July 07, 2006
Fraud at HSBC Outsourcing Center
In a shocking incident, the Bangalore police have arrested an employee of HSBC Data Processing Center for allegedly passing the data of the UK customers to others. As a result, the UK customers lost £233,000 pounds from their accounts. The arrest was made after HSBC Electronic Data Processing India Ltd. filed a complaint saying one of its employees Nadeem Kashmiri, accessed personal debit card information of the customers and passed them on to associates involved in the fraud. Unfortunately, this is the second major bank fraud reported by an outsourcing center in India in less than a year. The incident put the outsourcing industry in a tizzy. It might affect the future outsourcing to India. The incident already raised fears and criticism about cyber safety standards in India.
According to IT Business Net -
The HSBC incident was brought to notice by some of its customers in England who complained that money had been money transferred from their accounts between March and May without their knowledge, the Financial Express newspaper reported.
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