Don’t report frauds below Rs 1 lakh to police: CVC to banks

The Central Vigilance Commission (CVC) has asked public sector banks not to report frauds below Rs one lakh to local police, unless their staff is involved in such crimes.

Earlier banks were mandated to report fraud of above Rs 10,000 and below Rs one lakh to police.

The decision was taken by the CVC in consultation with the Reserve Bank of India (RBI), taking into the account the practical difficulties faced by public sector banks in reporting such categories of cases.

CVC

It has been decided that only if staff of the bank is involved in the fraud cases of below Rs one lakh and above Rs 10,000, would such cases need to be reported or complaint filed with local police station by the bank branch concerned, the commission said in a directive to chiefs of all the banks.

The cases of frauds of upto Rs one lakh and not below Rs 10,000 are to be scrutinised by banks officials concerned for further necessary action, a senior CVC official said.

As of September 30, 2016, the Non-Performing Assets (NPAs) declared by various scheduled commercial banks stood at a whopping Rs 6,65,864 crore, according to an official data.

The NPAs of the country’s largest lender State Bank of India is Rs 97,356 crore, followed by Rs 54,640 crore of Punjab National Bank and Rs 44,040 crore of Bank of India, it said.

Bank of Baroda has NPAs of Rs 35,467 crore, Canara Bank Rs 31,466 crore, Indian Overseas Bank Rs 31,073 crore, Union Bank of India Rs 27,891 crore, IDBI Bank Limited Rs 25,973 crore, Central Bank of India Rs 25,718 crore, Allahabad Bank Rs 18,852 crore and Oriental Bank of Commerce Rs 18,383 crore, said the data, which was given by the government in Rajya Sabha in August last year.

 

Thai Police Bust ‘Click Farm’ Working With 500 Smartphones, 400,000 SIM Cards to Boost ‘Likes’

Three Chinese men were detained in Thailand on Tuesday after police discovered they were running a ‘click farm’ from a house near the Cambodian border to generate likes for Chinese products on social media.

The trio was arrested on Sunday after police raided their rental home and discovered a rack of some 500 smartphones hooked up to a computer. Police also confiscated nearly 400,000 Thai SIM cards allegedly purchased for the operation.

The men, in their late twenties and early thirties, told officers they were hired by Chinese companies to boost “likes” for a number of products, including herbal medicines, candy and a tour company.

“They have been charged with working without work permits because they are on tourist visas and smuggling contraband goods,” said immigration officer Colonel Ruengdet Thammana, referring to the mobile phones.

Thai Police Bust 'Click Farm' Working With 500 Smartphones, 400,000 SIM Cards to Boost 'Likes'

Police decided to search the house after they noticed the men rarely left the building or spoke to other people.

Click farms are just one of many online scams that have proliferated in recent years and become a major scourge for social media giants. Some farms control tens of thousands of fake social media accounts that can be programmed to like pages or posts.

A typical farm might boast hundreds of phones that scammers swap with different SIM cards registered to many accounts.

Or it might be a loose network of real users liking huge quantities of posts for a fee.

The farms are hired by ordinary people and politicians looking to boost their profiles, companies who want to game ranking algorithms to ensure products are given priority, and fake news writers seeking to get their headlines onto ‘most read’ lists.

India, the Philippines, Indonesia and China – all countries with low wages but high tech penetration – have emerged as key click farm hubs.

Web giants face a constant battle to tweak their algorithms to weed out fake traffic and users.

Last month Facebook said it was making changes to its ranking algorithm to keep its users from linking to “low quality” websites, part of an effort to fight spam and misinformation.