Tags |
|
|
Links |
|
|
Actual for You - Financial Services Security Frauds In India - A Threat Or Just A Myth
In these days of every increasing demand and competition, there is a considerable choice available to the cautious consumer. People have the choice of various types of media, if they are looking to shop for any particular product.Looking at the various types of media, we realise just how large the choices are for anyone venturing into buying or selling something. At the same time, there is the factor of convenience. It wasn’t so long ago, when the customer either went to the shops, to buy, or looked in the local or national press, to browse through the classified and commercial advertisements.Then came along the advent of radio and television, which provided a whole new concept in advertising. You could now sit comfortably at home, and listen to, or indeed see, advertisements for your favourite products. But this did
The real fear revolves around the mistrust of people and what they might do with the data –such as selling it to a competitor. There are certainly unscrupulous people everywhere-and quite a few in the US securities industry. Anyone can steal information or data and sell it to competitors or use it for their own personal advantage. However, it’s no more or less likely to happen overseas. The concerns around outsourcing security have been exaggerated. This issue revolves more around the anger of losing American jobs, fear of the unknown, and, unfortunately, slight prejudice.
How is India fighting back?
Recent sting operation in UK done by Channel4 has exposed the seamier side of doing outsourcing business with India. However in India there were mixed reactions.
The Indian outsourcing trade body, Nasscom, and some senior company executives in India were worried that the program, and sting operations i
To get a new client, we might be inclined to make concessions no matter what the cost: offer a second or extra long sample session; reduce fees; set session times we don’t want to work. We might leap at any opportunity before looking at the possible return on investment of time. These situations end up being lessons learned, sometimes painful ones.Before you get caught in another good lesson, set up your business with strong boundaries. They create a friendly and ethical structure that allows others to find their place with you. They speak volumes about your professionalism and keep both you and your clients on track.Want only as much for your clients as they want for themselves.If you find yourself feeling frustrated about your client’s results, you are wanting too much for your client. Challenge them and let
Recent survey by KPMG says that there is a digression in the Industry nature which is facing security threats .Some four years back it was the IT outsourcing industry and retail industry which were most prone to data theft. But now the nature has changed. Most of the frauds uncovered recently have been faced by companies dealing in financial services. Banking/Insurance/mutual funds/AMCs are the first category of company facing threats. The next is NBFCs, Investment Banks, Venture Capitalists, Private Equity.the other categories mentioned in the survey are – Media/Software, Retail/Consumer products, Foods/Beverages, transportation, Power/energy. The threat perception of these sectors is generally higher mainly on account of the nature of their businesses and high growth rates achieved by these sectors in the last few years.
Why are the Organizations threatened by fraud?
According to a survey lack of ethical values has been identified as one of the main reasons for frauds in organizations. Some of the other reasons can be enumerated as follows:
- dissatisfaction among employees
- poor internal controls
- lack of ethical values
- collusion between vendors and employees
- inadequate background checks on prospective employees
management override of control
How were these frauds detected?
Majority of these frauds were detected by a company's own internal audit or by a third party. Some of the other ways in which an organization lost its revenue and it came to light has been through:
- expense accounts
- false or incorrect information
- personal use of official assets
- forged documents
- secret commissions / kickbacks
- cheque forgery
- forged documents
- false financial statements
- IP infringement
What is the attitude of organizations towards frauds?
Earlier the trend was that the organizations seemed to be more reactive when these frauds occurred. But over the years there has been a shift in the attitude of organizations towards fraud. Now they are becoming increasingly proactive in their approach. Most of these companies now have either a code of conduct or an ethics policy in place as a proactive measure to mitigate risk of fraud.
How can the frauds risks be mitigated?
Most of the companies in India are now undertaking strict steps in ensuring the minimum occurrence of fraud in outsourcing financial services. Some of them are:
- Pre- employment background check
- Regular fraud risks assessment
- Data analysis tools
- Fraud management systems
- Data mining tool
In addition all the individual employees are now being provided with proper systems to inform any kind of fraud threat at the right earnest. Some of them are:
- Emails
- Direct approach
- Anonymous letter/call
- Hotlines
- Grapevine
What is the outcome of the frauds -real as well as perceived?
