Several Founders, Co-Founders, CXO Bankers, CXO Fintech professional & people who participated in the ePanel discussions:
- Mr. Taron Mohan, Owner, NextGen Telesolutions Pvt Ltd
- Mr. Vikram Sareen, Chief Architect, Founder, CEO, Blue Bricks Pty Ltd
- Mr. Shashank Chowdhury, Former Executive VP- Inclusion Initiatives, Vakrangee Software Ltd
- Mr. Anshul Srivastav, CIO & Digital Officer, Union Insurance
- Mr. Raghu Veer Dendukuri, Founder, Ideal Nation, and Solution Architect at Invincible Tech Systems Inc.
- Mr. Sharad Goklani, President and CTO at AU Small Finance Bank
- Mr. Hitesh Thakkar, Fintech Consultant, Self-Service Automation
- Mr. C V Ramana Rao, Sr Manager, Punjab National Bank
- Mr. Amarto Chakrabarty, Manager, Deloitte India
- Mr. Vikas R Panditrao, Co-Founder, Forum of Industry and Academic Knowledge Sharing (FIAKS)
- Many other CEO/CXO Bankers & Fintech professionals on FIAKS Forum requested to remain anonymous.
While online scams are on the rise in this pandemic, here’s another one among the lot. Check out this video on fraud SMS shared by FIAKS community CXO members. These messages seem to be written in a way to make the user click on the link on impulse.
Thereon following crucial questions were raised,
Question 1: How can we track the origin of such messages?
- These messages are coming most of the time from those fraudsters who purchase the number, load it with bulk SMS pack and change the numbers frequently. Bulk SMS operators allow these messages under bulk promotional messages which helps in avoiding prior approval by telco operators.
- It’s quite difficult to trace them unless the telecom company is helping with the IMEI number (IMEI stands for International Mobile Equipment Identity which is a 15 digit unique number to each device) of the phone and an official complaint is lodged with the cyber cell of the nearest police station. There was an incident of wallet KYC wherein Thane police and cyber cell traced back the fraudsters operating from Maharashtra and UP.
- What is the trouble in tracking the message-id, if the date, time, sender number is given to the provider? they can track the message-id and address of the SIM owner based on the address registered with the mobile phone company for a specific SIM card (either SMS service provider or a fake address if the message was sent using a GSM modem). While creating awareness to people has to be a continuous exercise, cannot this be a starting point?
Question 2: Why telco KYC process not blocking such messages as its non-compliance is impacting other businesses?
- Well for mutual funds – if you update KYC with one AMC the KYC gets updated for other AMCs also. A similar mechanism should be available for all other service providers.
Question 3: Why can’t RBI, SEBI make TRAI liable for all such frauds and recover the loss from TRAI?
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