This is an incident I have come across.it may be useful for others who need online transaction.
check your account often if any changes take place without your knowledge.
Why Syndicate Bank? My Employer wanted me to open an account in syndicate bank for the convenience of company. Just opened account in Mount road branch, chennai in 1997 . This account is center for me to transfer money to other friends and relatives. This bank is customer friendly and they have monthly customer (feed back) meeting to improve their service as their strategy goes
They introduced the net banking service three years ago and I was given the privilege to remotely access my account. There are two-fold operations provided. First one is to view the account balance and details of transactions for any duration. The second one is for online request for transaction like DD, Mail transfer etc.
So far, there was no problem created nor did they make confusion
It will take just 3 working days to door deliver the DD Once request was placed online.
On Sept 2nd I noticed that DD for Rs5000/= was issued through Internet transaction from my account on 31st Aug’06 for which there was no online request sent. I suspected that some one attempted on trial. But I did not understand how could they steal two passwords that are must for doing so. Bank person could have been involved.I did not know how it happened.
Then I sought their service provider, Bangalore the details of the request number on which DD issued. On every request there will be a unique number generated. They advised me to contact the branch bank, Chennai as all online requests would usually be sent to their respective branches as soon as received.
On the other hand , The Manager, Syndicate bank. Mount road Branch simply replied that they carried out the request that they received it from Bangalore.
The name and address of person is fortunately my relative. So Money was gone to known person .She might be lucky enough to get Money without asking.
I guessed that bank staff might have taken this address from the old transaction record i.e., one-year before I issued a request for the same amount and on same person.
From chennai they faxed to Bangalore for clarification. and 3 days later we received a funny reply that it was a mistake. It is unbelievable.
It is intolerable if the amount is big and is sent unknown person
One can visualize how difficult in recovering money from third person if the amount is heavy and spent by the beneficiary.
Bank needs to provide more security in whatever way is feasible and workable
Anyway I have changed my account’s password to prevent fraud/theft in future.