Month: February 2019

Precautions about Net Banking

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Net Banking has become steadily popular over the past few years. People are using it to shop online, to book rail and air tickets and transfer money across cities and countries. But simultaneously with the increase in the use of net banking the incidents of cyber crimes also have registered a continuous growth. Many times money is transferred illegally from the bank accounts without the knowledge and permission of the owner.

Net Banking is a facility on the internet to operate ones account. To use this facility the customers arrive at the website of the bank where they have got their accounts. By entering a Username and Password they can access their own account and by using yet another password can transfer money in or out of that account. But before using Net Banking it is always necessary to read all the instructions of that particular bank. Guidelines of all banks are not similar and there are minute but important differences. Therefore, it is necessary to read them carefully.

Many people consider the Net Banking like the normal banking. But no, it is very different and one needs to be extra careful. It is necessary to check your internet banking account at regular intervals. The intervals can be every two or three days or at the most one or two weeks. If you do not check your account for a long time, you may not come to know of what is happening to it. If you find any discrepancy, inform the bank authorities at once.

Please note that the banks do not consider them responsible for any thing happening to your account as a result of the activities of the unauthorized operators who are called hackers. Moreover, no insurance is available in this regard. The Banks say that appropriate upgradations are carried out from time to time by their IT departments for risk mitigation. They also issue instructions to the customers to manage their accounts through virtual key boards by way of which the characters typed by them are not identified by the hackers. Many banks send their account holders SMSs regarding any activity taking place at their account. SMS alerts are also an important tool since any transaction carried out on account is reported to the account holder through as SMS.

If you use any website for the purpose of shopping or transferring money, first make inquiries about the reliability of that website. This information can be had from seeing the internet address of the web site or by asking from any computer expert. Make sure that you write down the internet address of that particular site correctly.

Make sure that you use your own computer or lap top for the Net Banking purposes. Never use cyber cafes for net banking. If you had to use some other computer for the purpose of Net Banking, change your password immediately. Moreover, never forget to log out the site you used for Net Banking.

All this care is necessary because the internet frauds are increasing at an alarming rates. In the internet terminology these frauds are known as Phishing. In phishing, a persons personal details are obtained by fraudsters posing as bankers, who float a site similar to that of the persons bank. The customers are asked to provide all personal information about themselves and their account to that website on the pretext of databases upgradation. The number and password are then used to carry out transactions on their behalf without their knowledge. Regular e-mail users might have already noticed subjects or mails with messages such as:” Verify your account”, ” You have won the lottery “, ” if you dont respond within 48 hours, your account will be closed, ” security advisory”, ” 2008 A Category results” and the like. You could even receive an e mail purportedly from your bank, software vendor, or an online portal asking you to update your credit card information. Never respond to such mails and call your bank or vendor to make sure they have asked this information. Make one rule, never respond to such e mails.

Sometimes, the fraudsters indulge in hacking in which personal data is stolen through hacking. Hacking is an act in which the cyber criminal steals information stored or transacted in any computer. Sometimes. A spy ware is installed in the computer to steal the information and gain access to all files. The hacker gets in to the system with the help of spyware and steals information. The hacker is always on the lookout for unsecured systems and files. The spyware usually comes in the form of a virus. This spy transports all files pertaining to bank accounts to the hacker. Therefore, it is advisable not to store much information about your accounts on your computer or e mail which is unsecured. Generally , an accepted method of keeping the hackers at bay is frequently changing passwords. This however is not enough. One should make sure that the net connection is secure. Unsecure Wifi and broadband connections can be misused by professional hackers to obtain confidential details regarding an account. The best way is to operate your account at home or on a personal computer.

There are a few other things you can do. Get the latest version of the Antivirus and Internet security suite. Please dont buy a pirated CD. The anti virus soft wares have the anti phishing filters built in. Moreover, get the latest version of the Internet Explorer and Firefox. Both have an internal anti phishing engine built in to alert you when you are on a site that steals data.

In short, it is always advisable to use the following precautions while using Internet for any kind of transaction involving money.

Net Banking has become steadily popular over the past few years.
But simultaneously with the increase in the use of net banking the incidents of cyber crimes also have registered a continuous growth.
Use your home computer or lap top for the Net Banking.
Never use cyber caf for the Net Banking.
Put password on your computer as well and also the screen saver password.
Check your account regularly.
Install a good fire wall in your computer. It would make hacking difficult.
Always log out after using net banking.
Never reveal password to anyone. Do not even write it on a piece of paper or diary. Just memorize it. It should be alphanumeric. Change it frequently.
Never reply to queries from bank online about account or personal details.
The personal information should not be kept in a public computer or in e-mails.
Before using Net Banking it is necessary to read all the instruction of the bank.
Use the SMS alerts facility of the bank as any transaction carried out on the account is reported to the account holder through SMS.
If you use any website for the purpose of shopping or transferring money, first make inquiries about the reliability of that website. ( The End)
By: Iqbal Amrohi

