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Topics - Sudhakar
Infosys is paying over Rs 1 crore to more than 1,800 employeesIn contrast, of its 48,400 overseas employees 1,800 are already crorepatis in rupee terms. To be sure, the high salaries for skilled professionals in developed markets are a reflection of them being paid in foreign currencies and commensurate with several years of experience.
Indian IT companies are likely to hire freshers in the US initially. But even that strategy will not mitigate cost pressures for long as companies compete for similar talent.
More Details here : https://www.techgig.com/tech-news/Infosys-is-paying-over-Rs-1-crore-to-more-than-1-800-employees-111681?
OnePlus 5 Launch Live Stream - 1 Crore winner
Streamed live on Jun 22, 2017
Join us while we create history in India with the first ever OnePlus launch at a special live event! Wait for the 1 Crore winner at the end!
Category Science & Technology
License Standard YouTube License
Apple WWDC 2017 Keynote - June 2017 on Youtube
Apple -- WWDC 2017 Keynote
Published on Jun 9, 2017
Apple WWDC 2017. Take a look at our latest announcements. The new iPad Pro. iMac Pro. HomePod. iOS 11. macOS High Sierra. watchOS 4.
Learn more: http://www.apple.com
Science & Technology
Standard YouTube License
Idea posts first full year loss in face of Jio offensive - May 2017Bashed by a severe tariff war, telecom operator Idea Cellular today reported a consolidated loss of Rs 325.6 crore in the three-month period ended March 31, 2017.
The company had posted a profit of Rs 449.2 crore in the same period a year ago.
For Idea, this is the second consecutive consolidated loss in two back-to-back quarters as the company viewed the October-April period as particularly harsh and a 'period of telecom discontinuity'.
For the October-December 2016 quarter, Idea has posted its first-ever consolidated net loss of Rs 383.87 crore compared to a net profit of Rs 659.35 crore in the year-ago period.
"The Indian wireless industry witnessed an unprecedented disruption in the second half of financial year 2016-17 on account of free voice & mobile data promotions by the new entrant in the sector.
The October-April 2017 interval can be best described as Period of Telecom Discontinuity, permanently changing mobility business parameters," Idea Cellular said in a statement.
Reliance Jio made its disruptive entry into the Indian mobile market space in September last year by making voice calls and 4G data free as part of its promotional offer that continued till March this year.
Total revenues of the company declined by 13.7% at Rs 8,194.5 crore from Rs 9,500.7 crore it registered a year ago in the corresponding quarter.
Idea Cellular also posted its first-ever annual consolidated loss at Rs 404 crore for 2016-17 compared to a profit of Rs 2,174.2 crore in 2015-16.
Annual income of Idea Cellular declined marginally to Rs 35,882.7 crore at the end of 2016-17 from Rs 36,162.5 crore it reported at the end of the previos fiscal.
In an effort to retain its existing mobile subscribers, Idea said it was forced to reduce on sequential quarterly basis, its voice rate by 12.5% to 25.9 paise per minute compared to 29.6 paise in the previous quarter of 2016-17 as well as it dropped its mobile data rate by 27.6 per cent to 11.5 paise per megabyte compared to 15.9 paisa in the third quarter of 2016-17.
"However, the lure of free offerings by the new mobile operator resulted in lower than normal volume elasticity with sequential quarterly voice minutes growing by 10.3 per cent to 231.4 billion minutes versus 209.8 billion minutes in third quarter of financial year (FY) 2017," Idea said.
Idea Cellular also blamed tsunami of minutes terminating on Idea network from the new operator, resulting in overall higher ratio of incoming minutes recorded at below cost inteconnection usage charge rates" for fall in blended voice realisation rate.
The impact of free extended promotions was even more pronounced on mobile data business.
Idea witnessed a sequential quarterly decline of 6.4 million mobile data customers on the back of 5.5 million loss in October-December 2017 versus second quarter of FY 2017.
Its overall mobile data customer base receded to 42.2 million compared to 48.6 million in October-December 2017 period.
