Beware! Online banking malware a serious and growing threat

Trend Micro's Security Roundup Report says there's been a huge jump in unauthorised access to your personal data; familiarity with prevention tools a must

“Your account security seems to have been compromised. Contact the system administrator now.” Have you ever faced a similar situation?

According to Trend Micro’s Q2 2013 Security Roundup Report,  released recently, increased online banking threats and the availability of sophisticated, inexpensive malware toolkits are among the growing concerns. Once malware gains access to your computer, your personal data can easily be made available to the hacker.

The report warns users the increasing hazards of online banking and suggests online banking malware has seen a 29 per cent jump from the previous quarter—from 1,13,000 to 1,46,000 infections.

Online banking threats are spreading across the globe and are no longer concentrated in regions such as Europe and the Americas, the report suggests. Cybercriminals have not generated new threats; instead, they have opted to repackage old ones, it adds.

While more online banking threats were seen in different countries in the quarter ended June, especially in Brazil, South Korea and Japan, two per cent of Indians became victims of online banking malware, the report said. India topped the list of the top-10 spam-sending countries at 12.99 per cent, followed by Saudi Arabia (7.64 per cent), the US (5.81 per cent) and South Korea (4.43 per cent).

All this has highlighted the need for increased awareness of online banking security, as cybercriminals have come up with more diverse attacks that use various social engineering lures, single sign-on and multiprotocol services and blogging platforms.

“We found an online banking malware that modifies an infected computer’s hosts file to redirect a customer of certain banks to phishing sites. We also saw more Citadel variants (detected as ZBOT), targeting different financial service institutions. These malware not only target big banks, but also smaller ones, including those that exclusively cater to online banking customers. As predicted, cybercriminals carried out developments in malware distribution and refinement for existing tools,” said Dhanya Thakkar, managing director (India & the South Asian Association for Regional Cooperation), Trend Micro.

All this has highlighted the need for increased awareness of online banking security, as cybercriminals have come up with more diverse attacks that use various social engineering lures, single sign-on and multiprotocol services and blogging platforms.

“We found an online banking malware that modifies an infected computer’s hosts file to redirect a customer of certain banks to phishing sites. We also saw more Citadel variants (detected as ZBOT), targeting different financial service institutions. These malware not only target big banks, but also smaller ones, including those that exclusively cater to online banking customers. As predicted, cybercriminals carried out developments in malware distribution and refinement for existing tools,” said Dhanya Thakkar, managing director (India & the South Asian Association for Regional Cooperation), Trend Micro.

The findings also suggest Android was the target of most mobile threats; its rate of volume growth and plexity swelled at a much faster pace compared to personal computer malware. 

Attackers largely used emails, the most popular mode of business communication, to get into target networks.

 Based on the targeted attacks Trend Micro monitored in 2012, rich text format (.RTF) files were the most common ones used in targeted attacks, while Microsoft Excel files were a close second.

10 ways to safeguard yourself

• Always use trusted devices (home or office PC, personal mobile device) to log into your internet banking account. Banks send a one-time password to your registered mobile numbers and email IDs. Do not share your username and password
• Avoid using the same password across online accounts. Change your password every few months
• Regularly check your bank, credit and debit card statements, to ensure all the transactions are legitimate
• Do not respond to text messages (SMSes), automated voice messages and emails from unknown or blocked numbers from your mobile phone
• Do not download any software or application, unless you trust the source. Do not respond to unsolicited emails, text messages or phone calls requesting personal information
• Apply the latest security updates and patches to your software programmes and operating systems
• Never click on links or attachments associated with any unsolicited mail/website/link/pop-up that might seek information or intimate you on prize money, lottery, etc
• Scrutinise every app you download, regardless of the source
• Avoid using free, but unsecured Wi-Fi access
• If you have been a victim of cellular fraud, file a complaint with your mobile phone service provider and the law enforcement agency

Source: 

Chidambaram will one day say 'thank God RBI exists': Subbarao

Bringing their differences into open, outgoing RBI governor D Subbarao on Thursday took a dig at finance minister P Chidambaram for his comment once that he would "walk alone" to ensure growth in the face of tight money policy of the central bank.

A week before he demits office, Subbarao referred to a lot of media coverage on policy differences between the government and the Reserve Bank and the issue of autonomy and accountability.

"Gerard Schroeder, the former German chancellor, once said, 'I am often frustrated by the Bundesbank. But thank God, it exists'."

