Where to Keep Our Money When It Is Not Safe In The Bank?

@AKRao24 (27424)
India
August 15, 2018 2:34pm CST
Some Criminals hacked the server of Cosmos Co-perative Bank, Pune in India and stolen 94 Crores of Indian Rupees from the bank. The hackers attacked the Bank server and managed to clone thousands of ATM cards within two days. And they have used these cards to with draw money from ATMs situated in Canada and Hong Kong from 25 different ATMs. They also used the Cards to with draw some amount from ATMs in India too. A total bounty of about 94 Crores of Indian rupees! These operations were conducted on 11th and 13th of August! It seems they also managed to transfer about 13.92 Crores of Rupees in a Bank situated in Hing Kong! The Cyber Police may solve the case, but here arises a big question that, ‘Is the hard earned money in the life which is deposited in the Bank is safe or not?’ What Do you feel? Your response will be highly appreciated! Thanks!
21 people like this
29 responses
@LadyDuck (471459)
• Switzerland
16 Aug 18
I do not know if it is safe in your country, I know it is safe here. I never use an ATM machine and I never use my credit card outside Switzerland.
3 people like this
@LadyDuck (471459)
• Switzerland
16 Aug 18
@AKRao24 I receive a text message from my bank for every transaction, they ask me to enter a code to give permission. As you see we have a safe system here. The hackers should also steal my phone and use my phone here in Switzerland.
2 people like this
@AKRao24 (27424)
• India
16 Aug 18
@LadyDuck , That is a good security measure I must say! Here we just receive a note that transaction has been made!
2 people like this
@LadyDuck (471459)
• Switzerland
16 Aug 18
@AKRao24 We have this security feature, you must confirm if you did the purchase, if you do not confirm the transaction is refused.
2 people like this
@boiboing (13153)
• Northampton, England
15 Aug 18
If that happened in my country the banks would have to give you your money back.
3 people like this
@AKRao24 (27424)
• India
16 Aug 18
Do they charge anything extra for insuring your amount in the Bank?
1 person likes this
@AKRao24 (27424)
• India
16 Aug 18
@boiboing , That is a good feature you have in your country, at least your money is safeguarded to thhat extent in the bank!
2 people like this
@boiboing (13153)
• Northampton, England
16 Aug 18
@AKRao24 I'll. All European banks are in a scheme that protects the first75000 pounds of a bank collapses and if their security is at fault in a case like this we would not lose our money.
2 people like this
@jaboUK (64354)
• United Kingdom
15 Aug 18
Criminals are getting more sophisticated, aren't they? I think the banks themselves would have to stand the loss in my country.
3 people like this
@AKRao24 (27424)
• India
16 Aug 18
No doubt about it! We regularly getting some or other cases of cyber crimes in India on daily basis. But this one was big and the losses are huge that made it a big news! Banks do they charge anything extra to safeguard your money by insuring it in your country?
2 people like this
@jaboUK (64354)
• United Kingdom
16 Aug 18
@AKRao24 No, they don't charge extra.
1 person likes this
@JudyEv (340216)
• Rockingham, Australia
16 Aug 18
It is a real battle to keep ahead of the criminals and those who are computer buffs are no doubt highly intelligent. I think we'll hear more and more of this in the future.
3 people like this
@AKRao24 (27424)
• India
16 Aug 18
@JudyEv, Yes you are very correct! They attack like termites! We come to know about the damage when everything is finished!
2 people like this
@JudyEv (340216)
• Rockingham, Australia
16 Aug 18
@AKRao24 That is a very good analogy. Yes, they are like termites.
2 people like this
@JudyEv (340216)
• Rockingham, Australia
16 Aug 18
@AKRao24 It is very hard to combat these crimes. Often a great deal of damage is done before the authorities are able to get on top of it.
2 people like this
@Shiva49 (26686)
• Singapore
16 Aug 18
I cannot withdraw even one rupee from my Indian account. It really baffles me how they managed this heist - siva
2 people like this
@AKRao24 (27424)
• India
16 Aug 18
Could you explain me in more details dear friend? So that I can try to understand your problem?
2 people like this
@AKRao24 (27424)
• India
17 Aug 18
@Shiva49 , I have got no idea, I think some ATM cards work internationally, if I am not wrong?