The 'non voice revenue' (including data) contribution to the 'overall service revenue' fell to 24.9 per cent as mobile data revenue contribution declined to 18.3 per cent.
"However, the company remains optimistic of revival of mobile data subscriber addition and data revenue in FY 2018 as wireless broadband prices become more affordable for higher adoption by the Indian masses across all socio-economic & geographic segments," Idea said.
Source : https://www.techgig.com/tech-news/Idea-posts-first-full-year-loss-in-face-of-Jio-offensive-107029
Modifications in Aadhaar, PAN can now be corrected online - May 2017Finance Minister Arun Jaitley had proposed to make Aadhaar mandatory for filing of the Income-Tax returns as well as for obtaining the Permanent Account Number (PAN).
In a big relief to people, the income tax department recently launched an online facility to correct errors (names and other details) in permanent account number (PAN) and Aadhaar. The department has put two separate hyperlinks on its e-filing website. The first option allows user to update changes in existing PAN data or for application of new PAN by an Indian or a foreign citizen. The second hyperlink will help individuals who want to update Aadhaar details by logging into 'Aadhaar Self Service Update Portal', using the unique identity number. Then, the individual can upload scanned documents as proof for data update request.
Earlier, Finance Minister Arun Jaitley had proposed to make Aadhaar mandatory for filing of the Income-Tax returns as well as for obtaining the Permanent Account Number (PAN).
According to the reports of leading news agency PTI, over 1.22 crore people already have Aadhaar-linked PAN but the number is very low as there are over 25 crore PAN card holders in the country, while Aadhaar has been issued to 111 crore people. As per statistics with the tax department, only 6 crore people file income tax returns at present.
Last week, the income tax department launched a facility to enable a taxpayer to link his Aadhaar and PAN. It required a person to put in PAN and Aadhaar number along with his name as per the Unique Identification Authority of India (UIDAI) data.
After verification from the UIDAI, the linking will be confirmed. In case of any minor mismatch in Aadhaar name provided, Aadhaar OTP will be sent to the mobile number registered with the UIDAI. Additionally, the income tax department has now launched a facility to correct anomalies in PAN or Aadhaar document.
Source : https://www.techgig.com/tech-news/Modifications-in-Aadhaar-PAN-can-now-be-corrected-online-107031
Google makes changes to AdSense in a bid to increase transparency for website publishersGoogle announced two changes to its AdSense network today that it says will increase transparency about how it deals with violations and removes ads from websites.
First, AdSense's technology has been changed so it can now remove ads from individual pages, instead of entire websites. Previously, Google usually removed ads from every page on a website after a policy violation, instead of just the pages with offending content.
Second, Google will launch a platform in a few weeks called the "Policy Center" to help website publishers understand the program's rules and fix violations more quickly.
In a post on The Keyword, one of Google's official blogs, Scott Spencer, the company's director of sustainable ads, wrote "as we roll out page-level policy action as the new default for content violations, we'll be able to stop showing ads on select pages, while leaving ads up on the rest of a site's good content. We'll still use site-level actions but only as needed. And when it's necessary, such as in the case of egregious or persistent violations, we'll still terminate publishers. Altogether, this means fewer disruptions for publishers."
Of course, this also means less disruption and more money for Google, since it shares revenue from AdSense with publishers.
AdSense's new Policy Center will give publishers information about how many violations their sites have, what issues triggered ad removals, and step-by-step instructions about how to fix the problem so they can start displaying ads and making money again. Spencer referred to this as a "one-stop shop for everything a publisher needs to know about policy actions that affect their sites and pages."
The Policy Center is intended for website publishers who use AdSense, but YouTubers who monetize their videos through the program will also be curious about how it affects them. That is still unclear, however: Spencer said in his blog post that "later this year, we'll be adding policy centers in other publisher platforms in addition to AdSense," but he did not specify which ones.
