stalkers," he warns.
 
In 2007, 16-year-old Adnan Patrawala, the son of a rich businessman, was killed in Mumbai by his abductors, who had befriended him on Orkut through a fake profile.
 
Moreover, downloading of various pirated content like music or movies is another issue which might find kids on the wrong side of the law.
 
"The youth often use peer-to-peer sharing platforms to download songs, movies and other content, which are common ways for illegal content to be distributed. This type of content includes copyrighted work and work that is published without the author's permission," says the AVG official.
 
Tandon, who has conducted safe surfing campaigns for around 3.25 lakh school children across 42 cities under the patronage of the Internet and Mobile Association of India (IAMAI), admits that awareness is a big issue with kids.
 
"Children do not know that they break the law and can be punished for bullying someone on the internet or downloading pirated works. They need to be educated properly on the pros and cons of using the internet," he stresses.
 
As children are generally unaware of the repercussions of inadequately protecting their identity online, it becomes the responsibility of the parents to ensure that they do not face a difficult situation.
 
"The best way to keep safe is to firstly develop amongst children a healthy dose of awareness and scepticism, and then to back that up with security software that includes a dedicated web-scanning layer, and behaviour-blocking technology," says Microsoft's Bahl.
 
However, the old techniques of parental control have often been found to be ineffective in India as kids are generally more tech-savvy then their parents. Even if the parents use parental controls, children today will likely know how to disable them.
 
"The responsibility, therefore, lies also with the teachers. Why can't children be taught inside classrooms on how to use the web for a safe and trouble-free experience?
 
Some parents try to block the usage of internet, which doesn’t deserve any merit," says Tandon.

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, 28 August 2014

Youth Appealed To Stay Away From Cyber-crime

AURANGABAD: In an attempt to curb the rising incidents of sexual harassment, the Vishakha Committee at Milind Science College has organised a workshop on Wednesday for sensitising youth towards gender issues. The programme, was primarily aimed at addressing gender sensitisation and women's development issues.
 
"To create awareness about the Supreme Court guidelines on Vishakha judgement, the Milind Science College organised a workshop under the aegis of People's Education Society, Mumbai. We are emphasising on sensitization as well as awareness programmes," said Milnd Science College Vishakha Committee co-ordinator Bharati Bhandekar.
 
While briefing about the amendments to law in case of Juvenile Justice Act, Archana Kotapalle, lecturer at Miling Law College, said, "A draft bill amending the Juvenile Justice Act has been approved by the law ministry recently, which says those above 16 years of age will be considered ?adults' when they are accused of rape or equally severe crimes."
 
She added, "Gender sensitisation and women's development primarily aims at addressing contemporary socio-economic issues? Education plays a very important role in this, with institutions playing a bigger role."
 
Kotappalle also guided students on ethical use of internet and how to prevent from being a part of cyber crimes. "Students should stay away from calls for online transactions, sites calling for ATM passwords and also pornography sites. The youngsters need to be cautious in posting pictures and other details on the net, besides using the social media? They should be aware that anything done for fun could translate into a crime."
 
Bhandekar warned the male students that eve-teasing, clicking pictures of girls on mobile phones and sending messages to them on their cell phones are considered as cyber crimes, which can destroy their 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.

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

Courtesy: Times of India

Wednesday, 27 August 2014

Advantages Of Having A Good Score

Using credit wisely helps you in establishing a good credit history. Good credit history denotes an individual as a responsible and trustworthy person.
 
Having good credit history means having good credit score as well. Your credit score is one of the important factors in the approval of any line of credit.
 
There are various advantages of having a good credit score.
 
Good Credit Score makes it easier in:
 
Buying a Home: When one applies for a home loan, banks and financial institutions check your credit report and credit score. If you have a decent income, you will get the loan. But the main advantage of having a good credit score lies in the interest you will get. With a credit score of more than 750, you can get a very competitive rate. Just one or two percentage points in interest can save you tens of thousands of rupees over the life of the loan.
 