How To Write Resume Cover Letter For Banking Jobs

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A well scripted cover letter for banking jobs will help you surely to get the doors open of an interview.
A properly written cover letter can serve as a successful step towards getting selected in an interview in the banking world. Here are some resume cover letter tips to help you write a cover letter for banking jobs:
Be straight to the point: A banking job is a very serious and mind testing job. You got to have that focused mind and patience. Thus, your cover letter should maintain a serious tone so that it reflects the ability to take your responsibility seriously while dealing with clients and other work. Being casual reflects a poor attitude.
Plan your structure of the letter: A successful banking career requires some essential qualities that a candidate should possess. A well written and chronological cover letter shows how capable you are to enter the banking world.
Stress on your skills: Include your prior banking experience, where you applied your skills while doing a job. It will help the potential employer to make a clear decision about you, and see that you qualify best for the position. Thus, moral of the story is that you should specify each important skill which applies to the desired job profile.
Dont forget the aim of the cover letter: A cover letter has to be very specific. It should not explain each and every word of your resume, but should summarize it. Highlight important points which will help you to get the job.
Inform about your public skills: As discussed above, job in the banking sector requires a lot of responsibility, and you have to be very honest with the clients. A personalized tone of your cover letter for the resume will make understand the potential employer, about you and your persona.
Be attentive to details: If you are working in the banking industry, you need to be detail oriented and perfect. It is a calculative world, and thus you should be careful while writing the cover letter. Use a good dictionary, or get it proof read from an expert, so as to be clean and error free. It will display your skills of perfection in your work.

Secrets of Offshore Banking

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This is an introduction to offshore banking and incorporation a world that you may or may not be familiar with. There are many countries that are considered to be tax havens of one sort or the other. Each jurisdiction has its own reasons in extending a warm welcome to non residents. The aim of this article is to introduce to offshore banking and give you an idea of the benefits of going offshore.

Offshore banking makes many people think of money laundering and many other illegal activities. However, most illegal activity happens onshore. Newspaper headlines are the main reason for these misconceptions. Legal activities are not headlines, so few reporters write about the above-board side of offshore finance.

Proof that using offshore banking and companies are not illegal is the large number of known international trading and finance companies that have an offshore presence. Some countries tax you on a global revenue basis. If you are a resident or a citizen of such a country it would be crime for you not to declare your offshore holdings. Declaration does not mean taxation. Consult with your tax lawyer to find out the latest legislation on this.

Is there really a secret to successful offshore banking? Yes, there is and it is very simple. -Knowledge- is the secret key.

To set up your offshore infrastructure, it is necessary to start by exploring the low tax and asset protection opportunities that are offered in various countries. These can range from low tax to 0 taxes, tax treaties, special corporate structures, free zones etc-. Studying the aforementioned will allow you to put together a complete offshore solution.

There is no one size fits all packaged solution. Every business is unique. Everyone who wants to establish an offshore banking presence must take into consideration the countries that he will be doing business with to obtain the maximum benefit of going offshore.

What are the most common benefits to going offshore?

– Tough bank secrecy and privacy laws

– Fewer restrictions on financial transactions

– Low taxation or 0 taxation

– Asset protection

Even the United States and Canada can be tax havens. Though this is only promoted usually for non-citizens and non residents.

As you can see from the above, you have multiple reasons for wanting to explore all the possibilities that an offshore incorporation linked to an offshore bank account will give you. No matter which aspects of the offshore world you choose to use you will find the find that there are many benefits.

For more information about Offshore Banking please visit http://www.offshoreincorporation101.com where you will quickly and easily find valuable offshore incorporation and banking resources to get started immediately.

Fino-mitra Leading The Way In Mobile Banking

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Transactions through mobile:

FINO-MITRA:

FINO-MITRA (Mobile Based Information and Transactions), a comprehensive set of end-to-end offerings for enabling microfinance initiatives leveraging mobile as a platform for better mobile banking services to customers.

Services:

* Covers the entire range of services starting from operational tasks such as enrollment to complex transactions such as mobile commerce.

* Caters to the needs of the agents/ middlemen as well as the end users.

* Agents are offered Mobile Based Enrolment as well as Mobile Based POT.

* End users are offered Mobile Banking, Mobile e-wallet, M-commerce thus completing the solution ecosystem for enabling financial inclusion using mobile as a platform.

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Mobile Banking Strategy and Approaches:

The mobile banking strategy has 2 approaches

* Mobile banking for agent.

* Mobile banking for customers.