Many YouTube creators have seen their ad revenue drop dramatically since Google made changes to how ads are displayed on its ad network and YouTube. The changes, which include different default settings, more account controls for advertisers, and a hiring spree to develop new artificial intelligence tools, were implemented after companies began boycotting Google because their ads appeared next to offensive videos.
YouTubers, however, have complained that the new controls unfairly penalize even videos that adhere to the platform's policies and asked Google to be more transparent about how its moderation by people or algorithms work.
Source : https://www.techgig.com/tech-news/Google-makes-changes-to-AdSense-in-a-bid-to-increase-transparency-for-website-publishers-107096
The biggest ransomware attacks hits Indian companies - may 2017More than 45,000 computers in hospitals, IT organizations, railway station networks, ATMs and even universities across 74 countries have been severely affected by the WannaCryptransomware worm also popularly called Wcry. This is the biggest ransomware attack in recorded history.
The WannaCrypt vulnerability blocks windows files and users need to make payments towards the hackers to restore access. A certain worm spread across systems which run on Windows OS and installs this bug.
But it is critical to notice that Microsoft has already sent across patches around a month ago. But this bug has already affected many systems which had not installed the latest security updates.
The bug was earlier abused by National Security Agency (NSA) to spy on their targets across the world. But in April this year, one of their internal tools called Eternalblue was stolen and leaked online. After that it was used to hack many machines across the internet.
"The exploit known as MS17-010 was previously patched by Microsoft. However, Windows XP machines which no longer receive updates are at particular risk. Machines using current Windows operating systems which have not been patched with March 15 updates are also at risk," says Amit Nath, Head of Asia Pacific - Corporate Business at F-Secure Corporation.
In terms of WannaCrypt's impact on India, Saket Modi, CEO, Lucideus Tech says that this worm can have potential impact on the government. "Most government departments don't have specific different OS for its operations and the same risk factor applies to government too."
According to many independent reports, many Indian companies were affected. Amongst those were systems of Andhra Pradesh police department, manufacturing companies in Delhi, 2 sme's in Delhi and one big corporate house in Mumbai. But certain cyber security experts point out that the actual impact of the attack can be ascertained only when people try logging into their systems on Monday.
Similarly, Nath pointed out that no country is safe from this Ransomware as it can lead to data loss, compromise business and organisations efficiency leading to reputation and financial loss.
An official of the Computer Emergency Response Team (CERT-IN) told ET that so far the agency has not received any reports about the impact in India. "'Our researchers are on the job and trying to figure out if there has been any impact in India," the official said. CERT has already issued an advisory alerting people about the spreading ransomware. "We had also issued an advisory in March, those people who would have acted on it, would be safe," said the official.
Meanwhile CERT-IN has also issued a vulnerability note on its website (CERTIn Vulnerability Note CIVN20170032 Multiple vulnerabilities in Windows SMB Original Issue Date: March 15, 2017) with a Severity Rating of HIGH on March 15, 2017 for possible remote exploitation of this vulnerability and to apply the patch released by Microsoft for the same.
Famous whistleblower Edward Snowden pointed out that "This is a special case. Had @NSAGov disclosed the vuln when they discovered it, hospitals would have had years -- not months -- to prepare."
Source : https://www.techgig.com/tech-news/The-biggest-ransomware-attacks-hits-Indian-companies-107018
18-year-old from Tamil Nadu designs world's lightest satelliteEighteen-year-old Rifath Sharook, belonging to a comparatively unknown town of Pallapatti in Tamil Nadu, is all set to break a global space record by launching the lightest satellite in the world, weighing a mere 64 grams.
The satellite, called KalamSat, will be launched by a NASA sounding rocket on June 21 from Wallops Island, a NASA facility. This will be the first time an Indian student's experiment will be flown by NASA.
Speaking to TOI from Pallapatti, Rifath said it will be a sub-orbital flight and post-launch, the mission span will be 240 minutes and the tiny satellite will operate for 12 minutes in a micro-gravity environment of space. "The main role of the satellite will be to demonstrate the performance of 3-D printed carbon fibre," he explained. He said the satellite was selected through a competition called 'Cubes in Space', jointly organised by NASA and a organisation called 'I Doodle Learning'.
