‘Catch me if you can’ – the credit card scammer sentenced to imprisonment
Posted by admin on Sep 13, 2010
This is a true story of real fake. It is about Mr. Anup Patel, a Computer Engineer of Kingston University who was the master mind behind this entire credit card fraud. He has made approx. 20 lac Pounds from 19,000 card accounts through his fraudulent activities. He had conceived the idea of stealing money from the banks since his college days. In due course he developed the software and successfully accomplished his mission.
How the Scammer did the operation?
In Britain many people use chip card during credit card purchase. He used his own technology to steal credit card information from different payment terminals. According to the investigators, he used to set hidden cameras at the roof near the payment terminal. Then through his ’secret data reader’, all the card information was being transferred to his computer. He created duplicate cards with that information and withdrew cash from ATMs.
Loan recovery – Are banks taking right steps? RBI issues new Norms
Posted by admin on Sep 10, 2010
We take personal loans, house loans, credit card loans, mortgage loans etc. from different banks for our urgent need. Sometimes we can’t keep ourselves away from the attractive loan offers by the bank. In some cases borrower fails to pay the installments in time due to some unexpected financial condition.
The usual steps that banks take to recover money: To collect money from the defaulters, banks start with phone calls as reminder with a soft tone. After few days they hand over the job to “Recovery Agents” (few companies are there that work as the representative of the bank to recover the money) for further follow up. The recovery agents start with harsh phone calls threatening the defaulters. If the defaulter still unable to pay, they send tough collectors directly to defaulters’ residence / office.
Banks perspective: Banks act like our best friend who stands in front of us with a handful of money honey when we require it. But they are professional friends, so it’s quite obvious that they will expect timely refund of the dues. In case of non-payment they follow various steps for its recovery.
The present scenario: The situation has worsened by few cheaters who simply deny repaying or run away after taking loans. As a result, collection agents are treating all the defaulters in the same way. Recently few people committed suicide for being harassed in front of their colleagues and family members. On the other hand, banks are rushing to offer loans with minimum documentation, not even considering the repayment capacity of the borrower. Some people are taking out the cream of it and few are falling in the trap.
Credit card – Our fight back with the banks’ policy
Posted by admin on Sep 10, 2010
A Credit card is the most sensitive product of a bank. Most of the time, we can’t avoid the attractive offers that come with it and enter the world of credit. Only two years ago few banks offered credit cards, but now almost all banks are into the credit card business. Therefore the credit card business definitely provides the banks with more revenue, but do we analyze what we expect from a credit card and exactly where we are driven to? I am trying to explain few things on the whole concept:
Glimpses of Credit card packages that make us jump to our toes:
• Interest free credit period (around 50 to 60 days)
• A financial instrument that can be used almost everywhere, no tension of carrying cash
• Payments can be made partly or in installments.
• Earn reward points that can be utilized to get free gifts and even flight tickets