E-wallets, a facility introduced by banks to park cash for commercial trades, is the brand new goal for cyber criminals. In the recent months, at least five new cases including transfer of cash that is deceptive to e-wallets having been filed by Mumbai cops. An e-wallet user does not need to furnish credit or debit card details every time amongst other matters.
Typically, after defrauding a man, cyber criminals transfer the funds to bank accounts in the name of fictitious individuals. This also can scarcely be used several times before a fresh account is made,” a police officer said.
With a few banks, one just needs Facebook details or an email address to log in and make an e-wallet. “This is a lot more simpler than creating false documents,” the policeman said.
DCP (cyber crime) M Raj Kumar said, “we’ve received some cases in recent months where cash got fraudulently like on-line fraud or debit/credit card fraud was transferred to e-wallets. This facility, however, has a cash limitation and therefore, used mainly in cases involving smaller numbers.”
Cyber specialist, Vicky Shah, said that creating a bogus account on e-wallet is undoubtedly more more straightforward and banks should ensure that there are appropriate security measures in place so this system isn’t abused. An officer from the cyber police station said that in some instances, when they approached the fraud is posted by banks, the workers themselves didn’t have a lot of clarity about the e-wallet system operated.

The customer must supply address evidence and a valid identity for the account to be opened. The list of KYC files is normal and followed rigorously by SBI.” A reply wasn’t got by surveys sent to private banks.