The main challenge was to design an experiment to be flown to space which will fit into a four-metre cube weighing exactly 64 grams. "We did a lot of research on different cube satellites all over the world and found ours was the lightest," he said. Rifath said the satellite is made mainly of reinforced carbon fibre polymer. "We obtained some of the components from abroad and some are indigenous," he said.
Source : https://www.techgig.com/tech-news/18-year-old-from-Tamil-Nadu-designs-world-s-lightest-satellite-107027
Reliance Jio to launch its Fiber to the Home (FTTH) broadband serviceWith its Jio 4G telecom services officially up and running, Mukesh Ambani-led Reliance Industries Limited is gearing up to launch its Fiber to the Home (FTTH) broadband service in India. The service is called Jio Fiber and it will rolled out as a Preview in the coming weeks.
The company is apparently looking to give its FTTH service -- to be called Reliance JioFiber -- the same treatment it gave to its 4G telecom services in the initial run. Which means, just the way Jio 4G was available via Preview in the beginning; Jio Fiber will be available via Preview as well. But while Jio 4G was available for free for one and all, subscribers who register for Jio Fiber broadband Preview will be required to pay a refundable security deposit of Rs 4,500.
While it's largely being said that Jio Fiber broadband, when up and running, would offer up to 1GBps of speeds, the company -- at least during Preview - will offer speeds of up to 100Mbps. While it's still not exactly clear whether Jio Fiber broadband Preview will have the same three-month usage window as Jio 4G Preview did back in the day when it was free, but, the service will come with an FUP of 100 GB after which the speeds will go down to 1 Mbps. Furthermore, Jio Fiber broadband Preview is expected to go live starting with Mumbai and hopefully other cities will follow in the days to come. It's not all that surprising when you consider reports that the company is already conducting trial runs in Mumbai and Pune.
Nothing of this is official for now, but, it will be soon enough. For now Jio Fiber's official website -- which hasn't gone live yet -- is India Today Tech's basis for this report. The website, as of the moment is hidden for the general public but India Today Tech has managed to get some screenshots. Since all the information is coming straight from the horse's mouth, we can expect Jio Fiber broadband Preview to commence shortly.
Although, if you recall India Today Tech had earlier reported about the trial that Jio had started for the Fiber service in Mumbai. That trial was dubbed beta and was kind of a precursor for the Preview that will come out soon. The beta was also selectively available, while the Preview is likely to be available in more areas, within Mumbai, as well as in several other cities.
Although India is now home to a large number internet users, majority of them connect to the web using wireless connections like 2G, 3G, and 4G that are neither as fast as a good broadband nor as reliable. However, the neglect of the broadband sector has resulted in a situation where the wireless networks are clogged and even the wired services are poor, with users getting low speeds. Of late though the situation has improved after the arrival of ISPs like ACT. Jio's entry into the fiber broadband is likely to help users even more.
The impact of Jio Fiber, even when it is in a very early stage, is already visible. Sensing tough competition from Jio Fiber, Airtel recently announced the launch of V-Fiber that offers consumers in select cities and areas speeds of up to 100mbps using the ADSL2 technology. At the same time Airtel has also started ramping up its Fiber To The Home services, trying to expand it to more areas in the country. Currently Airtel's FTTH service offers speed of up to 100mbps.
Meanwhile, Jio is is also gearing up to launch its DTH service with in-house smart TV boxes, but, there's very little information about them at this point of time.
Google CEO Sundar Pichai paid $200 million from Alphabet in 2016200000000 US Dollar equals
12849000000.00 Indian Rupee
To our understanding its roughly about 1284 crore Indian Rupees is the compensation package paid last year to our Indian Google CEO Sundar Pichai.Alphabet gave the award to Google's Sundar Pichai in January 2016, a few months after he succeeded Larry Page as Google's CEO.
Google CEO Sundar Pichai received a $200 million compensation package last year for running the internet company that makes nearly all the money for Alphabet Inc.
