COMMON SENSE SIMPLIFIED: ATM PIN GOES PUBLIC

COMMON SENSE SIMPLIFIED: ATM PIN GOES PUBLIC:  It is often said that frauds with financial and personal details of customers in banking operations take higher dimensions when the service is outsourced to a third party. This new consumer hazard is becoming a way of fast money for call centre executives! It is especially gaining ground after the Standard Chartered and Citibank fraud revelations. Standard Chartered outsourced money laundering violations to third parties in US resulting in massive embarrassment for the company of having to deal with huge flow of cash entering Iran in violation of US laws. Although, it didn’t involve loss of personal funds of the consumers through their stolen information, but it did vindicate the vulnerability of the banking system and its pressing problem of outsourcing data. The disappointment was more direct to consumers in the Citibank case, which involved specifically to security issues. It was a classic case of credit card cloning that took place in April 2005 involving a sum of $350,000.

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