Risks of making investments online

Posted by mone on May 06, 2013
bank, finance, money, transfers / No Comments

One of the biggest risks of making investments online in India is identity theft. In fact, the more money the individual spends online the more brutal the identity theft gangs become in their attempt to destroy the life of the investor. These identity theft gangs have at their disposal a large gang of microchipped humans who are tools in their devious plans to frame the innocent investor and promote the fraud. The identity theft gangs also have unlimited powers of surveillance over the person who identity they wish to steal.

Unfortunately, for online transactions or activities, companies rely on the testimonials from other people. So if a person is single or a loner and working from home, there will be no witness for the work done, and he or she will be assumed to be telling lies. On the other hand, if two crooks are married to each other , and support each other in telling lies, they will be assumed to be telling the truth. This happened recently where crooks have succeeded in identity theft. Also online , many individuals and companies are greedy to claim credit for work they do not know or knowledge they do not have. They also do not have the grace to acknowledge the experience of a person who has spent a lot of time and money online, instead, they do their utmost to make the person a physical , mental and financial wreck by promoting blackmailers and frauds.

Offline companies are far more honest and sincere in their attempt to protect the investors interest. They are humane enough to realise that it is extremely unfair to steal the hard earned retirement savings of 20 years to leave the person penniless in his or her old age, just because he/she is not good looking or well connected. Till a better system of verifying the identity of an online investor is developed, it is better to transact offline to the extent possible.

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Investing in bank fixed deposits

Posted by mone on April 09, 2013
bank, finance, money / Comments Off

One of the worst financial mistakes a single woman entrepreneur can make is to invest money in bank fixed deposits. When she crosses 35+ she will be put under surveillance for several years by unknown people. The surveillance footage will misused to make her savings of nearly 20 years go “missing”, so that she is left penniless in her old age, with no place to stay, despite working very hard all her life. Additionally, the surveillance will be used to sabotage her business, to ensure that she is unable to get any new customers.

This problem is particularly accute for an online business owner as she will also be subjected to identity theft, with some of the largest media groups and banks in the country backing a complete fraud in identity theft.
If anyone needs more clarifications to verify this story, please contact the undersigned.

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Fraud in Online banking/transactions

Posted by mone on April 04, 2013
finance, money, netbanking, transfers / Comments Off

An excellent article on online fraud in online banking/credit card and debit card transactions in india
“Gone phishing” from http://www.outlookindia.com/article.aspx?284518
There has been a very significant rise in efraud from Rs 36.72 crores in 2011 to Rs 52.66 crores in 2012. The main reason could be the lack of ethics , integrity and an extreme unwillingness to give credit where it is due in many companies and people working online. Many people who matter are only interested in promoting their inexperienced girlfriend, relative or friend, claiming credit for work he or she has not done.

Blackmailers and extortionists are encouraged to make the life of experienced people difficult, and experienced persons online are subjected to harassment and persecution for several years. The inexperienced 21 year olds with powerful backers have little knowledge or experience, and since they have achieved the position due to corruption/nepotism, they have little incentive to work hard or increase their knowledge or even do justice to the customer. As online fraud increases due to this nepotism and lack of long term vision, some customers will avoid online transactions and revert to using conventional banking channels.

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Advance tax not credited

Posted by mone on March 19, 2013
bank, money, netbanking, transfers / Comments Off

We have noticed that the advance tax paid online has not been credited to the account of a tax payer in March 2013.
Earlier , when advance tax was paid online, it would reflect in the form 26As of the tax payer within 2 working days.
The advance tax has not been credited to the specified tax payers account, is it because of identity theft?
The bank has indicated that the records will be updated within one week.
We will check again and update this website soon.

Unfair policies for Indian online exporters

Posted by mone on March 14, 2013
bank, finance, market, money / Comments Off

Many policies for online businesses in India today are very unfair to the businesses involved. Unfortunately the decision makers take decisions by consulting only a few inexperienced persons. Most exporters of physical products are allowed to retain foreign currency in a bank account and use it for imports to help them grow.

