CIBIL: Quarter percent of loan seekers are below 30 years of age

MUMBAI: There has been a huge rise in the number of people under 30 years of age seeking credit in the last five years, according to credit information provider, CIBIL report. While those under 30 years constituted just around 7 percent of the new credit applicants in 2008 and the same has grown to over 25 percent now, the CIBIL report said.

Interestingly, eagerness shown by youth in getting indebted comes at a time when people have been complaining about bleak times on the economic front due to falling growth, which also led to some job losses, the report said. Till FY 2008-09, the economy was doing very well and the same has now plummeted and logging even a 5 percent growth is also seemed to be an uphill task this fiscal, it said.

CIBIL further said it could be noted that the demographics have undergone a radical shift in the past decade, with the country getting more "younger", i.e. The percentage of working age population (between 15 and 35) growing rapidly. The percentage of those under 40 years applying for their first credit has gone up to 60 percent in 2014, from the 50 percent mark in 2008, the report said.

"Youth are driving credit growth with 60 percent of new loan applications coming from applicants, who are under 40," it said. With the economic growth facing troubles, coupled with a sense of "policy paralysis", lenders have been focusing very hard on the retail segment for growth as the project loans are not coming at all, the report said. According to the CIBIL, which has completed 10 years of operations, retail credit growth has driven an increase in its credit reports usage at loan origination. The credit information company said in the last five years, bulk of the growth has come from personal loans and two wheeler loan segments, followed by home loans.

CIBIL claimed the data it produces, and prudent risk management policies, have resulted in fewer delinquencies in banks' retail portfolios. It said the NPA rate of around 1.9 percent in 2010 has declined to 1.3 percent in 2013. "There is almost 30 percent reduction in NPA rates over the last four years," it said. In what it claimed is representative of the increasing usage of credit scores, CIBIL said over 80 percent of the credit active population has a CIBIL score of greater than 750.
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Source: Secondary

Youth's Appeal: Stay Away From Cyber-crime

AURANGABAD: In an attempt to curb the rising incidents of sexual harassment, the Vishakha Committee at Milind Science College has organised a workshop on Wednesday for sensitizing youth towards gender issues. The programme, was primarily aimed at addressing gender sensitisation and women's development issues.

"To create awareness about the Supreme Court guidelines on Vishakha judgement, the Milind Science College organised a workshop under the aegis of People's Education Society, Mumbai. We are emphasising on sensitization as well as awareness programmes," said Milnd Science College Vishakha Committee co-ordinator Bharati Bhandekar.

While briefing about the amendments to law in case of Juvenile Justice Act, Archana Kotapalle, lecturer at Miling Law College, said, "A draft bill amending the Juvenile Justice Act has been approved by the law ministry recently, which says those above 16 years of age will be considered ?adults' when they are accused of rape or equally severe crimes."

She added, "Gender sensitisation and women's development primarily aims at addressing contemporary socio-economic issues? Education plays a very important role in this, with institutions playing a bigger role."

Kotappalle also guided students on ethical use of internet and how to prevent from being a part of cyber crimes. "Students should stay away from calls for online transactions, sites calling for ATM passwords and also pornography sites. The youngsters need to be cautious in posting pictures and other details on the net, besides using the social media? They should be aware that anything done for fun could translate into a crime."

Bhandekar warned the male students that eve-teasing, clicking pictures of girls on mobile phones and sending messages to them on their cell phones are considered as cyber crimes, which can destroy their future.

Learn about identity theft at www.cibilconsultants.com

Source: Secondary

Youth Alleges Credit, Debit Card Fraud

Some online fraudsters celebrated Diwali at the expense of a victim this year. A youth has filed a complaint for cheating, saying that somebody used his credit card and debit card details to shop online. Police have sought the details of the transaction from the service providers.

According to Vastrapur police, Sumit Swapnil, a resident of Jigar Apartment in Bodakdev, filed a complaint that somebody used his credit card to buy goods worth Rs 37,450, and his debit card for goods worth Rs 40,690 from web portals. Both transactions took place between 2.30 pm and 2.45 pm on Tuesday.

M K Rana, inspector of Vastrapur police station, said that in total, Swapnil has filed complaint for cheating of Rs 78,140. "He said that the cards are with him and he had not lost them in the recent past. We are thus working on two theories - either somebody stole his data online when he was conducting transactions himself, or somebody got the details when he swiped his cards physically. We have sought details from the service providers to ascertain the identity of the buyer or get leads," he said.

City crime branch officials said that cases involving misuse of credit cards has reported a 20% rise from last year. "Sometimes, banks settle cases when security glitches are reported, and thus the numbers may not reflect an exact picture of online crime," said a senior crime branch official.

Learn about identity theft at www.cibilconsultants.com

Source- Secondary

Most Cyber Criminals are Among Youth, Shows Data

Nearly 60 per cent of those arrested for the cyber crimes- hacking, obscene publications and forgery, among others —- belong to the age group of 18-30 years, data released by the National Crime Records Bureau (NCRB) show.

According to NCRB, between 2008 and 2011, 1,184 persons were arrested for various cyber crimes, which are on the rise.

"Most offenders belong to the younger generation. They are more aware of the ways and means through which they can exploit cyber space and come from a variety of backgrounds," Additional Deputy Commissioner (Economic Offences Wing) S D Mishra said.

The records also show that hacking cases have increased substantially over the period, from 56 to 826 cases. Half of those arrested in these cases were in the 18-30 age group.

Hacking is not defined in the IT Act, 2000, but falls under Section 66 of Computer Related offences, which carries a maximum sentence of three years' imprisonment.

Cases under obscene publications climbed to 496 cases in 2011, with 63.6 per cent of offenders from the same age group. This offence also carries a three-year imprisonment term.

"While cases related to obscene publications have risen, the important thing to note is that none of these cases were related to child pornography," Mishra said.

Forgery cases rose by over 400 per cent between 2008 and 2011, the NCRB data has revealed.

"There are a surge in the number of reported cases over the years because people are becoming more aware of these things. More number of people are reporting these crimes, especially in instances where there was a financial loss," he said.

Mishra said most cases registered dealt with internet banking and credit card frauds.

"Cyber investigations are often inhibited if offenders are working from an overseas location. This leads to jurisdiction issues and we are unable to get information from a foreign Internet service provider. But we have a full-fledged forensics lab with the latest equipment to handle such matters," Mishra said.

In cases which demand expertise in a particular encryption code or a unique data storage system, law enforcement agencies often use the services of private security firms such as Pyramid Cyber Security & Forensics, which specialises in solving such cases.

"Cooperation between countries become crucial in such cases," Managing Director of Pyramid Cyber Security & Forensics Alok Gupta said, referring to an agency called IMPACT (International Multilateral Partnership against Cyber Crime). IMPACT, a not-for-profit organisation with 195 member countries, acts as the cyber security arm of the United Nations and helps in countering cyber threats.

"Cyber crime cases are sensitive subjects. Not everyone would like to openly speak or admit that such a crime has taken place. If, for example, a bank was to report a cyber crime, the customers will be apprehensive about putting their money there," Gupta said.

According to Gupta, malware without signatures, cloud adoption and mobile devices like cell phones are what pose a threat to cyber security.

If you have been suffering with low credit scores, being a victim of any such cyber crimes, contact us to improve your score at www.cibilconsultants.com
Source: Secondary