ATM fraud: Complex web of four organised gangs

.......Had Federal Bank of India adhered to the revised RBI guidelines issued in March, it would have saved itself the loss of crores of rupees. In March RBI had issued guidelines to private banks to do away with the feature of retrieving currency notes by their ATM machines if the customer does not collect the amount within 30 seconds. While a majority of private banks removed this feature from their ATM machines, Federal Bank of India did not introduce the same. “The miscreants knew this fact clearly. As per the guidelines if the uppermost note is not collected after withdrawal within 30 seconds, the machine retrieves the note and flashes a message of failed transaction,” said Mohali SSP (Cyber Crime Investigation) Pradeep Kumar. As per the revised guidelines, RBI had advised the removal of the feature of ATM machines retrieving notes after 30 seconds.........

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