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Is your Bank Data Safe?

Discussion in 'Snippets of Life (Non-Fiction)' started by daffodil, Oct 28, 2007.

  1. daffodil

    daffodil Bronze IL'ite

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    Every time the cell phone rings and you find that the call is from an unsolicited number, you know for sure that it must be from one of the bank people trying to peddle their wares. Every alternate day, you get polite calls from the salesmen requesting you to avail the facility of the new banking instruments. Credit cards are offered for free. If you are a corporate employee, personal loans are available for you at discounted rates. If you hold a savings account and if you consistently maintain a balance that is in the six digits or more, personal managers are set loose upon you. Smart looking executives hound you day-in and day-out trying to sell their new investment schemes.

    So, how do these salesmen from the banks get hold of your phone number? Do the banks not keep your personal data a secret? Or has the phone number been leaked from another source? It is a puzzle that remains unresolved. If you complain to the bank, the complaint is likely to go unheeded. The bank will simply deny having disclosed your number to any unsolicited party.

    One of my friends recently got a call from a credit card peddler. The lady on the phone offered him a credit card, which would be free of annual charges for two years. My friend told her that his income was not much and that he did not need a credit card to make his purchases. The lady replied saying that she knew exactly as to how much salary gets credited to my friends’ savings bank account every month and that she also had details of transactions he had made through his bank account in the last six months. She went on further to explain as to how much money he could have saved had he made his purchases through the credit card. My friend somehow got convinced and decided to apply for the credit card. Later, he found that though he was not required to pay the annual charges but he still needed to pay for insurance to keep his credit card transactions secure. He also came to know that the lady who sold the credit card to him was not a bank employee. She was an employee of one of those external agencies, which had been hired to market the credit cards on behalf of the bank!

    There is no denying the fact that instruments like credit cards are definitely useful to the customers in the current age. Any investment opportunity that would help the customer get better returns should come to the notice of the customer. But the means being used to market them are certainly not correct. Being persistant is good from a salespersons’ perspective. But this will lead to loss of faith in the banks. Who would like to entrust their lifetime savings to a bank that does not keep the personal data and account balance a secret and protected from public view?


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  2. kanaka

    kanaka Bronze IL'ite

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    This has been a nuisance since pretty long time. Specially the afternoon hours. We are caught unaware. Things are slightly better after Supreme Court ruling indicating anybody who tries to tamper with the personal information can be sued in the Consumer Guidance court. Several times this has been effective.
    Equally nuisance are the car insurance agents. How do they manage to know the time of insurance payment. Iam told they are hand in gloves with the four wheeler company.

    Another incident- I got a message from BSNL saying to avoid unwarranted messages dial the foll.No. and say No. I send a message asking what should I be doing when the culprit is BSNL itself. To date no reply.

    I wonder why people don't respond to such responsible postings like yours. In fact I :iagreefind this a good thread for discussion and getting enlightened on the various aspects of such issues. It is a matter of concern if such channels fail to maintain the confidentiality of our personal accounts&information.

    Hope members would stat a serioud discussion based on your thread.
    Last edited: Jan 3, 2008

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