Outsourcing to India, China, Russia, etc is really no different from sending data to what were once called service bureaus or what we now call application service providers. It’s been done for years and the onus has always been on the financial services firm to make sure it does its due diligence before choosing a partner. The security threats, these vendors face abroad are the same threats securities firms themselves face when data is housed on site. As a result, strong firewalls and a formal data security strategy must be in place to prevent hacking, viruses or misappropriation of data. The primary concern, we found is that executives don’t like the idea of sending their data to a location where their competitors’ data is also being stored. This is an understandable concern, but again, it is no different from sending your back-office data to ADP, which processes a good deal of Industry’s trades, or to Sun Gard for data storage and back-up.
The real fear revolves around the mistrust of people and what they might do with the data –such as selling it to a competitor. There are certainly unscrupulous people everywhere-and quite a few in the US securities industry. Anyone can steal information or data and sell it to competitors or use it for their own personal advantage. However, it’s no more or less likely to happen overseas. The concerns around outsourcing security have been exaggerated. This issue revolves more around the anger of losing American jobs, fear of the unknown, and, unfortunately, slight prejudice.
How is India fighting back?
Recent sting operation in UK done by Channel4 has exposed the seamier side of doing outsourcing business with India. However in India there were mixed reactions.
The Indian outsourcing trade body, Nasscom, and some senior company executives in India were worried that the program, and sting operations in
Are you unemployed or been laid off? You are not alone if that is any comfort to you. Worldwide millions of people are in the same predicament as you are. Unemployment and lay offs are stark realities of the downsizing, reengineering, restructuring, and automation in a sluggish global economy where corporations are trying every trick in the book to reduce costs, increase productivity and keep the organization lean, mean and profitable. Every one of us has gone through the phase of being unemployed once or more in our careers.What does one have to undergo during this period. Endless wait for phone calls, eagerly scanning the emails or letters inviting you for a discussion, even a rejection letter seem to be good as you feel at least your existence is being acknowledged, the pain of unreturned calls from ex colleagues an
- dissatisfaction among employees
- poor internal controls
- lack of ethical values
- collusion between vendors and employees
- inadequate background checks on prospective employees
management override of control
How were these frauds detected?
Majority of these frauds were detected by a company's own internal audit or by a third party. Some of the other ways in which an organization lost its revenue and it came to light has been through:
- expense accounts
- false or incorrect information
- personal use of official assets
- forged documents
- secret commissions / kickbacks
- cheque forgery
- forged documents
- false financial statements
- IP infringement
What is the attitude of organizations towards frauds?
Earlier the trend was that the organizations seemed to be more reactive when these frauds occurred. But over the years there has been a shift in the attitude of organizations towards fraud. Now they are becoming increasingly proactive in their approach. Most of these companies now have either a code of conduct or an ethics policy in place as a proactive measure to mitigate risk of fraud.
How can the frauds risks be mitigated?
Most of the companies in India are now undertaking strict steps in ensuring the minimum occurrence of fraud in outsourcing financial services. Some of them are:
- Pre- employment background check
- Regular fraud risks assessment
- Data analysis tools
- Fraud management systems
- Data mining tool
In addition all the individual employees are now being provided with proper systems to inform any kind of fraud threat at the right earnest. Some of them are:
- Emails
- Direct approach
- Anonymous letter/call
- Hotlines
- Grapevine
What is the outcome of the frauds -real as well as perceived?
Outsourcing to India, China, Russia, etc is really no different from sending data to what were once called service bureaus or what we now call application service providers. It’s been done for years and the onus has always been on the financial services firm to make sure it does its due diligence before choosing a partner. The security threats, these vendors face abroad are the same threats securities firms themselves face when data is housed on site. As a result, strong firewalls and a formal data security strategy must be in place to prevent hacking, viruses or misappropriation of data. The primary concern, we found is that executives don’t like the idea of sending their data to a location where their competitors’ data is also being stored. This is an understandable concern, but again, it is no different from sending your back-office data to ADP, which processes a good deal of Industry’s trades, or to Sun Gard for data storage and back-up.
