Nagpur. Advocate Mahendra Limaye, Cyber Legal Consultant, said that the financial dealings through Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) used to transfer money are extremely risky. Limaye has demanded that customer ID should be mandatory for such transactions.
Advocate Limaye pointed out that while transferring money through RTGS and NEFT, only the account number and IFSC code of the account holder is required. While doing NEFT and RTGS, the bank only checks the account number and IFSC code. In such cases, it does not matter if there is a mistake in the name or spelling of the account holder. Advocate Limaye said that cybercriminals take advantage of this error of RTGS and NEFT.
Limaye cybercriminals give the promise of giving agency in the name of big brand. For this, they start a fake website in the name of a big company or brand. The account number given for depositing the earnest money on this account and website belongs to cyber criminals. As a result, cyber criminals give their personal account numbers in the names of companies like Haldiram, Amul, Hindustan Unilever etc. by opening fake websites. Due to this all the money goes into their account.
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He said that in the transaction done through cheque, the beneficiary name, bank account, IFSC code etc. are checked before payment. Along with this, the spelling of the name of the person in whose name the check is issued is also checked. The check is passed only after all this process but there is no such mechanism to prevent malpractices in credit push transaction systems like RTGS and NEFT. Due to this, there is no account of whose account the money is going to. As a matter of fact, to rectify this error, it is very important to make ID mandatory while doing NEFT and RTGS.
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Nagpur businessman cheated-
Advocate Limaye said that by taking advantage of the error of NEFT and RTGS, cyber criminals cheated Mohit Agarwal, owner of Sainath Agro Industries of Nagpur, Rs. Mohit Agarwal is involved in the import-export business of rice. The Russian company transfers money to Agarwal’s account every month, but the money was not deposited in his account last month. As a result, the case of cheating came to light when Agarwal called the Russian company and asked for information. Cybercriminals hacked Agarwal’s e-mail and opened a fake account in his name in the bank. After this the cybercriminal shared the new account number and IFSC code with the Russian company, due to which the Russian company transferred all the money to the account of the cyber robbers. As for, if there was a system of customer ID in NEFT and RTGS, Agarwal would have saved Rs 3.5 crore.
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