Most of the pay consisted of Alphabet stock that the company valued at $198.7 million in securities documents filed Friday. Alphabet gave the award to Pichai in January 2016, a few months after he succeeded Larry Page as Google's CEO. Pichai still reports to Page, a Google co-founder who is now Alphabet's CEO.
Page limits his annual pay to $1 because he already has an estimated fortune of $41 billion.
The stock that Pichai received will vest in quarterly increments through January 2020.
The 44-year-old Pichai also received a $650,000 salary last year in addition to personal security services and air travel valued at $372,000.
Source : https://www.techgig.com/tech-news/Google-CEO-Sundar-Pichai-paid-200-million-from-Alphabet-in-2016-104747
5 ways to handle an employee who does not work well with othersThe success of a manager largely depends on whether the team members are able to work together as a cohesive unit. This requires the manager to establish a work culture that fosters team spirit and have clear and realistic expectations from both the team and individual members. Varuni Khosla finds out five ways in which a manager can pursue this goal.
Establish a team culture
How team members work with each other depends on not only the company's values but also the norms set by the manager.In case some members are unable to work with the rest, an intervention may be advisable by an external consultant but active and visible sponsorship of the manager. In this intervention, a psychometric analysis can be done, said Sudeshna Basu Roy, cofounder of Marg.
Initiate team building activities
Use fun activities to build connections between a problematic member and the rest of the team. "Our bodies can't function by sitting in a fixed position all day. Invest some time and energy into nurturing that team member, cultivating your culture & sprucing up the space you share by introducing unique ways to bond," said Praveen Rawal, Steelcase India's MD.
Involve the entire team
Managers should also have individual conversations with the rest of the team members for a diagnostic perspective. It can be damaging to single out a team member in front of entire team and it's imperative to understand the underlying reason for the negativity and provide additional support, said Tusharr Kumar, marketing manager,Ducati India.
Reassess and realign roles
In some cases, it may be a good idea to reassess and realign roles and responsibilities. "If one still feels the problem is not solved, look at revising processes like how team members communicate, meeting styles, the norms of engagement, etc. Build personalprofessional relationships through team-building," said Suchita Dutta, executive director, Indian Staffing Federation.
Have an honest communication
A lot of managers shy away from having an honest communication with team members. Most people assume because they spend time with team, it should count as communication. But not many pay attention to cues. "The problematic member may have tried to communicate concerns but may not have pushed beyond a point," said Praful Nangia, partner, Hunt Partners.
source : https://www.techgig.com/tech-news/5-ways-to-handle-an-employee-who-does-not-work-well-with-others-103307
At Microsoft India, caregivers to get four weeks of paid leaveNEW DELHI: Microsoft India on Friday announced four weeks of paid caregiver leave for employees who are looking after immediate family members with serious health conditions.
Family caregiver leave covers care of a spouse/domestic partner, parent/in-law, sibling, grandparent, child, etc. Last year, the company enhanced its maternity leave to 26 weeks and added to it surrogacy and adoption leave.
Male employees are eligible for six weeks paternity leave which also covers parenthood through adoption or surrogacy.
"We want our policies to be inclusive and as empowering as they can be to allow our employees to do what they want to do as their family needs them," said Microsoft's HR head, Ira Gupta.
"And that person doesn't have to be a new-born. So, we wanted to introduce maternity, paternity and caregiver leave." Caregiver leave is breakable and can be used by the employee in any way through the year. Microsoft, which has about 8,000 employees in India--over a quarter of whom are women--offers 20 working days as earned leave, 12 days as sick leave, three days of bereavement leave, besides some public holidays.
Consultants said this is a good first step in the direction of keeping people at the workplace, especially women.
Source : https://www.techgig.com/tech-news/At-Microsoft-India-caregivers-to-get-four-weeks-of-paid-leave-103322
Accused Yahoo Hacker Had Lamborghini, Aston Martin at the age of 22(Bloomberg) -- A Canadian accused of hacking Yahoo! Inc. email accounts on behalf of the Russian government appeared in court seeking bail ahead of a hearing to determine whether he should be extradited to the U.S. for trial.