2 people like this
@Shiva49 (26686)
• Singapore
17 Aug 18
@AKRao24 I understand my reply is not clear enough. My funds in India cannot be withdrawn outside India unless I get auditor certificate for transfer outside. That being the case, how come these funds were looted from a cooperative bank even from foreign countries? One suggestion may I? Maybe you can say it in millions as one foreigner told me, she was looking at the sky for “crows”! Siva
2 people like this
@Kandae11 (55035)
15 Aug 18
I have no idea, it isn't safe at home either.
3 people like this
@AKRao24 (27424)
• India
15 Aug 18
But how did you feel after reading the discussion dear friend?
2 people like this
@Kandae11 (55035)
15 Aug 18
@AKRao24 Not surprised - I hear reports of these kinds of things all the time. Criminals are always seeking new ways to take what does not belong to them.
2 people like this
@AKRao24 (27424)
• India
15 Aug 18
@Kandae11 . Is that? Here in India this has happend for the first time in this magnitude!
2 people like this
@AmbiePam (92829)
• United States
15 Aug 18
I have trust in the insurance my bank has, but I get how people would feel insecure.
2 people like this
@AKRao24 (27424)
• India
15 Aug 18
I don't know about your bank in US, in Indis each cutomer gets an insurance worth just one lakh of ruoees in such cases!
2 people like this
@AKRao24 (27424)
• India
16 Aug 18
@AmbiePam , That is good thing to know that your cash is safe in the bank!
2 people like this
@AmbiePam (92829)
• United States
16 Aug 18
@AKRao24 Here, everything is covered.
2 people like this
@May2k8 (18364)
• Indonesia
16 Aug 18
I will bury it deep underground, it's not safe when we see it in front of our eyes.
2 people like this
@AKRao24 (27424)
• India
16 Aug 18
That is the way the people used to keep their money in olden days. That is why some times we get money pots while digging foundations for a construction! These money pots were also seen in some walls of old buildings when they were demolished!
2 people like this
@AKRao24 (27424)
• India
16 Aug 18
@May2k8 , Yes, indeed! But then very old Gold and silver coins are the property of the Government when they are dug out from the ground! Though some clever people they never report about the findings!
2 people like this
@May2k8 (18364)
• Indonesia
16 Aug 18
@AKRao24 lucky person who found the money.
2 people like this
@caopaopao (12395)
• China
16 Aug 18
If our money is in the bank, if the bank is robbed, then the bank has to pay back our money. I don't know where the money can be kept except in the bank.
2 people like this
@AKRao24 (27424)
• India
16 Aug 18
Do you get back whole amount that you are keeping in the Bank or there is any maximum limit for that? Like we have a maximum limit in India and now one of our friend was telling that in US also they have a limit!
2 people like this
@AKRao24 (27424)
• India
16 Aug 18
@caopaopao , I understand that dear friend!
2 people like this
@caopaopao (12395)
• China
16 Aug 18
@AKRao24 I won't get back my money in the bank. I feel it is safe there at present.
2 people like this
• Defuniak Springs, Florida
16 Aug 18
I use my PayPal debit card for just about everything.
2 people like this
@AKRao24 (27424)
• India
16 Aug 18
That is good to know! But remember Paypal is also a online banking system and that can be hacked any time!
1 person likes this
@AKRao24 (27424)
• India
16 Aug 18
@thislittlepennyearns , Yes that is the ultimate truth!
1 person likes this
• Defuniak Springs, Florida
16 Aug 18
@AKRao24 That's true about legit every bank ever.
2 people like this
@BabeSays (8575)
• Mauritius
16 Aug 18
Will the people get their money back or is it gone forever.
2 people like this
@AKRao24 (27424)
• India
16 Aug 18
In India our money is insured for maximum Rs100000/- so that much amount is guaranteed if there is any loss!
1 person likes this
@AKRao24 (27424)
• India
16 Aug 18
@BabeSays , It is good that people are getting some money back! Rich also can't afford to lose the money . What is the guarantee that rich can earn back the money?
1 person likes this
@BabeSays (8575)
• Mauritius
16 Aug 18
@AKRao24 That's good for the poor and middle class people who worked really hard and saved their money. I am glad that they will be getting their money back. As for those who had more they are probably rich and can earn money again.
