The biggest drawback of having everything digitally stored is the fact that no matter how many security systems have been put in place, hackers will always find a way.
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In the second week of August, the oldest bank of India, Cosmos bank headquartered in Pune fell prey to cyber hackers when an estimated amount of Rs 94 crore and 42 lakh was siphoned off to foreign countries.
The attack was carried out with the help of 450 cards, out of which 400 cards are supposed to be involved on a national level. Later, it was revealed that the same fraudsters were also involved in a cyber fraud of Rs 34 crore at Chennai’s City Union Bank in December, the India Today reported.