SBI manager files complaint over Rs 38.39 lakh fraud in Bengaluru

Your ‘Know Your Customer(KYC)’ details may not be totally safe with the bank authorities.

Published: 22nd June 2017 10:03 AM  |   Last Updated: 22nd June 2017 10:03 AM   |  A+A-

By Express News Service

BENGALURU: YOUR ‘Know Your Customer (KYC)’ details may not be totally safe with the bank authorities. KYC details of credit card holders of a State Bank of India (SBI) unit were allegedly leaked and fraudsters made money of Rs 38.39 lakh.

Vinod Kumar Pacchiyappan, manager of SBI Cards and Payment Services Private Ltd located in Embassy Heights on Magrath Road has filed a complaint in this connection with Halasur police.

It was suspected that the accused got hold of the data of customers either with the help of an insider or by hacking the data bank of SBI.

Though police do not completely rule out leak of information, preliminary investigation has suggested that credit cards were issued without proper verification.

“When the credit card holders did not repay the money, the bank authorities sent their employees for recovery, only to find that the card holders were not residing at the addresses mentioned. The credit card marketing employees are given a target to sell the cards and they generally do not cross check the details of the customers. Fraudsters take advantage of it with fake documents,” police sources said.

Investigation is on to find out how exactly the fraud took place.

According to sources, such frauds have been happening since January 1, 2017 but a complaint was filed only on Thursday.

SBI assistant general manager (public relations) was not available to comment on the issue.

Objective of the KYC is to prevent banks being used, intentionally or unintentionally by criminal elements for money laundering.


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