Getting a Job: Nowadays employers take into account your credit score while deciding to hire you. Candidates with good credit score tend to be more responsible and trustworthy. This is what quantity employers want. So, having a good credit score can really help you get a better job.
 
Financing a Car: When you apply for an auto loan, whether it’s through a bank or a dealer, the lenders will check your credit report and credit score. Based on your credit report and credit score, you can negotiate for a lower interest rate. Even one or two percentage points on an auto loan can mean a difference of thousand of rupees.
 
Borrowing Credit: Lenders look at your credit report and credit score before they decide to lend you money. If you have a good credit score, you are more likely to not only to get the loan you need, but also to get a better (lower) interest rate and terms.
 
Having phone or home utility accounts: With good credit score, others companies such as telephones, insurances, etc. are likely to provide services to you right away. If your credit score is bad, you could find yourself in trouble getting a telephone line or even getting an insurance policy.  
 
Obtaining Credit Card: Credit card companies determine whether you qualify for the card you want by looking into your credit history. Having good credit score will enable you to have a credit card with a lower interest rate and more benefits – such as rewards, cash back and cash advances.

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

Tuesday, 26 August 2014

Man Duped Of Rs 58,000 In Credit Card Fraud, One Held

Thane: A man has been arrested in connection with a credit card fraud. The accused had cloned the credit cards of several people from across the city and he used them to shop for electronic goods. The accused is said to be from Mumbai.
 
A 39-year-old Thane resident was also duped by the accused of Rs 58,000 recently. The victim, Sarjerao Gade, had received a text message on his phone stating that his card was used to shop for goods worth Rs 38,990 at an electronic store in Mahim. A little later he received yet another message wherein Rs 20,000 was debited at a mobile shop in Dadar.
 
The victim immediately checked to see whether he was robbed of his credit card. But he was startled to find it safe in his wallet.
 
Gade then contacted the Thane cyber crime cell that transferred the case to the Kasarwadavli police. A case has been registered under Section 420 of the Indian Penal Code and relevant sections of the Information Technology Act. The cops told the victim that the accused must have cloned his credit card and used it. During investigations, the cops learnt that the accused had duped others as well in a similar manner. When the cops got in touch with the electronic store, the manager went through the CCTV footage and zeroed in on a person. They then alerted the other branches about the accused.
 
A few days ago, the accused had visited one of the electronic store's branch at Belapur. The store in-charge immediately contacted the police who arrested him. The accused has been handed over to the Khar police. ''Once the cops at the Khar police station are done with their investigation, we will take him into our custody,'' said a cop from Kasarwadavli.

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

Applying For Loan? Watch Your Credit Score First

Wondering why your loan application was rejected and that too after being regular in repayments? The answer may lie in seeking too many loans or no loans at all. With credit scores becoming a key to garnering loans, too many loans is depicted as ‘hunger for credit’ while no loans means you have no credit history.
 
According to officials of credit rating agencies, if you have not applied for a loan for a few years, the rating agency does not have enough data on you and that means a negative score.
 
For example, the score given by CIBIL is calculated based on the credit history of the borrower over the past 24 months. “A minimum of six months of recent credit history is required for generating the CIBIL TransUnion Score on a borrower,” says Harshala Chandorkar, senior vice-president, consumer relations.
 
So, if an individual has paid back and closed his loan or credit cards a few years back and does not have any credit cards or existing loans since then, he will not get a credit score. A value of '-1' will be put against his/her credit score which implies no history (NH) is available on the borrower for generating the credit score.
 
Do bankers take the rating of NH seriously? According to them, if you do not have a score or loan history, the bank would seek more information, making the process of loan-approval slower. Says a senior with a leading private bank: “While it gives a clean history, the absence of any information means more checks and balances. So, we ask such people to give us more references so that we can cross-check the person’s background.”
 
