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Tuesday, October 27, 2020

Technology To Avoid Banking Frauds

How technology may change the hardships of Banking tellers' life in India

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Nilesh Chogle
Nilesh Chogle
Accountancy and Auditing.CS from ICSI,Delhi.PGDFT from the World Trade Institute_Gold Medalist.keen in Pharma Industry,Corporate,Culture,Finance,Foreign Trade,Procurement & SCM.

India, Mumbai – The Banking Industry saw a spate of issues when the demonetization exercise was carried out by the Indian Government. However, Banking is core to India’s well being and future development. This is one Industry which is considered ” Essential Sevices, “even in a crisis, like the current pandemic. Technology has always been a key factor in the development of any country. The resources of the economy, such as land, labor, capital, and human factors show a merge boost without emerging technology and innovation, discoveries for future development.

One of the objectives of demonetization was to get rid of fake currency, which was then prevalent. The steps to curtail fake currency and to avoid frauds are clearly, the emerging new technology. However, the fact remains, that howsoever the governments of any country take genuine steps to tackle this draconian issue of fake currency, there would still be an enormous element of antisocial people who’d try to beat the system. Here is where the kaizen approach(continuous improvement) in tackling and defeating this system would play a vital role.

KROSS IS 9000I Currency Counting Machine(Counting Speed-1000 printed currency/min.)

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It has a builtin scanner device, which can easily detect fake currency, as well as reduce human effort in counting. It recognizes “paper”, and Currency notes are in reality, the paper itself. The scanner is capable of detecting chips of metal too if they are encrypted in the currency notes. The machine is being sold by INTEGRA SYSTEMS.

Video Credits : Rohan Puthran YouTube video

With the growing menace of ‘Fake currency’ and the pressures the Banking personnel face day in and day out for the Bank Teller (cashiers or customer interface) counters, who deal with the bank’s customers, the technology is sure to be a boon to the cash computing staff.

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