However, online businesses receiving money using Paypal or other online payment processor are forced to withdraw the amount to their bank account within a week. Due to foreign currency conversion charges, a business loses 10% of the order/export value when US dollars are converted into Indian Rupees. Similarly, when the exporter has to pay for the inputs/imports for his or her business , he or she has to again pay 10% extra due to foreign currency conversion charges. Effectively the business owner loses 20% of the revenues/profits due to some extremely poorly researched policies.

Most of the decision makers get a fixed monthly salary, but ultimately it is the small business owners who suffer from these unfair policies which destroy their business.

Note : Stealing the documents of an experienced person does not make the thief knowledgeable, however powerful backers he or she may have.

Instant credit card problems

Posted by mone on March 08, 2013
bank, finance, money / Comments Off

In recent months, users of I* Instant credit problems have faced several problems such as
1. Unable to view credit card balance /statement online. When credit card number and other details are entered,the error displayed is authentication failure.
2.When the credit card is used for making recurring payments, the credit card is declined. Initially, it was believed that the problem was because the card was swiped in a foreign country  to prevent credit card fraud, but the card was also declined when it was swiped in India . However, the same card can be used for making online payments or by swiping the credit card physically.
3. Some delay in crediting online payments to the credit card account ( important if the credit card balance limit is reached).
There may be a problem with online access of credit card balance details due to the system upgradation taking place, however this problem occurs only in the first half of each month (faced this problem in February and are facing a similiar problem in March 2013)

Bank account “missing”

Posted by mone on February 19, 2013
bank, finance, money, transfers / Comments Off

This is a true life story regarding a savings bank account with a  very large nationalised bank.
The account was opened more than 23 years ago.
Last year, a small withdrawal was made from the account.
The account holder submitted the PAN card to the bank and other documents for identity verification.
Two months ago the account holder contacted the bank and was told that the account does not exist.
This month again the account holder was verbally told that the account does not exist.
The account was not closed by the account holder, so the obvious options are:
1. The bank account has been closed by a scammer by forging signatures
2. The bank staff is not telling the truth verbally.
In either case, the matter needs to be investigated.
If it is identity theft, who are the people behind it?

Decline in India’s saving rates

Posted by mone on February 05, 2013
finance, money, netbanking, transfers / Comments Off

From

http://business-standard.com/india/news/indias-savings-rate-to-plunge-to-10-year-low-this-fiscal/205107/on

The country’s savings rate, considered as one of the biggest economic strengths, is set to plunge to a 10-year low of 27% by end of this fiscal, Japanese brokerage Nomura has said.

One of the reason for this is that people who invest in gold ( jewellery or have gold bars stashed in their bank lockers) and real estate are extremely protected. On the other hand honest investors who put their savings in banks, bank fixed deposits, mutual funds are subjected to extreme harassment and identity theft attempts, to leave them penniless.

One of the large media groups in the country is also supporting this identity theft attempt, more details will be provided soon as more details of this sordid drama unfolds.

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Paypal malfunction

Posted by mone on January 29, 2013
finance, money, transfers / Comments Off

Some websites are displaying a notice.
Important notice:
PayPal is experiencing a global malfunction
which may cause delays in payment approvals.

http://www.theregister.co.uk/2013/01/29/paypal_ipn_glitches/

Some buyers are reporting that their account is being debited multiple times for the same payment. Paypal has promised to refund the duplicate payments to the customers (based on comments at different websites) .

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Signs of a banking scam

Posted by mone on January 16, 2013
bank, charges, finance, money, transfers / Comments Off

This is not covered in mainstream media , but there are some indications that a depositor is a target of a banking scam to steal his/her savings:
1.Put under surveillance for years
2.When fixed deposits are submitted for renewal, some one else tries to claim them.
3.When withdrawing money from the bank, someone else approaches the teller , claiming to have the same token no. to withdraw money.
4.Application for internet banking disappears.
5.Application for debit card is missing from bank records.

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