The real fear revolves around the mistrust of people and what they might do with the data –such as selling it to a competitor. There are certainly unscrupulous people everywhere-and quite a few in the US securities industry. Anyone can steal information or data and sell it to competitors or use it for their own personal advantage. However, it’s no more or less likely to happen overseas. The concerns around outsourcing security have been exaggerated. This issue revolves more around the anger of losing American jobs, fear of the unknown, and, unfortunately, slight prejudice.
How is India fighting back?
Recent sting operation in UK done by Channel4 has exposed the seamier side of doing outsourcing business with India. However in India there were mixed reactions.
The Indian outsourcing trade body, Nasscom, and some senior company executives in India were worried that the program, and sting operations i
If you have never written a book or developed a product before, creating a brand-new information product may seem downright daunting to you today. In this article, I will break down the steps to creating your own product to their rawest elements.What is an information product? An information product teaches someone else how to do something you can do well. It can be in the form of a book, an ebook, an audio (CD) series, or a video series.1) What can you do well, or know a lot about? You must first determine a topic for your product. Are you a fisherman, a good dog trainer, or do you know how to shop using coupons and save money every week? Anything you can do well that could benefit others if they could too, is a great product.2) Write down an outline of all the things you know about your topic. Litera
How can the frauds risks be mitigated?
Most of the companies in India are now undertaking strict steps in ensuring the minimum occurrence of fraud in outsourcing financial services. Some of them are:
- Pre- employment background check
- Regular fraud risks assessment
- Data analysis tools
- Fraud management systems
- Data mining tool
In addition all the individual employees are now being provided with proper systems to inform any kind of fraud threat at the right earnest. Some of them are:
- Emails
- Direct approach
- Anonymous letter/call
- Hotlines
- Grapevine
What is the outcome of the frauds -real as well as perceived?
Outsourcing to India, China, Russia, etc is really no different from sending data to what were once called service bureaus or what we now call application service providers. It’s been done for years and the onus has always been on the financial services firm to make sure it does its due diligence before choosing a partner. The security threats, these vendors face abroad are the same threats securities firms themselves face when data is housed on site. As a result, strong firewalls and a formal data security strategy must be in place to prevent hacking, viruses or misappropriation of data. The primary concern, we found is that executives don’t like the idea of sending their data to a location where their competitors’ data is also being stored. This is an understandable concern, but again, it is no different from sending your back-office data to ADP, which processes a good deal of Industry’s trades, or to Sun Gard for data storage and back-up.
The real fear revolves around the mistrust of people and what they might do with the data –such as selling it to a competitor. There are certainly unscrupulous people everywhere-and quite a few in the US securities industry. Anyone can steal information or data and sell it to competitors or use it for their own personal advantage. However, it’s no more or less likely to happen overseas. The concerns around outsourcing security have been exaggerated. This issue revolves more around the anger of losing American jobs, fear of the unknown, and, unfortunately, slight prejudice.
How is India fighting back?
Recent sting operation in UK done by Channel4 has exposed the seamier side of doing outsourcing business with India. However in India there were mixed reactions.
The Indian outsourcing trade body, Nasscom, and some senior company executives in India were worried that the program, and sting operations i
It doesn't matter whether your a large medical billing company or a small one. The last thing you want to do is to have one person do everything, as if that was even possible. This will only lead to disaster. The reason is simple. Medical billing involves more than just typing up a bill to send to an insurance carrier. There are so many behind the scenes activities, especially if you're using DME software, that one person can't possibly do it all. Below is just a basic list of personnel you're going to need in order to run an efficient operation.Starting from the ground floor up, the first thing you need to do is get the personnel required to actual setup your network and install your system. Please don't leave this to data entry personnel or to yourself unless you are good at networking and software installation.nes
- Grapevine
What is the outcome of the frauds -real as well as perceived?
Outsourcing to India, China, Russia, etc is really no different from sending data to what were once called service bureaus or what we now call application service providers. It’s been done for years and the onus has always been on the financial services firm to make sure it does its due diligence before choosing a partner. The security threats, these vendors face abroad are the same threats securities firms themselves face when data is housed on site. As a result, strong firewalls and a formal data security strategy must be in place to prevent hacking, viruses or misappropriation of data. The primary concern, we found is that executives don’t like the idea of sending their data to a location where their competitors’ data is also being stored. This is an understandable concern, but again, it is no different from sending your back-office data to ADP, which processes a good deal of Industry’s trades, or to Sun Gard for data storage and back-up.
