Outsourcing of jobs by global financial institutions to Indian shores has come under scanner, with the perpetrators of a $45 million worldwide ATM heist apparently breaching computer systems of a payment processing firm in India for their con job. According to charges filed by the US federal prosecutors here, eight persons have been indicted for participating in two worldwide cyberattacks culminating into a huge $45 million being withdrawn fraudulently from ATMs across the world in a matter of few hours earlier this year.

The modus operandi for the heist included hacking into computer systems of payment processing companies — one in the US and another in India — to compromise the account details of prepaid card account customers of two banks (one in the UAE and another in Muscat). This was followed by unlimited withdrawals from ATMs across the world. Continue reading →

Citing the many contributions of immigrants to India, a leading us Thinktank has suggested that America must roll out the welcome mat to high-skilled staff to remain competitive and innovative.

While a lot of of the congressional immigration reform discussion is focused on a path to citizenship for eleven million illegal immigrants as well as some 260,000 Indian, a proposal by Senate’s ” Gang of Eight” specializing in skilled staff ” should attract broad support,” it said, describing it as ‘path to prosperity’. Continue reading →