E-Paper
Cosmos get together aims at boosting investor confidence and trust
On August 14, the first of the two malware attacks hit Cosmos Bank in its online banking system, during which cyber fraudsters created a proxy switch to bypass the regular banking system and all payment approvals were diverted using the proxy switching system
In its bid to boost confidence of its customers and depositors, Cosmos co-operative bank limited held a region-wise get-together from December 17-19 . The get-together conversation centred around a very detailed discussion on the topics of depositors’ interests like digital banking, passbook printing kiosks, service charges, training and cyber security.The special investigation team (SIT) of Pune police is probing the malware attack on Cosmos Bank that took place in August. The SIT investigation is now focused on the suspects who were involved in cloning the cards by using data stolen by cyber criminals.
Bank chairman, CA Milind Kale, said: : “Depositors are important stakeholders of the bank. They play a crucial role in the development of the bank. Hence their suggestions matter a lot. The cyber-attack was on the entire banking system of India, hence, the government also brought out new guidelines for co-operative banks about this issue. To keep its core banking system’ securer and safer, the bank has invested Rs 4.50 crore. We consider our depositors our brand ambassadors.”
He said, “We get a chance to interact and talk with members and borrowers on an official occasion in the head office, but depositors interact only with the branch staff and officials. Through such get-togethers we are looking at discussing suggestions, doubts, and difficulties with the depositors.”
On August 14, the first of the two malware attacks hit Cosmos Bank in its online banking system, during which cyber fraudsters created a proxy switch to bypass the regular banking system and all payment approvals were diverted using the proxy switching system.
In the initial attack on August 11, stolen card details were used to siphon approximately Rs 80.50 crore through transactions in 28 countries, while in the second attack, the hackers siphoned off Rs 13.92 crore via Swift transfers.
The fraud included at least 12,000 Visa card transactions and on the same day, approximately Rs 2.5 crore was withdrawn through 2,800 debit card transactions in India at various locations.
Group chairman, Dr Mukund Abhyankar, thanked depositors for the response. He said that the bank wants to bring in many services for its customers, but being a part of co-operative sector, there are rules that need to be followed. In the near future, tab banking service and door step banking will be started for senior citizens. “Bank also has an operational currency chest, which is the first of its kind for any co-operative bank,” he said.
The bank’s vice-chairman, Govind Kshirsagar; managing director, Suhas Gokhale; director, Rajeev Sabade; and bank directors Dr Smita Jog and Pralhad Kokare were present.