There are other traits that the agency will consider while giving your credit rating. Sudden usage of all credit cards when you have been using only one for a long time, high credit utilisation consistently and, of course, too many unsecured loans. “Having too many unsecured loans can be seen as risky behaviour, since it is an indication that there are too many contingencies in your life. This may make the lender question about your ability to repay on time,'' says Mohan Jayaraman, managing director, Experian Credit Information Company.
 
Consequently, if you are planning to go for a big loan, home or car, you really do not want these factors to come into play. It would be wise to clean your books and well in advance, say six months to one year. If you have too many personal loans, take one big loan and clear all the other dues. This applies for a large credit card due. Similarly, ensure instalments are paid on time and regularly.
 
Small things like dues of some fees due to bouncing of an earlier cheque needs to be cleared. The amounts might be small like Rs 500-750 but it hurts your loan-taking ability. For youngsters with little or no credit history, it would make more sense to have a parent as a co-applicant.

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

Five Tips To Protect Yourself From Identity Theft

It's an almost weekly occurrence: On Tuesday, Goodwill said its computer systems may have been hacked, leading to the possible theft of customers' credit and debit card information. The nonprofit agency, which operates 2,900 stores in the U.S., said it is working with federal investigators to look into a possible breach.
 
That follows news over the weekend that Vendini, an event ticketing service, had settled a class-action suit related to a data breach in 2013. For many people who had ordered tickets through the service, an e-mail about the settlement was their first notification that their information had been compromised. In the last year, major companies like Target, LinkedIn, eBay and Neiman Marcus have also been hacked.
 
The incidents are especially troubling to consumers as online and mobile shopping continues to grow. People aren't likely to stop using their credit and debit cards any time soon, and as data breaches become increasingly common, consumers don't often know what to do when a company they've done business with experiences a breach.
 
Here are five ways you can avoid becoming a victim of identity theft-even if your data has been compromised.
 
1. Monitor your bank statements. The easiest and most effective way to make sure someone hasn't made fraudulent charges to your account is to keep a close tab on your bank statements. Gartner analyst Avivah Litan recommends checking at least once a month, if not more, for any suspicious activity. If you find something that doesn't seem right, call your bank right away.
 
2. Use a credit card, not a debit card. Government regulations protect you from liability for fraudulent charges over $50 when you use a credit card or a debit card with a signature, not a pin number. But if you use a debit card with a pin, the regulations are murkier, and you may end up being liable for some charges.
 
"The best tip to avoid problems on your existing accounts is not to use debit cards, because not only is the credit card law better, but your own money is not at risk with a credit card," says Ed Mierzwinski, consumer program director at the U.S. Public Interest Research Group.
 
3. Get free credit monitoring. Concerned consumers can pay an organization for credit monitoring, but the government offers three free credit checks a year, something consumers should take advantage of, says Litan. The reports will show if any loans or new credit cards have been taken out in your name. Here's where to find free credit reports.
 
Also, companies that have had a data breach often offer to pay for customers' credit monitoring. Target, for example, offered one year of free credit monitoring, including identity theft insurance, to Target shoppers after its data breach last year.
 
4. Bank smarter. Many banks offer a service that sends an email alert when any major changes -or charges- are made to a customer's account. The alerts can be very helpful in detecting identity theft. If you want to be extra cautious, don't make money transfers online or pay bills electronically -use a check. "Paper is much more secure," says Litan. Also, experts recommend changing your passwords often. And never use the same password for banking that you use for lower-security websites. Non-banking sites tend to be easier to hack.
 
5. Don't rely on companies. Vendini, the latest company to report a data breach, on Friday scored a rare settlement for a class-action lawsuit about compromised data. The company, which offers ticketing services for theaters and event venues, will pay out up to $3,000 per customer for identity theft losses, but it will be difficult for people to collect their money, because it is necessary to prove that the information that was used for identity theft came from Vendini. The lesson: don't depend on companies to let you know if your data has been stolen. If you want to protect yourself, it's best to take matters into your own hands.

