RBI has asked banks to close the accounts of customers using credit or debit card for online forex trading transactions. Forex trading is a leveraged transaction and the public is being asked to make the margin payments for such online forex trading transactions through credit cards. RBI has banned such international forex trading.
Sanjay Govind Dhande, cyber security member of the National Security Advisory Board (NSAB), was defrauded by more than Rs19 lakh electronically, in a hacker attack. The hackers had even blocked his SIM card so that he did not receive alerts from the bank when his account was being fraudulently emptied.