Karim Baratov, 22, was one of four people indicted by the U.S. government last month and charged with working for Dmitry Dokuchaev, a hacker for Russia's FSB security service. It's not clear whether Baratov knew he was working for the FSB.
The 2014 hack affected at least 500 million accounts at Yahoo, damaging the company's reputation and threatening a takeover bid from Verizon Communications Inc. Verizon cut its offer by $350 million to $4.48 billion following news of the breach.
Baratov, who was born in Kazakhstan and is a Canadian citizen, entered court in Hamilton, Ontario, wearing black sweatpants, black t-shirt, with his ankles chained. He put on a beige blazer as he sat down in the prisoner's box.
He told the court he lived with his parents until 2015. He said he had a Mercedes and a BMW while attending high school and started his own business protecting web servers from hackers in 2014. He said earned C$10,000 ($7,500) a month that year, less in the ensuing years.
At 20, Baratov said he moved into a C$642,000 home, and over time added a C$155,000 Lamborghini, a Porsche 911, an Aston Martin and another BMW to his car collection. His parents helped pay for the cars, he said.
Baratov said he had about C$260,000 of equity in his home when it was sold following his arrest. Baratov said he had no money in his personal bank account and about C$5,000 in his business bank account when he was arrested. Police found about C$31,000 in cash when they searched his home.
According to the U.S. government, Baratov was paid to gain access to 80 email accounts, including 50 Google accounts, belonging to Russian politicians and bureaucrats. He used spear-phishing attacks to target his victims, using fake emails to compel them to provide sensitive information, and would then sell their passwords to Dokuchaev for $100 each, according to the Justice Department.
The hackers were allegedly looking for people of political interest and others who might be vulnerable to financial fraud, and the list of victims included the White House and its military and diplomatic corps. They ultimately stole the contents of 6,500 Yahoo accounts in an attack the company called "state-sponsored."
The U.S. government is seeking to seize assets he is alleged to have obtained through illegal activity, including his black Mercedes Benz C54 and Aston Martin DBS.
Baratov's father offered to put up C$845,000 equity in his home, saying it represented his life's savings.
"It's not a risk," the father, Akhmet Tokbergenov, told the judge. "It's a great desire on my part and my wife's part to help him."
Three privacy tools that block your Internet provider from tracking youIt's on. Recently, the United States Senate saw fit to allow Internet Service Providers to sell your web browsing history and other data to third parties. The action has yet to pass the House, but if it does, it means anyone concerned about privacy will have to protect themselves against over zealous data collection from their ISP.
Some privacy-conscious folks are already doing that--but many aren't. If you want to keep your ISP from looking over your shoulder for data to sell to advertisers, here are three relatively simple actions you can take to get started.
Use HTTPS Everywhere
The Electronic Frontier Foundation's HTTPS Everywhere browser extension is one of the first things you should install. This extension requires that all website connections to your browser occur using SSL/TLS encryption. That means the content of what you're viewing will be protected from passive collection by your ISP. The only time the extension won't force HTTPS is when the site you're connecting to doesn't support the protocol.
It's a great little extension that starts working as soon as you install it. What it doesn't do, however, is stop your ISP from seeing which sites you visit. Only the contents of your communication are protected. So your ISP will know you visited YouTube, but not what you watched while you were there, or the specific pages you visited.
HTTPS Everywhere is available for Firefox (desktop and Android), Chrome, and Opera.
Get a paid virtual private network
Your next step is to subscribe to a paid virtual private network service--not a free one that collects your data and sells it to third parties for analytics, or uses ads to support its free service, because that would negate the entire point of all this. You want a VPN that you pay to keep your data private. This should cost somewhere around $40 to $60 per year.