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Sustainability of Mobile Banking among the pyramid customers:

Initiatives to be seen to create a sustainable model are:

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* Robust Partnership:

o Using mobile phone as a channel for financial inclusion is definitely the way ahead due to the vast reach of the telcos irrespective of varied geographical locations and diversities

o A Telco-Business Correspondent alliance will go a long way in developing banking and financial solutions for the unbanked customer

o The private sector and government too needs to come ahead and support the Business Correspondents in their initiatives

o Once the market is tapped and the model of financial inclusion becomes scalable, all the stakeholders would benefit in the form of new revenue channels

* Innovative models:

o Since conventional modes of communication like a text sms do not work for base of the pyramid customers, newer modes of communication like voice alerts and IVR need to be looked at

o Since the customer already knows how to receive a call, receiving a voice alert on his mobile phone will be easier for him

o Further sending a voice alert in a regional language will be a value addition and help in building the trust of the customer

o IVR, being a self help channel, the customer can inquire/transact using his mobile phone/landline/PCO at his convenience

o The customer can choose to communicate in his preferred language while using the IVR solution

* Simple and Cost Effective Solution:

o Developing solutions for the base of the pyramid customers is no rocket science.

o The above information can be leveraged in developing a simple user experience for the end customer using mobile phone as a channel. Partnerships with educational institutions/research organizations can further enable organizations to strengthen their understanding of base of the pyramid customers

o Further it is important to understand that base of the pyramid customers do not have the ability to pay for expensive solutions, given the fact that they lead a hand to mouth existence. However they have a good savings habit, even thought the savings amount may be a meagre Rs.5/- to Rs10/-

* Training and Financial Literacy:

o Once it is known what works for the bottom of the pyramid customers a business correspondent can use its existing agent network to train the customer on the use of mobile technologies

o Financial literacy in terms of giving information about banking products and saving and investing can be carried out using voice technology and IVR, in addition to agent as a medium

Also, note that there always exists a financial need for the financially excluded customer, however difficult to match a banking product to address that need. This brings out the fact that more and more products tailor-made for financially excluded customer need to be in place. (For eg: No Frills savings account).

Compliance Risk Lesson From Emilio Botin Abbey Santander Banking Group

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The importance of compliance with legal, regulatory, social, ethical and other standards faced by businesses is highlighted by the high-profile UK legal case Chagger v Abbey National plc & Hopkins (2006), where an Employment Tribunal made a ruling of racial discrimination and, following Emilio Botin Abbey Santander banking group’s refusal to comply with the Tribunal’s order to reinstate Mr Chagger, ordered Abbey Santander shares to pay the record-breaking 2.8 million compensation award. Abbey Santander Group (the UK bank soon to be re-branded as Santander shares price, and being a part of the behemoth Emilio Botin Banco Santander Central Hispano Group – BSCH) dismissed Balbinder Chagger from employment in 2006, asserting compulsory redundancy as the reason. Mr Chagger, on the other hand, believed that the actual reason behind the termination of his employment was race discrimination. Mr Chagger was of Indian origin. He worked for Emilio Botin Abbey Santander price in the role of Trading Risk Controller. He earned approximately 100,000 per annum. He reported into Nigel Hopkins.

In the UK, the Financial Services sector is highly regulated. Financial institutions face an abundance of standards to comply with concerning their numerous stakeholders (regulators, authorities, the public, employees, customers, suppliers, competitors, shareholders, investors, and others). Compliance with all of the standards is part and parcel of conducting business in the UK Financial Services sector; financial institutions need to devote sufficient resources and energies to compliance and to compliance risk management. Compliance failures, that are either detected by regulators during inspections or reported by aggrieved parties to the appropriate jurisdictions, can result in extremely high-profile consequences, as shown by Chagger v Abbey National & Hopkins (2006); the Employment Tribunal recorded an abundance of compliance issues and failures committed by Emilio Botin Santander Abbey and Mr Hopkins, some of which are outlined below.

Emilio Botin Abbey Santander had failed to comply with the UK statutory redundancy dismissal procedure; it had failed to notify Mr Chagger in writing of the circumstances leading it to contemplate dismissing him and asking him to a meeting.

Emilio Botin Abbey Grupo Santander had failed to comply with the guidance on good practices regarding Equal Opportunity training recommended by the UK statutory Code of Practice on Racial Policy in Employment. Mr Chagger had made efforts to address the issues surrounding his dismissal directly with Santander Abbey and Mr Hopkins, through the company’s grievance and appeals procedures. However, Emilio Botin Abbey Santander had not provided any Equal Opportunity training to the managers it had allocated to consider Mr Chagger’s issues; Mr Chagger’s issues were simply dismissed out of hand by each and every manager. Emilio Botin Abbey Santander banking group had also failed to comply with the guidance on good practices concerning monitoring recommended by the UK statutory Code of Practice on Racial Policy in Employment. The Tribunal found an abundance of monitoring failures, in addition to the failures to give serious consideration to allegations of race discrimination and to investigate them promptly.