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: Profit.NDTV

Friday, 22 August 2014

Home Loan: How To Pick The Right Bank

Savita, a Kolkata based engineer, decided to apply for home loan in order to fulfil her long-cherished dream of owning a house. Tired of knocking the doors of several financiers, she chose a lender having convincing salespersons, without really conducting any prior research. As a result, she has to deal with several ordeals while repaying her debt, including dealing with scores of hidden charges, inflexible loan options and heavy penalties.
 
Though financial insight proves to be helpful, it is not required so often. Consumers search for the most reputable home loan providers and often end up getting trapped in the wordy circles of the best salesperson.
 
It, thus, becomes important to do your homework and take into consideration every factor before opting for a particular lender.
 
Importance of taking a home loan from a reliable lender
 
Stringent terms and conditions and absurd policies are the trademark of financiers that every potential borrower must avoid. It is only a reliable lender who would offer the needed flexibility when it comes to terms and conditions of the loan.
 
Apart from that, only a reliable bank would provide superior customer service and be willing to go down that extra mile for keeping its customers satisfied.
 
It is wise to check the reputation of a lender if you don't hold any relation with the bank.
 
FACTORS TO CONSIDER
 
Considering every possible, decision-affecting factor, planning out everything and following it systematically is the key to a smooth, hassle-free journey to owning your dream abode.
 
There are numerous factors that help make a better decision when selecting the right provider for your home loan. Six of them are discussed below:
 
1. Processing and disbursal speed
 
Dealing with a lender that rules out the possibility of any delays and is quick in processing a home loan application always proves beneficial in the long run. Normally, if everything is in order, it takes 10-15 working days for banks to process an application.
 
Once approved, the lenders take additional 3-5 days for disbursing the amount of sanctioned loan.
 
2. Loan qualification
 
Internal lending criteria vary from one bank to another and it is on the basis of these that a particular amount of home loan is approved for the borrower. The criteria might cover the borrower's age, job profile (preferably salaried, because of easily understandable salary slips and ITRs), employment stability, credit history, among other aspects.
 
There are several calculators and eligibility charts, for instance the one offered by ICICI Bank, which help the borrowers in apprehending their eligibility well in advance.
 
3. Repayment terms
 
There are certain terms and conditions pertaining to repayment of the home loan imposed by banks on customers. Potential borrowers must clarify the terms related to settlement/foreclosing the outstanding amount, transferring the balance to another lender's account, prepaying a part or full amount of home loan, and other things, before finalising a lender.
 
4. How much should you pay?
 
The cost of taking a home loan would certainly vary from one bank to another. It depends upon the decision-making abilities of the borrower whether securing a home loan would prove to be an economical affair or a cost laden one.
 
However, there are certain things that one must weigh carefully at the cost front.
 
5. Fixed vs. floating rates
 
The rates vary from time to time, and as in the case of a well-planned investment portfolio, one must analyse the liability portfolio and plan on getting the maximum out of it. As a rule of thumb, if the loan period ranges between 2 to 5 years, going with a fixed interest rate is considered an ideal move.
 
Otherwise, floating rates are considered ideal for long tenure loans.
 
You can even go for a hybrid loan, which enables the borrower to enjoy the best of both fixed and floating interest rates. (Read more about the hybrid loan option)
 
6. Hidden charges
 
Hidden charges is something that tends to prick the pocket of borrowers the most. Thus, while narrowing down the options, it is advisable to compare the processing fee, down payment, valuation fees, prepayment costs and other charges levied by different lenders.
 
Making the choice
 
Different lenders use different yardsticks for measuring the borrower's eligibility. Why shouldn't borrowers consider doing research and compare several competitive features of home loans offered by different lenders? It is better to have the policies, facts, terms and conditions clarified well in advance before locking in a seemingly ideal home loan with any lender.

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: Profit.NDTV

Thursday, 21 August 2014

How To Identify And Prevent Credit And Debit Card Scams

The rise in the number of reported credit and debit card fraud cases, has made users wary of their own financial safety. Here are some tips on identifying and preventing card fraud
 
The most common form credit/ debit card frauds are perpetrated through ATMs and card swiping machines, and is referred to as 'skimming'.
 