A VPN is like an encrypted tunnel between you and the Internet. You connect directly to your VPN (a connection your ISP will see) and then all Internet browsing goes through the VPN's servers and blocks third parties from snooping. Once you've picked and configured a VPN, set it to start up automatically and funnel all your Internet traffic through there.
Choosing a VPN is a bit of a tricky business since you want a provider that collects and stores a minimum amount of data about your browsing. Freedome VPN pledges not to log your traffic and is run by F-Secure, an established and reputable name in Internet security. Some VPN providers offer helpful extra features, such as an Internet kill switch that immediately shuts off your PC's Internet access when your VPN gets disconnected.
You also want your VPN to protect against DNS leaks, which is a problem we'll get to next.
Adjust your DNS
The Domain Name System is how your computer translates a human readable website name, such as NYTimes.com, into a machine-friendly numerical Internet Protocol address. It's like the telephone book of the Internet.
The problem is that your PC is usually configured to use your ISP's DNS, which means your ISP sees all your browser requests. VPNs typically configure your PC to use their DNS, and there is usually a DNS leak protection feature that makes sure your PC doesn't ignore the VPN and use your default DNS settings.
Nevertheless, to be doubly sure you're not using your ISP's DNS, it's a good idea to set your PC to use a third-party DNS provider such as OpenDNS. We have a tutorial from 2011 on how to change your DNS settings in Windows 7. It works pretty much the same way in Windows 10.
A good start
Now you're off to a good start for protecting your data from a snooping ISP. It's not fool-proof, but you've taken a number of important steps. Once you're set up, consult IPLeak.net and DNS Leak Test (use the extended test for the latter) to make sure you're not revealing any data that you don't want to reveal.
Now all you have to do is hope your ISP doesn't block or throttle your traffic whenever you're using that paid VPN.
Source : https://www.cio-asia.com/resource/internet/three-privacy-tools-that-block-your-internet-provider-from-tracking-you/
Bug in UPI app costs Bank of Maharashtra Rs 25 cr in one of India's biggest financial fraudsMUMBAI: In what is possibly the biggest financial frauds in recent years, NPCI today said Rs 25 crore has been moved out of Bank of Maharashtra (BoM) accounts due to a bug in its UPI application.
All the corrective steps have been initiated and the process of recovering the money from 19 banks where it was transferred to, is on, it said.
"Total amount of loss, as reported by BoM, is about Rs 25 crore. They've recovered some amount and some amount is still pending. They've filed a police complaint also and the investigation is on," National Payment Corporation managing director and chief executive AP Hota told reporters here.
Explaining the fraud, Hota said BoM had procured a Unified Payment Interface (UPI) solution from a vendor (reported to be city-based InfrasoftTech) which had a bug that resulted in the fund moving out of the accounts without the sender's account having the necessary funds.
"Even if the core banking has declined a transaction, the UPI at the bank-level used to send a success message to NPCI. At NPCI, even if the CBS said no, based on UPI of the bank, we used to do the clearing and settlement," Hota said, adding the fraud was first reported to it on February 22.
He said about 50-60 people in Aurangabad discovered this loophole possibly through trial and error method. "They have collected a good deal of money. They've accounts in 19 other banks. They're trying to recover money now," he said.
There were three other banks, including Bank of India, which had bought a similar solution from the same vendor but they've not reported any mishap, Hota said, adding thorough checks have been carried out.
The fraud was first reported in the media last week after a few arrests in Maharashtra, but the total amount transferred was under Rs 2 crore.
It can be noted that breach of card details due to a compromise at Hitachi's end last year, which led to a replacement of 3.2 million debit cards, had a financial loss of under Rs 2 crore.
Maintaining that it is up to BoM to take action on its vendor, Hota said NPCI has learnt a lot from this episode.
"The learning from this is that we're not allowing any bank to join UPI unless they've a thorough reconciliation process and audited their package by the best of auditors."
Source : http://cio.economictimes.indiatimes.com/news/digital-security/bug-in-upi-app-costs-bank-of-maharashtra-rs-25-cr-in-one-of-indias-biggest-financial-frauds/57930857