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ATM Pillage: An Uninvited Attention

A violate of safety at two payment card processing companies in India that escorted to heists at cash machines across the world has reopened issues on the risks of outsourcing responsive financial services to the Asian country. Global banks that send out work to be processed in India, either domestic or to big IT services vendors, were previously under pressure to accelerate mistake of back-office functions after a series of scandals last year. Last week, U.S. prosecutors told that a global criminal group stole $45 million from two Middle Eastern banks by breaking into the two card processing companies based in India and lifting the balances and withdrawal restrictions. "India is showing in two ways: The risk that the same theft could take place in India and the information that the outsourcing industry will also get affected," said Arpinder Singh, partner and national director for fraud investigation and dispute services at consultancy Ernst & Young. The chapter is reopening dispute on banks sending work requiring a high degree of privacy to offshore locations. "It is the weakest connection," said Shane Shook, a specialist with U.S. cyber-security firm Cylance Inc who has aided financial firms do investigations into some major cyber crimes. "I suppose the lesson is they should to pull back on what they've outsourced. When you're giving a third party, the outsourced entity, the capability to access credit limits or cash limits of the consumers you're managing the finances for, you're giving up control that is your basic responsibility." India's $108 billion IT services sector is the world's preferential target for outsourcing. Over 40 percent of exports by the industry are support services for the worldwide financial sector, ranging from investment bank back-office works to research, risk-management and processing of cover claims. Enticed by a tech-savvy English-speaking inhabitants and wages that can be one-fifth those in the West, more than three-quarters of global banks have a direct or third-party offshore attendance in India. Indian IT firms, directed by outsourcers such as Tata Consultancy Services and Infosys, dispute that security breaches are uncommon. "I suppose if you look at the nature of the work we do and how much we do, we've really had very few happenings," said Som Mittal, president of the National Association of Software and Services Companies, the business lobby.

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