2 people like this
@porwest (91088)
• United States
15 Aug 18
In the U.S. we generally don't have to worry about it since banks are mostly FDIC insured, and so you are entitled to your money regardless of what happens to the bank. That being said, you are only ensured up to a certain amount per account. I keep most of my money in my brokerage accounts.
2 people like this
@AKRao24 (27424)
• India
16 Aug 18
Yes, that is what exactly I wanted to know about the insurance part. In India also we get the compensation from Insurance policies Banks they have but only upto the maximum of 100000 Indian Rupees! Brokerage accounts are they safe?Thanks!
2 people like this
@AKRao24 (27424)
• India
21 Aug 18
@porwest , That means they have their own risks !
1 person likes this
@porwest (91088)
• United States
20 Aug 18
@AKRao24 For the most part yes since most of the money is backed at least by the underlying stocks. Certainly riskier BECAUSE of the stocks. But brokerages also make money a bit differently than how the banks do it, and they have different reporting.
1 person likes this
@yoalldudes (35037)
• Philippines
16 Aug 18
In a big fire proof Safe?
2 people like this
@AKRao24 (27424)
• India
16 Aug 18
But then where to keep this safe then?
1 person likes this
@AKRao24 (27424)
• India
16 Aug 18
@yoalldudes , So yu want me to be scary all the while when I a at my home?
1 person likes this
@yoalldudes (35037)
• Philippines
16 Aug 18
@AKRao24 In your room. It's heavy anyhow. But it's scary too because you might get robbed.
2 people like this
• Philippines
16 Aug 18
,,if banks is not safe anymore maybe it will stay at my house in a corner wherein itll hard to notice...
2 people like this
@AKRao24 (27424)
• India
16 Aug 18
You want to keep the currency in the corner of your room? Are you sure that would be safe?
2 people like this
@AKRao24 (27424)
• India
17 Aug 18
@Nickzter1331 , May it be in smaller or larger amount after all money is money! Thanks!
1 person likes this
• Philippines
17 Aug 18
@AKRao24 ,,,uhm yeah... I wont have millions of money anyway.. :)
2 people like this
@popciclecold (38800)
• United States
16 Aug 18
I am sorry yo hear this. but it seems like the smarter people get, about protecting the money. the harder people work to steal it.
2 people like this
@AKRao24 (27424)
• India
16 Aug 18
I agree with each word you said here! The hackers are much more smarter than to make us bankrupt within no time!
2 people like this
• United States
16 Aug 18
@AKRao24 You are so right, in saying in no time.
2 people like this
@snowy22315 (180847)
• United States
16 Aug 18
It is scary to say the least. I think alot of establishments are not safe from cyber attack these days.
2 people like this
@AKRao24 (27424)
• India
16 Aug 18
Yes, all the establishments who are dealing on line are the one's who are succespeptible for Cyber Crimes!
1 person likes this
@Anna1983 (76)
• China
17 Aug 18
so terrible......
2 people like this
@AKRao24 (27424)
• India
17 Aug 18
Yes, Indeed! I am also shocked!
1 person likes this
@skysnap (20153)
16 Aug 18
Looks like inside job to me. because if this were supposed to 14 Cr in singapore bank then this must be someone in bank doing the stuff.
2 people like this
@AKRao24 (27424)
• India
16 Aug 18
Yes, money has been transferred to a Bank situated in Hong Kong so the person will be identified and things are going to come out!
2 people like this
@BelleStarr (61102)
• United States
15 Aug 18
Money is our banks is insured so it would not be lost to the people who placed it there.
2 people like this
@AKRao24 (27424)
• India
16 Aug 18
In India we are only entitled to get 100000 Indian rupees as maximum compensation from Insurance companies if some thing like this happen, which is very frustrating! You people get full amount ?
2 people like this
@AKRao24 (27424)
• India
17 Aug 18
@BelleStarr , Wow that is great ! So there is no problem at all!
2 people like this
@BelleStarr (61102)
• United States
16 Aug 18
@AKRao24 Here it is $250.000 or 17 million rupees
2 people like this
@lovebuglena (44553)
• Staten Island, New York
17 Aug 18
If it is not safe in a bank where is it safe then? Not in a safe or mattress at home that's for sure. And burying it in the backyard of your house isn't good either.
2 people like this
@AKRao24 (27424)
• India
17 Aug 18
That is so true! Today there is no safety anywhere for that matter!
2 people like this