Passwords compromised in majority of debit card fraud transactions

Amid reports of widespread debit card security breaches, a senior State Bank of India official on Saturday said the passwords were compromised in majority of cases."I strongly believe password is being compromised and most cases are of false transactions," Chief General Manager of State Bank of India, Bengal circle, Partha Pratim Sengupta told IANS.SBI, the country's largest commercial lender, has advised its customers to use the bank's own Automated Teller Machine (ATM) network after the security breach of around six lakh debit cards issued...

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Govt to set up Rs 1,000-cr cyber security R&D fund

With the recent escalation in threats from neighbouring countries and incidents of ATM/debit card data breach, the Centre is setting up a cyber security research and development fund of Rs.1,000 crore to be spent over five years.According to senior officials, this will be administered by a high-power committee headed by National Security Advis0r Ajit Doval.Focus on critical infraOne of the salient features of the proposed scheme is the emphasis on technology for protection of critical infrastructure needed by law enforcement agencies, sources...

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We use 1% of profits for CSR annually, says SBI chief

The State Bank of India annually contributes around 1 per cent of its profits to socially relevant and corporate social responsibility projects. SBI Chairman Arundhati Bhattacharya shares with BusinessLine details of the projects and strategies the bank adopts. Edited excerpts:What kind of projects has the SBI take up under its Corporate Social Responsibility initiatives, especially on education, empowerment, financial inclusion and Swachh Bharat?We have been working on all of these areas. For instance, under Swachh Bharat, last year, , we...

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