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Internet Banking Risks In India


Online banking has become an essential necessity these days. It has many benefits but along with these benefits are also some problems. The biggest issue is to safeguard the customers from Phishing attacks and online frauds.


Cyber security of internet banking infrastructure of India is the need of the hour. Instances of theft of money through hacking of accounts of the accounts holders as well as by misleading them through Phishing attacks are fast becoming a trend in India.


India is also insisting upon a weaker encryption standard (40 bits encryption) for online transactions. This also applies to online banking. Surprisingly, the Reserve Bank of India (RBI) has not shown any protest against this weakening of online banking system of India.


According to Praveen Dalal, Managing Partner of Perry4Law and the leading techno-legal expert of India, the Information Technology Act 2008 has made most of the cyber crimes and cyber offences “bailable”. India has made its cyberspace a “free zone” and “safe heaven” for cyber criminals and cyber offenders. He says that now even after committing hacking in India a person would be entitled to “bail” as a matter of right. There is nothing that prevents such cyber criminals from committing cyber crimes in India in the absence of a deterrent law.


This has resulted in an increased spate of cyber crimes including hacking of the e-mail IDs of the Internet banking users and stealing of their money. Further, IT Act 2000 also does not deal with Phishing expressly.


India has also become one of the most endemic surveillance societies of the World. Confidential information is already vulnerable and with the proposed Indian plans of installing key loggers by law enforcement officers at cyber cafes, the same would exclude the use of cyber cafes for these purposes. Although cyber cafés are not a good place to transact confidential matters yet with a poor Internet penetration in India this may still happen, says Praveen Dalal.


With a weak cyber law, lack of cyber security awareness and increasing e-surveillance initiatives in India, Internet banking disputes are bound to increase in India. The government is least bothered about these issues and ultimately the account holders would have to bear the financial losses.


It is high time for the RBI to step in and do something constructive for protecting bank customers from hacking attacks and Phishing attacks. Till now RBI is escaping from its responsibilities in this regard.

BSNL starts fibre-to-the-home broadband services in Vadodara


After a month-long trial, the Bhartiya Sanchar Nigam Limited (BSNL) on Friday launched the Fibre-To-The-Home (FTTH) technology in Vadodara. The new technology is expected to deliver high-speed broadband access without facing any technical problems and at considerably cheaper rates. Ramakant Sharma, General Manager of BSNL, Vadodara Circle, said the network has been built on the Gigabyte Passive Optical Technology (GPON) concept which will have the down-link speed of 2.5 Gbps and up-link speed of 1.25 Gbps.
“The single optical fibre will cater to 32 customers with high speed bandwidth. Now, BSNL will offer high speed broadband access up to 100 Mbps with facilities of multi-channel IPTV, video/audio on demand, interactive gaming, conferencing, high-speed lease line, voice services by using this technology,” he said.
He also added that the network is very useful technology to meet demands of new developing commercial and residential areas, corporate bulk demands. It is the latest technology and offers replacement to existing copper network with better reliability and high speed data transmission. When asked about the success of BSNL 3G services, Sharma said: “After we launched the services in July, we have given 3,500 new connections and converted more than 4,000 2G connections into 3G connections.”