A scam watch web portal by the government of Australia explains, “Card skimming, is the illegal copying of information from the magnetic strip of a credit or ATM card. It is a more direct version of a phishing scam. The scammers try to steal your details so they can access your accounts. Once scammers have skimmed your card, they can create a fake or ‘cloned’ card with your details on it and can then run up charges on your account.”
 
The fraudster uses a small hand held device called the “skimmer” (hence, the crime is termed as skimming) and swipes your card on it, usually while you are making a payment for a purchase. In case of ATM frauds, this device is fitted into the machine. It allows them access to your all your data associated with that card, enabling them to counterfeit it.
 
Safecard.ie advices, “Your credit or debit card details can be used fraudulently, even when the card itself is safely in your care. As such it is vital to check your bank statements regularly. The sooner you spot and report any purchases that you didn't do, the sooner the bank or financial institution that issued your card can stop the fraudster buying goods and services on your account”
 
How to identify that your card is being hacked into?
 
Apart from monitoring unidentified charges on your account, there are other a few other things that should raise your suspicion.
 
Swiping on different machines: In case you have been asked to swipe your card on more than one machine, question the procedure and speak to the store manager. Alternately, if you see the attendant swipe your card on another machine, question them again.
 
ATM fraud detection: Notice your card slot machine, by wiggling your card in it. If it appears different that usual, as in, there is more space in there than usual or it feels there might be another device attached, raise an alarm.
 
Other useful points to remember:
 
Check the ATM you use for discrepancies: Signs of tampering could be right in front of you, such as exposed wires, broken seals, loose parts. Inform the bank of this and use another ATM.
 
How to pick an ATM: Pick an ATM that has cameras fitted inside or a company-hired guard. Try and use ATMs on more crowded and commercial streets, and avoid those is remote seclude areas as they are more prone to tampering.
 
Have the card swiped in front of you: Ensure that the store attendant swipes the card in front of you. Do not allow them to take it out of your sight or to another area.
 
Dispose off old cards: Cut the expired cards and ensure the magnetic strip has been scratched. Swipe new cards immediately.
 
Keep your PINs secret: It is needless to say that you must not share your ATM and other security PINs with anybody. Don't write it down anywhere, and ensure no one sees it when you are using the ATM or other machines.
 
What are the security measures you take to protect your self from potential financial fraud? Share your tips with us.

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

Wednesday, 20 August 2014

Tech Majors Building Cyberdefence

Independent directors at India's biggest software companies have put cybersecurity on top of their agendas, underscoring the growing threat perception about hacker attacks that could damage their reputation and affect their ability to win business. Their fears are not unfounded.
 
Recently, one of the top five Indian software firms faced unprecedented attacks on a customer's mortgage processing systems, a platform the company owns and manages on the client's behalf. An executive aware of the incident said the event went unnoticed for a week until it was spotted by a junior engineer.
 
"Sometimes, we tend to overlook potential threats," the executive said, requesting anonymity. Soon after, the incident was reported to the board's risk committee, which in turn made a pitch to all directors about the need to have monthly and sometimes real-time reviews of preparedness.
 
In another incident last month at a mid-sized IT firm, a customer's employee based in India was found to be copying sensitive corporate data onto his personal devices.
 
"We couldn't even trust the local staff and had to raise the flag with their headquarters. The stakes are high for us because we own and manage their systems," said a person familiar with the incident.
 
Although it is not clear how many data breaches were reported at homegrown IT firms, anti-virus software firm Kaspersky Labs estimated earlier this year that cybersecurity breaches over the previous 12 months led to 43% of firms losing data about their internal operations, 31% losing client data and 22% losing their financial data. "We are paranoid over this (cybersecurity)," said KK Natarajan, CEO, Mindtree. "Paranoid because if there is a breach, the reputational implication can be really substantive."
 
Last November, EXL Services lost its largest client, Travelers Indemnity, which terminated the contract over "breach of confidential client data" by a few of EXL's employees. A person familiar with the development told ET that a few EXL staff shared a client document with those outside the company.
 