Emilio Botin Abbey Santander had failed to comply with the Tribunal’s order to reinstate Mr Chagger (ordered to remedy the unlawful wrongful act of racial discrimination committed by Emilio Botin Abbey Santander and Mr Hopkins). In the UK, reinstatement is regarded as the primary and preferred remedy for an unfair dismissal, because it enables the aggrieved employee to continue to enjoy both the mental satisfaction and the economic benefits of his role in the future. Emilio Botin Abbey Santander refused to reinstate Mr Chagger and the Employment Tribunal was dissatisfied with the reasons it gave for refusing to comply.

Emilio Botin Abbey Santander had failed to comply with the Race Relations Act (Questions and Replies) Order 1977. The Tribunal found that Emilio Botin Abbey Santander’s reply to Mr Chagger’s race discrimination questionnaire was evasive, and that Emilio Botin Abbey Santander had failed in answering Mr Chagger’s questions.

Both Emilio Botin Abbey Santander and Mr Hopkins had failed to comply with UK law on employment. The Employment Rights Act 1996 requires the selection of an employee for dismissal in a compulsory redundancy situation to be fair. Compulsory redundancy selection criteria must be applied fairly; they must be both objective and measurable. The Employment Tribunal found, however, that the compulsory redundancy selection criteria Emilio Botin Abbey Santander had applied were both highly subjective and un-measurable.

Mr Hopkins had failed to comply with the expected behaviours of a reasonable manager. He was highly criticised by the Employment Tribunal for the manner in which he had applied the compulsory redundancy selection criteria to Mr Chagger. As an example, the Employment Tribunal found that he had scored Mr Chagger down for getting on with work and being self-reliant, a characteristic that the Tribunal thought that reasonable managers might well consider to be an asset for an employee in Mr Chagger’s highly paid and highly responsible position, and score him more highly for.

Emilio Botin Abbey Santander had failed to comply with reasonable good practices and safeguard controls expected in compulsory redundancy situations; that of ensuring more than one manager is involved in the assessing and scoring of each of the employees in the redundancy pool (a control to safeguard the fairness of the scoring and to reduce the risks of bias). The Tribunal found, however, that Emilio Botin Abbey Santander did not implement this simple control mechanism. Alongside other significant factors, Mr Hopkins was single-handedly able to recommend to Abbey Santander’s management to dismiss one of the two Trading Risk Controllers that he managed (Mr Chagger being one), was single-handedly able to put to Mr Chagger an offer to take up voluntary redundancy (Mr Chagger refused Mr Hopkins offer, and no such offer was ever put to the other Trading Risk Controller), was single-handedly able to conduct the compulsory redundancy scoring and assessment of the two employees in the redundancy pool, and was single-handedly able to reduce Mr Chagger’s scores to ensure that he would be the employee who would be selected for dismissal.

Emilio Botin Abbey Santander and Mr Hopkins both had failed to comply with the UK discrimination law; the Tribunal ruled that they had both racially discriminated against Mr Chagger.

Emilio Botin Abbey Santander highlights the significance of compliance risk and its potentially very high-profile consequences on an institution’s reputation. The profile continued beyond the Employment Tribunal stage for Abbey Santander. Mr Hopkins and Emilio Botin Abbey Santander s appealed to the Employment Appeal Tribunal (EAT) against the original Employment Tribunal’s ruling of racial discrimination and against the record-breaking 2.8 million compensation award. In 2008, the EAT upheld the original Tribunal’s ruling that both Emilio Botin Abbey Santander and Mr Hopkins had racially discriminated against Mr Chagger. However, the EAT accepted Abbey Santander’s appeal on the compensation award and remitted it to the original Tribunal for reconsideration. The case was appealed and escalated to the Court of Appeal (UK’s second highest court). The Court of Appeal’s List of Hearings showed the appeal was heard on 7/8 July 2009. The Court’s transcript of the hearing and judgement were not available when writing this article. The 11KBW set of barristers’ chambers, who represented Emilio Botin Abbey Santander and Mr Hopkins, had reported that the Court of Appeal hearing was to be about compensation only (i.e., not about racial discrimination also). That would appear to imply that the wrongful act of race discrimination committed by Emilio Botin Abbey Santander and Nigel Hopkins was finalised by the EAT when it upheld the original Tribunal’s decision that Emilio Botin Abbey Santander and Mr Hopkins had racially discriminated against Mr Chagger, and that Mr Chagger had appealed against the EAT’s decision to remit the compensation award to the Employment Tribunal stage for reconsideration.