ICICI escapes fraud net | india | Hindustan Times
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ICICI escapes fraud net

india Updated: Dec 30, 2006 12:44 IST
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WITHIN 24 hours of a major Internet banking fraud coming to light in Jabalpur, an ICICI Bank customer in the City has come up with a similar complaint.

The alleged siphoning of Rs 7 lakh from the savings accounts of five customers of ICICI Bank in Jabalpur through Internet banking, which was reported to the police on December 28, could well have been replicated in the City, but was avoided thanks to an honest customer.

The customer, software consultant Alex John, alleged that while he was accessing his savings bank account via net banking, he found the credit card account of another customer linked to his account.

“I accessed my savings account through Internet with my user ID and password, but was surprised to find that another person’s credit card account had been linked to mine. It gave me an opportunity to access that person’s account, which I did not,” he told Hindustan Times.

Expressing concern over the situation and the Jabalpur incident, John said similar case could happen with anyone and money from other’s account could be siphoned easily. “Moreover, I only opted for accessing to savings account by applying for the same in my form, but I found other accounts like credit card, Demat etc have been linked to it,” he said.

John explained that the anomaly could be due to technological fault in the system. “The ICICI Bank should take it seriously, otherwise a fraud like the one in Jabalpur could happen anywhere,” he said.

In Jabalpur, a total of Rs 7 lakh was transferred from the accounts of five ICICI Bank customers, allegedly by breaking their passwords through net banking.

Terming it as ‘breach of system’, a Reserve Bank of India official said the bank concerned should immediately take steps to counter the problem; otherwise customers’ trust on net banking would end. Despite several efforts, no ICICI Bank official could be contacted for comment.