"The risk is redefined now...today everybody is getting worried about cybersecurity," said Jagdish Sheth, Charles Kellstadt professor of marketing at Emory University and an independent Board member at Wipro.
 
Earlier this year, KPMG carried out a survey, 'The Cybercrime Survey 2014' based on the consultant's interaction with 170 CXOs. Some 89% of the respondents identified Cybercrime as a major threat, with more than half of them perceiving them selves to be an easy target for cyberattacks due to the nature of their business. "No matter who you are, you have to have processes in place. If it happens, how do you manage it? These are major strategic challenges ahead of risk management committee," said Sheth.
 
Experts argue that IT companies face heightened risk because most of their staff bring their own gadgets from smartphones to tablets and also because the advent of most data to cloud has increased the vulnerability of data.
 
"At the board level, the threat of cybersecurity is not related to if a company has proper security in frastructure in place. Rather, it is more to do with safeguarding in formation," said Tarun Kaura, director of technology sales for South Asia at Symantec.
 
Mindtree's Natarajan acknowl edges that a firm's employees pose a greater risk to firms' "sensitive data" than outsiders.
 
"If you look at it, invariably, when such things happen, there is an internal person involved. And that is why a lot not talk about it. But of people don't talk about it. But there are now whole tools to monitor any suspicious activities with in your team."
 
Cybersecurity is a challenge globally, and while there are pockets of excellence, nobody is really doing a 'great' job, said Jacob Ol cott who manages the cybersecurity practice at Good Harbor Security Risk Management. Good Harbor chairman is Richard Clarke, former senior White House adviser to three past US presidents on cybersecurity and counterterrorism.
 
"I think Indian companies absolutely have the technical expertise to improve the cybersecurity of their organisations, but think that many firms have only recently started confronting these challenges," added Olcott. "As cybersecurity is becoming an increasingly important business issue, I would not be surprised to see more Indian IT companies being asked to do more in secure developmentse cure coding, and provide evidence of their efforts to secure their own businesses generally."

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

Tuesday, 19 August 2014

How The Credit Information System Can Be Made More Efficient

An efficient credit information system in any country is not about identifying the defaulter – though that is definitely a value add – the main purpose is to recognise good behaviour by a borrower and ultimately reward through a reduced risk versus reward play.
 
It has a positive influence on productive investment spending, induces positive credit discipline, creates awareness about the benefits of having a healthy credit life and the importance of proper management of liabilities.
 
It has been almost 10 years since the concept of credit information, credit bureaus and scores was introduced in the Indian financial sector. Credit Information Bureau (India) Ltd, or Cibil, started its operations in 2004 and the other credit information companies (CICs) -- Equifax, Experian and Highmark -- have been into operations for 3-4 years now. Although the Indian CIC industry has evolved in its own way, a timely review is important to understand where it stands.
 
The Reserve Bank of India (RBI) constituted a committee in March 2013 under the chairmanship of Aditya Puri, managing director of HDFC Bank, to examine reporting formats used by CICs and related issues.
 
The committee, comprising representatives from various stakeholders including the CICs, public and private sector banks, foreign banks, has presented its report to the RBI.
 
Its recommendations, if accepted, would have huge impact on stakeholders involved -- CICs, credit institutions and the consumer.
 
Some of the recommendations will require changes in the law (The Credit Information Companies [Regulation] Act, 2005) that governs this domain (points 1, 3 and 4 of the table) and some will require technology changes by the CIC/lender (points 5 and 6 of the table).
 
This will take time, effort and costs and the RBI should ensure that all recommendations it accepts are implemented immediately.
 
Some of the recommendations, which will make the Indian credit information industry more robust and complete, are:
Inclusion of information related to commercial paper & derivatives in the CICs data format
 
Linking consumer & commercial reports
 
Providing alerts to credit institutions to avoid multiple/fraudulent financing
 
Adding new fields in the reporting format
However, the RBI and the committee missed out on a few key areas, which include.
 