The real fear revolves around the mistrust of people and what they might do with the data –such as selling it to a competitor. There are certainly unscrupulous people everywhere-and quite a few in the US securities industry. Anyone can steal information or data and sell it to competitors or use it for their own personal advantage. However, it’s no more or less likely to happen overseas. The concerns around outsourcing security have been exaggerated. This issue revolves more around the anger of losing American jobs, fear of the unknown, and, unfortunately, slight prejudice.
How is India fighting back?
Recent sting operation in UK done by Channel4 has exposed the seamier side of doing outsourcing business with India. However in India there were mixed reactions.
The Indian outsourcing trade body, Nasscom, and some senior company executives in India were worried that the program, and sting operations i
Does writing a proposal seem confusing? Not sure what format to use or what information to include? This is a simple guide to writing a great proposal that will increase your new business and sales.The key to securing new business is in building a relationship with your prospective clients and showing them you can delivery exactly what they want. A well-constructed proposal can do this for you and can dramatically increase sales and business. Don’t miss the sample proposal at the end!FIRST STEPSThe first step of the process to securing new business is of course making the contact. Once you have the contact or you must build the business relationship. This can easily be done through a simple meeting, whether in person or on the phone, to figure out your clients needs and wants. The next key step to the p
The real fear revolves around the mistrust of people and what they might do with the data –such as selling it to a competitor. There are certainly unscrupulous people everywhere-and quite a few in the US securities industry. Anyone can steal information or data and sell it to competitors or use it for their own personal advantage. However, it’s no more or less likely to happen overseas. The concerns around outsourcing security have been exaggerated. This issue revolves more around the anger of losing American jobs, fear of the unknown, and, unfortunately, slight prejudice.
How is India fighting back?
Recent sting operation in UK done by Channel4 has exposed the seamier side of doing outsourcing business with India. However in India there were mixed reactions.
The Indian outsourcing trade body, Nasscom, and some senior company executives in India were worried that the program, and sting operations in past, would damage the country’s reputation as a location with an abundant supply of low-cost, skilled labor that delivers quality service to overseas customers. Nasscom said that it had asked the Channel 4 to provide details of the allegations but that the request had so far been refused. “We are concerned about the verifiability of such stories, especially sting operations where monetary inducements were provided,” said Kiran Karnik, president of Nasscom.
Industry executives in India are suggesting that repeated sting operations are being undertaken against the Indian Industry with the express intention of maligning its reputation. The fear among the Indian companies is that western customers will hesitate to outsource after India is repeatedly projected as an unsafe outsourcing destination. Much to its embarrassment the Industry has been hit lately by a series of security breaches.
The industry is scrambling to combat the perception of fraud. Companies have joined in setting up a national skills registry, an online registry for industry workers that would contain information about individual worker’s professional, educational and personal backgrounds. The information is validated by an independent agency but owned by an individual. So far, 25000 workers have registered for independent checks and biometric identification established earlier this year.
Whether real or perceived no Industry can be completely free from fraud. The opportunity of outsourcing financial services to India is tremendous. Next ten years will see an exponential growth in the industry. So don’t let a few cases dampen your spirits of utilizing the tremendous power of India as an outsourcing destination.
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.actual4u.com/article/89532/actual4u-Financial-Services-Security-Frauds-In-India--A-Threat-Or-Just-A-Myth.html">Financial Services Security Frauds In India - A Threat Or Just A Myth</a>
BB link (for phorums):
[url=http://www.actual4u.com/article/89532/actual4u-Financial-Services-Security-Frauds-In-India--A-Threat-Or-Just-A-Myth.html]Financial Services Security Frauds In India - A Threat Or Just A Myth[/url]
Related Articles:
The M-Word (Marketing) Phase 2
How to Get More Qualified Leads Leveraging Your Prospect's Prestige
Why You Need a Finance Calculator
Bookmark it:
|