"I do hope finance minister Chidambaram will one day say, 'I am often frustrated by the Reserve Bank, so frustrated that I want to go for a walk, even if I have to walk alone. But thank God, the Reserve Bank exists'," Subbarao said in his last public lecture as RBI governor.

He was obviously referring to a statement of Chidambarm in October last year that "if the government has to walk alone to face the challenge of growth then, 'we will walk alone'."

Chidambaram was then upset over RBI's decision to keep the interest rates high despite government unveiling a five-year fiscal consolidation road map.

MUST-READ: UPA's fiscal stance to blame, says Subbarao in last speech :rediff

It is good if the government and the RBI act in concert in times of crisis, D Subbarao said in his last speech as RBI governor

Reserve Bank of India Governor Duvvuri Subbarao, in probably his last public speech as governor (he steps down in less than a week), on Thursday said reducing the current account deficit was outside his domain, as RBI had very little policy space or instruments to deliver the needed structural solution.

“The government’s loose fiscal stance in 2009-12 curbed Reserve Bank’s policy stance. It is good if the government and the RBI act in concert in times of crisis,” he said, adding that “the central bank arrangement hinges on the government respecting its autonomy”.

He, however, emphasised that the central bank’s policy was not to resort to capital controls, saying it was a must that it maintained focus on stabilising markets.

The Reserve Bank of India governor dwelt at length on the central bank’s autonomy and said: “Gerard Schroeder, the former German Chancellor, once said ‘I am often frustrated by the Bundesbank. But thank God, it exists.’ I do hope Finance Minister Chidambaram will one day say, ‘I am often frustrated by the Reserve Bank, so frustrated that I want to go for a walk, even if I have to walk alone. But thank God, the Reserve Bank exists’.”

His reference was to the finance minister’s comment after last October’s monetary policy (when RBI maintained a status quo on rates) that he would walk alone on the path to growth.

Subbarao also took a dig at the government’s comments that the foreign exchange markets were behaving irrationally, as the fall in rupee was sharp.

“We have been hearing in the past three months that markets are misbehaving. The problem is reverse. We are not understanding the behaviour of the market,” he said, adding the policymakers should respond to the way the market was behaving.

Click here to read RBI Governor D Subbarao's last speech

http://www.rediff.com/news/2013/aug/30rbi-docs.pdf

REC Tax Free Bonds Subscription Figures at 12.15 p.m. on 30-08-2013

UPDATED details here:
http://indiaer.blogspot.in/2013/09/rural-electrification-corp-bond.html

http://indiaer.blogspot.in/2013/09/rural-electrification-corp-bond.html

Dear All

Please find below mentioned the collection figures of REC Tax Free Bonds at 12.15 p.m. today. 

REC TAX FREE BONDS - SUBSCRIPTION FIGURES
	WITHOUT GREENSHOE OPTION			WITH GREENSHOE OPTION
Category	Bonds Available	Response	Over	Bonds Available	Response	Over
	For Allocation	Recd	Subscription	For Allocation	Recd	Subscription
Category 1	2000000	599	0.00	7000000	599	0.00
Category 2	2000000	932500	0.47	7000000	932500	0.13
Category 3	2000000	1540250	0.77	7000000	1540250	0.22
Category 4	4000000	1232414	0.31	14000000	1232414	0.09
	10000000	3705763	0.37	35000000	3705763	0.11

Don’t have too many funds from the same house:: Business Line

I am 29 and have been investing in mutual funds through SIPs (systematic investment plan) for the past four years. I have invested Rs 5,000 each in IDFC Premier Equity (Growth) and HDFC Top 200, Rs 2,500 each in ICICI Prudential Focused Bluechip and ICICI Prudential Discovery.

Please let me know if any changes need to be made to my portfolio. I plan to remain invested for the long term of, say, 15 years.

Pallav

Kotak Opportunities Fund: Invest :: Business Line

Land Acquisition Bill :: Things you must know (BS)

Things you must know about the Land Acquisition Bill

The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Bill, 2012

 

The Bill will replace the existing Land Acquisition Act, 1894.

