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Thursday, August 03, 2006

Online Trading Safety Debate Heats up! Hacker Challenges Indiabulls.

The 'Online Trading Safety Debate' has heated up. Last night in an exclusive expose, India TV featured a man named Kalpesh, a supposed techie who challenged the Indiabulls Brass saying their online trading platform has many chinks and that he could hack any account on the platform. Amid vehement refuting and rebuttals, the Indiabulls staffer called Kalpesh to their office and show the hacking to prove his point. A punishable offence under law for which Kalpesh has been behind the bars for 15 days (as admitted by Kalpesh), online hacking is growing menace threatening investor security. The online safety debade continues. Safe, or is it? So, what do you think?

38 Comments:

Anonymous Broke said...

Such things will keep coming, today this guy has tried on 1 site, even microsoft site has bugs.

Point is, what could be done? can we have a perfect solution to it?

Indiabulls guy was not to sure about the security, and the outcome is IT IS UNSAFE.

Brokers are NOT RELIABLE, WHAT TO DO?

Should everyone stop trading in shares, we should only depend on Mutual Funds? are they safe?

Every thing is open ended, no one is coming up with a perfect solution.

AND WE NEED A SOLUTION! HOWEVER THERE IS NO ONE TO TALK ABOUT IT!

12:40 AM

 
Anonymous Anonymous said...

I have recently seen programs on TV highlighting the online frauds even in advanced Western counties with roots stretching into Asia and even in India. Given that these frauds are possible in developed countries which have far stronger security mechanisms, how safe would online transaction be in a primitive country like India

Sandipan - Mumbai

6:05 AM

 
Anonymous N Venkat TR - Chennai said...

I have just started putting part of my savings in Stocks. I have my trading account with a reputed National level Broking house. I have many times missed out an opportunities as my broker will either miss out on executing my request or even forget after putting me on hold. Is there any other mode that I can explore other than dealing with brokers. I have heard of online but I do not have access to that during the office hours which are also trading hours? Also I am told that the online trading is not safe from hackers and one can be cheated very easily.

6:11 AM

 
Anonymous Mr.Ravi Kumar said...

the worst is the HDFC securities website where the online transactions are worst.

6:56 AM

 
Blogger PRISM INTRADAY said...

I hv been trading online since it was first launched by ICICIDirect. Since then hv used half a dozen and more online brokers/webplatforms for trading.

Safety is the LAST THING to worry about.

More worrying are stuff like speed of the system, transaction processiong speed, online accounting ledger maintenance responsiveness of support staff etc.

Hacking? So what? Someone will buy and sell on my behalf without my knowledge? U don't need hackers for that. Recently IndiaInfoline Kolkata Branch Manager got beaten up by people whose accounts were allegedly operated (and reportedly a large loss incurred) by brokers' staff. Who needs hackers?

Arunangshu M Lahiri

9:31 AM

 
Blogger Narendra said...

I feel ICICIDirect is more secure.
And if security is an issue, then it is not only for "online trading", it is also for "banking"!!
And if security is compromised, then not only the person doing "online transaction" is affected, all the customers also get affected.
So, by just avoiding "online trading" you are not solving the problem.

3:16 AM

 
Blogger V said...

Microsoft is a bad example: their software is not secure, and nobody with half a mind uses it. Most commercial sites run on secure operating systems like Linux or BSD. So saying that Microsoft is not secure is not an excuse. It is like saying, "But Pakistan has a dictatorship. Why can't India be a dictatorship?" Look at good examples, not bad ones.

Security online is a big, big deal. In the West, security problems in websites get patched within hours when the company knows about it. People might have Windows on their home machines, but if their bank gets hacked, and loses money: they'll move to a different bank. There is a difference between where you keep your newspaper, and where you keep your checkbook.

I think this problem will get very big, as time goes by. I've seen Geojit from up close, and from a cursory glance, it is something I want my money OUT OF! As more people sign on to traders like Geojit, it will get lucrative to hack the website. And when that day comes, people will ask, "Why weren't we told?"

As a customer, you should *demand* that your bank website, and your broker website is secure. Even if you don't use it, the fact that it can be hacked means that *your* money can be stolen.
You should *demand* that the broker deal with security problems
You should *demand* that independent security analysis of the website takes place

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That's a problem that never going to end now that there're more who do this kind of fraud in some cases, only large companies to sink! What we must do is study very well the case that has the hour to give a solution doesn't have ways to get back to fraud!

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