Several Founders, Co-Founders, CXO Bankers, CXO Fintech professionals & people who participated in the ePanel discussions are:
- Ms. Hemangi Pathrabe, Cofounder @ Payments 2.0 – Rijndlpay Technologies
- Mr. Shashank Chowdhury, Former Executive Vice President-Inclusion Initiative, Vakrangee Software Ltd
- Mr. Ramasubramanian S, Application, Transformation, Management and Operations Head, DXC Technology
- Mr. Jayesh Shah, CEO, Prism Cybersoft Private Ltd
- Mr. Neeraj Chandra, Head of Operations, Abu Dhabi Commercial Bank
- Mr. Ashok Kumar, General Manager – IT, Karur Vysya Bank
- Mr. Ratnakar V, Head – Mobile Money, Phongsavanh Bank, Lao PDR
- Mr. Sachin Nerurkar, MD & CEO at AquaGiraffe Technologies Pvt Ltd
- Mr. Ashvini Kumar Dave, Vice President- Business Solutions Group – Payments
- Vikas R Panditrao, Co-Founder, Forum of Industry-Academic Knowledge Sharing (FIAKS)
- Many other CEO/CXO Bankers & Fintech professionals on FIAKS Forum requested to remain anonymous
Kolhapur’s Urban Cooperative Bank had been hacked by some unidentified Hackers stealing around 68.88 Lakh Rupees through a digital payment medium, this money was then transferred to 34 different bank accounts throughout the country. It is also said that cooperative banks are comparatively weaker when it comes to cyber threats protection. As this news broke out, it has raised major questions and concerns in the minds of our community’s experts “Who is Responsible for this?”
They asked “Is it the RBI/NPCI because it is forcing modern technology on unsuspected banks and gullible customers? OR is it the tech companies who sell half-baked products to the banks?”
Hacking is an unethical method of intruding into a person’s computer system. It is an illegal activity conducted by professional hackers that tampers and misuses important data of an individual or individuals. Hacking is done at various different levels, some small others on a large scale to conduct huge fraudulent/criminal activities. What we need to understand here is that hacking/cyber threat is one of the major concerns of banks nowadays, a the majority of the banking activities are conducted online and almost all information and details of customers as well as of the banking company is stored on computer systems, this makes it more vulnerable to cybercrimes.
The authorities without understanding the implications come out with regulations overnight, forcing banks on compliances. In turn, banks are going for newer and newer vendors for getting cheaper and quicker solutions which are not tested, the vendor’s in house ecosystems are not verified either. So these types of activities are definitely going to take place and in reality, these are much less compared to the breaches of security and lapses at employment levels in the Banks, vendors, and levels of corruption in the system. No one can force technology, the banks become the participating members on their own in case of cooperatives.
Another member says asking such question is like asking, “Who is responsible for causing road accidents? Is it the ones who build cars? Or the Road traffic controllers/cops? Or the driver himself? Or the passengers seated at the back of a car? Or the person who was walking down the road and got killed having no fault of their own?“
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