State still holds crucial strings

The first steps towards drafting a new Bill that includes relief and rehabilitation (R&R) began under the NDA government a decade earlier. The government fell after readying the R&R policy. The first UPA government introduced two proposed laws in the Lok Sabha in 2007. But these were redrafted after Jairam Ramesh took over as minister for rural development. The present version — The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Bill, 2012 — underlines the government's stated focus on fair compensation rather than fast acquisition

When land can be acquired: For private projects, public-private partnerships (PPPs) and for government projects, provided it is for a public purpose

What is public purpose for land acquisition: Strategic use by the armed forces, paramilitary, state police; for national security; for infrastructure projects, including activities listed under the department of economic affairs (infrastructure section), excluding private hospitals, private education institutions and private hotels; projects related to industrial corridors, mining, national investment and manufacturing zone, sports, healthcare, tourism and space programmes; housing projects for income groups specified by government, projects planned for development of village sites, residential areas for lower income groups in urban areas; projects involving agro-processing, warehousing, cold storage, marketing infrastructure, dairy, fisheries and meat processing cooperatives

Pre-condition for acquiring: For a private entity or a PPP project, state has to conduct a social impact assessment (SIA) and an environmental impact assessment (EIA), to identify the families who would be affected if land was acquired. The private entity seeking land must then get the consent of 80 per cent of the affected families before it gets the government to acquire land for it. In the case of PPPs, the entity has to secure consent of 70 per cent of affected families. The third condition for getting possession of land acquired through state intervention is payment of compensation and fulfilling of R&R requirements

Compensation package: Up to four times the market value in rural areas and twice the market value in urban areas; the Bill provides compensation to those dependent on the land for livelihood; where acquired land is sold to a third party for a higher price, 40 per cent of the appreciated land value (or profit) will be shared with the original owners. This would be exempt from tax and stamp duty

R&R package: The definition of affected family includes farm labourers, tenants, sharecroppers and workers in the area for three years prior to acquisition. The compensation would be Rs 5 lakh or a job, if available, to the affected family; subsistence allowance of Rs 3,000 a month for one year; miscellaneous allowances of up to Rs 1.25 lakh for each family

Dispute authority: A Land Acquisition and Rehabilitation and Resettlement Authority to be established

Retrospective clause: Applicable on cases where no land acquisition award made. In cases where land was acquired five years ago but no compensation has been paid or no possession happened, the acquisition process to start again

Lease option: The Bill allows industry to take land on lease, instead of buying. But the decision rests with the state rather than the landowner

Why industry is upset: Make the land acquisition process slower; compensation would raise costs of projects fivefold; retrospective application clause not favourable

Multicrop farmland: Irrigated farmland out of acquisition ambit for non-farm uses. But state can decide to what extent farmland should be protected. The farmer does not have any say in the matter

Problematic clauses: No guarantee of jobs in R&R package; compensation calculated according to circle rates much less than market prices; no protection to farmland; state government to decide if unused acquired-land should be returned to the farmer or added to its land bank. This applies even if owners return the compensation

-- 

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FM’s frustration misplaced, wrong to blame QE for rupee’s ills: D Subbarao, RBI Governor By ET Bureau

 In his swansong, Reserve Bank of India Governor Duvvuri Subbarao laid bare his differences with Finance Minister P Chidambaram, but predicted that one day the lawyer-turned-politician will thank the bureaucrat.

Government meddling in the affairs of the central bank should be avoided and the RBI governor should appear before a parliamentary panel twice a year, as is the case in advanced nations, to ensure the autonomy comes with accountability, Subbarao said. "I do hope Finance Minister Chidambaram will one day say, 'I am often frustrated by the Reserve Bank, so frustrated that I want to go for a walk, even if I have to walk alone. But thank God, the Reserve Bank exists'," Subbarao told the audience at the Nani Palkhivala Memorial Lecture on Thursday evening.

‘Defensive sector valuations not a bubble’ Head – Equity, UTI Mutual Fund :: Business Line

If investors had reduced their equity exposure over the past five years, this may be the best time to increase it, according to Anoop Bhaskar, Group President & Head – Equity, UTI Mutual Fund. Excerpts from an interview:

The market has been polarised, with only a small set of sectors performing well. When can we expect broader participation?

In sectors such as telecom where the intensity of competition has lessened, the margin up-tick will be faster over the next two or three quarters. In commercial vehicles, the longest down cycle lasted for 15 months, in 2000-01. This time, it has already crossed 17 months of decline in sales on a year-on-year basis. That’s another sector where we feel the bottoming-out process will be faster. Light engineering and capital goods is another sector where there has been a slowing down for 18 months. A combination of rupee devaluation and more exports could actually see them move closer to the bottom or come off from the bottom over the next two or three quarters.