Reduction in the costs for a report and score, accessed by an individual, currently in the Rs 400+ range.
 
Treatment to be given if a credit institution sells its portfolio to a non-credit institution and an individual thereafter repays any outstanding, that transaction is not reported to any credit bureau, resulting in punishing an individual for no fault of hers.
 
Recognition by the credit bureaus of credit counsellors as credit advisors to individuals and their role as facilitators to improve credit life cycles of consumers (widespread in developed countries).
 
Recommendation to increase the range of data being taken in by the credit bureaus to include telecom, insurance and non regulated bodies, thus making credit bureau data more complete.

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: DNA

Monday, 18 August 2014

46% Indian Credit Card Users Worry About Frauds

Nearly half of the Indian plastic money users are extremely concerned about frauds in case,payments are done through credit or debit cards,while 73 per cent are left shaken by media reports of such incidents,says a survey.
 
With 46 per cent respondents ‘extremely’ concerned about frauds related to payments through cards,consumers consider them as their biggest financial security concern,according to the Visa Payment Card Security Study.
 
Besides,a majority of respondents (73 per cent) said that reading about media reports of such frauds bothers them more than that of their personal experience,the report added.
 
The study found that consumers in India take a highly proactive approach to enhance security,while making electronic payments both in person and online.
As per the study,37 per cent respondents use different passwords for different purposes. 51 per cent change their password regularly as a prevention measure than anything else and 41 per cent change passwords once a month or more.
 
Meanwhile,67 per cent consumers said that they would register to receive alerts over their mobile phone in order to prevent such frauds in future,it added.
 
“Research gives us key data about attitudes towards risk and security as we take forward innovative solutions to enhance and increase security and trust all aspects of card payment transactions,” Visa International Head of Risk Michael E Smith said.
 
The study was conducted,among over 500 consumers between August-October,across Delhi, Mumbai, Bangalore, Chennai, Kolkata, Hyderabad.

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Courtesy: Indian Express

Saturday, 16 August 2014

Companies Worried About Damage, Disruption By Cyber-Attacks: KPMG India

Enterprises are most concerned about reputational damage and disruption of businesses as a result of cyber-attacks, a report by consultancy firm KPMG said on Monday.
 
According to KPMG India's 'Cybercrime Survey 2014', 48 percent of the respondents indicated that they suffer disruption of their business processes and reputation damage as a result of a cyber-attack. About 45 percent said cyber-attacks led to financial losses (either direct or indirect), it added.
 
"With rise in the cybercrime, businesses are increasingly facing impacts not only on the financial front but also irreversible damage to their brands and market reputations," KPMG India Partner and Head of Risk Consulting practice Mritunjay Kapur said.
 
"As a result of this growing threat, there is a significant need for corporates to recognise cyber-threats and craft cyber-response plans," he added.
 
The Survey had over 170 participants from the likes of CIOs (Chief Information Officers), CISOs (Chief Information Security Officers) and related professionals from across India.
 
While 89 percent respondents acknowledged that cybercrime has emerged as a major threat, about 51 percent perceived themselves to be "easy target" for such attacks due to the nature of their business. Of these 51 percent, about 68 percent respondents claimed they monitor cybercrime threats on a daily basis.
 
"Cybercrime continues to remain a tough challenge for organisations. Over the years there has been a significant increase in the number of cybercrime attacks prompting organisations to stay alert, seek means to fight cybercrime threats," the report said.
 
Cybercriminals are also shifting their targets focussing less on theft of financial information and more on business espionage and accessing government information, it added. About 58 percent respondents said financial services sector is more likely to be attacked, while 11 percent said communications, entertainment and infrastructure sectors are prone too. The survey said the root cause of most cyberattacks now is monetary gain.
 
"Until recently, malware, spam emails, hacking into corporate sites and other attacks of this nature were mostly the work of computer 'geniuses' showcasing their talent. These attacks have gradually evolved into cybercrime syndicates siphoning off money through illegal cyber-channels," it 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: NDTV