On what could possibly be considered as a pilot run by cybercriminals, it’s important that our Banks learn from this incident and reflect on their preparedness and defense mechanism to successfully spot intrusions, intercept and prevent similar attacks in future. A well-orchestrated cyber attackUnderstanding details of the cosmos cyber hack. An International cybercrime syndicate successfully…
Debit cards are issued by banks by linking it to inddividual custmers like SB/Current account holders,(in case of properietory concerns of Current Account/Cash Credit account,card will be issued in the name of the proprietor). The debit cards are akin to credit cards; the only difference is that the debit card holders do not enjoy credit…
Banks are issuing credit cards to their customers as well as to general public. The bank on receipt of application from individuals for credit cards, process the same and decides about issuing the cards and fixing credit limit on the basis of the creditworthiness of the customers.The credit cards are issued in the form of…
Mobile phone banking is a new revolution in banking system around the world. The mobile banking has several advantages; such as you can do internet banking, online shopping, and bills payment, or transfer of the amount to another account in a secure manner. With the advent of mobile phone banking, mobile phones are gradually replacing your…
National Payments Corporation of India was registered under section 25 of companies’ act 1956 and became functional from April 2009 as an umbrella organization for all retail payments system in India. It was promoted by ten banks namely; State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, and Union Bank of India,…
The payment and settlement system in India is governed by the Payment and Settlement Systems (PSS) Act, 2007. According to definition of PSS Act 2007, Payment System means a system that enables payment to be effected between a payer and a beneficiary, involving clearing, payment or settlement service or all of them. This includes the…
The appearance of a smart card is akin to a credit card in size and shape. It is a plastic card embedded with microprocessor chip or memory chip. The microprocessor embedded under a gold contact pad on one side of the card can be compared to minicomputer. When the chip is processed by a chip…
The Cheque Truncation System (CTS) is basically an online Image-based Clearing System (ICS). In this system of clearing, the collecting bank need not present the physical cheque to the drawee branch. The presenting bank captures the cheque images and Magnetic Ink Charecter Recognition (MICR) data from end to end precise scanners by using the Capture…
Besides overnight call money and repo market, there is another market called collateralized borrowing and lending obligation (CBLO). The CBLO is a tradable repo, available in the form of discounted instrument in electronic book entry form. There are some difference in repo trading and CBLO trading. In repo trading, it is obligatory on the part…
Definition of e-commerce: Buying and selling of goods including digital products* and services through electronic channels such as the internet are called e-commerce. *Any products that are stored, delivered, and used in their electronic format are called digital products. These products are shipped electronically to the consumer through the internet. We can identify e-commerce business…