Apropos of ‘Pvt. banks see more fraud cases than public ones’ (January 9), the information obtained from RBI under RTI Act on banking frauds is astonishing. It is unbelievable that private banks, known for their perfection and prompt services, are more prone to such frauds. Thus, it will be convenient to conclude that security level at public sector banks is better. But is it really so? It is well known that with internet and mobile banking services, cases of cyber crimes are on rise. The customer’s ignorance about functioning of e-banking facilities lands him in the clutches of frauds, resulting in financial losses. Less number of frauds in public sector banks does not necessarily mean that customers of public sector banks are more careful/computer literate. A careful study of banks’ records and scrutiny of fraud cases will throw light in this matter.
— Kishorkumar J Ved (DNA)
