8  Companies

Moovo Gets Funds

from Yuvi, Angels
Anand.Murali
@timesinternet.in

THE ECONOMIC TIMES | MUMBAI | THURSDAY | 18 JUNE 2015

SALARY ACCOUNTS HACKING

Infy Breach Signals Cyber Threat at Banks

At least `. 2 lakh siphoned off from six salary a/cs of IT cos staff held with ICICI in May, but bank says no full-fledged breach
Sneha Jha and Anirban Sen

Bengaluru: On-demand logistics

booking platform Moovo has
raised seed funding from cricketer Yuvraj Singhs YouWeCan Ventures and other angel investors.
The startup, founded by IIT
alumnus Abhishek Anand and
Anjani Kumar, has developed an
online platform to book minitrucks. Users can book a truck
through the companys mobile
app, website or call-center and an
assigned vehicle will show up
within 30 minutes for pickup, the
company said.
Kumar came up with the idea
while running a business in college. I came up with the idea of
buying a truck to run a side business and make some extra pocket
money, said Kumar. He soon realised that idle trucks will cause
losses to the business. I learnt
first-hand that market power in
the logistics business comes from
size and reach.
Founded in December, the startup currently operates in the Delhi-NCR region. It processes at
least 1,000 orders a month from clients, including small businesses
and online retailers. The company
plans to expand its service to six
other cities by the end of this year.

HELPING HAND Yuvraj Singh

Investors participating in this

round include Vikram Chachra of
Eight Innovate, former Paytm VP
Pratyush Prasanna, Anindya
Shuvra Sen, President of HR Reliance Jio Bijay Sahoo, Nitin
Sethi, Sameer Nagpal of Cocubes.com and Doshi Family of Doshi
Diagnostics.
The market for mini-truck transportation in India is estimated to
be around $6 billion annually, of
which only 3-5% is organised.
More than 90% of the market is
fragmented. Moovo is in a great
space which is seeing a lot of disruptions. The founding team also
is IIT juniors and I found them very
impressive with their drive and attention to detail, said Prasanna,
one of the investors.

Unitus Invests in 2 Portfolio Cos

Our Bureau

Bengaluru: Impact investor Unitus Seed Fund has put in a fresh

round of funding in two of its portfolio companies iStar Skill Development and JiffStore for their
respective expansion plans.
iSTAR, a skills training company
that trains undergraduate students to make them employable,
has expanded its footprint to 150
colleges across three states with
over 150 trainers for more than
17,000 students, since it raised its
first round of investment in April
2013. iSTAR will use the new funds
to expand operations to additional
states across India and to invest in

their technology platform.

On-demand hyperlocal grocery
delivery
company
JiffStore,
launched in August 2013, services
200 transactions a day, will use
these funds to expand its network
of stores. Monies will also be used
to promote its services across marketing channels, hiring and upgrade its technology platform. It is
also expanding its operations to
Mumbai, Hyderabad and Delhi.
Times Internet has also participated in this round.
Their traction has been great,
they are doing over 200 transactions daily and get delivery done in
90minutes, which is better than
most others., said Abhishek Gupta, Head of TLabs.

Mumbai | Bengaluru: The security breach that resulted in hacking of salary accounts of at least
two dozen Infosys employees in
May highlights broader cyber security challenges for domestic
banks at a time when the number
of online transactions is growing
rapidly, experts and company executives said.
At least `. 2 lakh was siphoned off
from half-a-dozen of the salary accounts of Infosys employees
hacked by a still unidentified person last month, two people familiar with the development said. ICICI Bank refunded salaries to all
affected employees immediately,
given its long-standing relationship with Infosys, they said.
An ICICI spokesperson told ET
that the impacted customers got
their debit cards prior to December 2013 and as per the rules at the
time the cards were activated for
international
transactions.
However, the customers had the
choice of blocking international
transactions on their debit cards,
the spokesperson said.
Since December 2013, the spokesperson said, the bank has been issuing EMV chip debit cards to cus-

tomers who make international

transactions, besides giving all customers the choice to opt for cards
with this global security standard.
The bank did not issue EMV chip
cards to these customers as they
neither transacted internationally
nor did they opt for the EMV chip
cards, the spokesperson said.
A top executive said that in any
case this was not a case of fullfledged system breach.
This was a case of card skimming, wherein the debit card information was used by the
fraudsters
for
conducting unauOnline
thorised transacsecurity
tions. The debit
measures,
card information
currently in
may have leaked
place in most
at a PoS (point of
public and
sale) machine or
private
through
some
sector banks,
other
channel
are not
and this led to
adequate
the
incident,
said a top executive at ICICI Bank, requesting not
to be named.
The spokesperson cited earlier
said the bank has best-in-class
fraud monitoring tools inbuilt in
our transaction systems. Every
case the bank receives is thoroughly investigated, appropriate action

Breaking & Entering

`2 lakh
Salary
accounts of
two-dozen
Infosys staff
hacked
Amount
siphoned off
from half-adozen
accounts

THE WORRY

ICICI bank
refunded
salaries to
affected
employees

Banks not
prepared
to counter
new-age
hacking

Bank says
debit card
skimming,
not a
system
breach

taken and the card immediately

blocked and replaced, he said.
Experts said the episode nonetheless highlights broader security challenges facing banks. Online security measures that are
currently in place in most public
and private sector banks are not
adequate to counter new-age
threats and banks are still mostly
relying on redundant security
measures, they said.
Incidents of skimming happen,
because banks continue to ask
simplistic questions on customers date of birth, address, mothers maiden name, name of
spouse, etc. Such information is
freely and publicly available on

THE FIX
Implement
adaptive
Access
systems

Facebook, LinkedIn and job

search portals. So, fraudsters have
easy access to such information.
In essence, that is leading to a
number of frauds; some get reported while the others dont,
said Sivarama Krishnan, a partner at PricewaterhouseCoopers,
Some banks like HSBC often issue fast-tokens to customers
where the personal identification
number changes every 30 seconds
depending on the frequency that
the bank sets up. Customers are
then required to use a one-time
password sent to their phones.
A number of banks have still not
enabled such a system, which drastically reduces the vulnerability

of security systems, experts said.

Such breaches happen almost every year with most top companies
and the frequency of such attacks
is also on the rise, the people cited
earlier said.
In 2013, for example, the Axis
Bank salary accounts of 15 police
officers in Mumbai were hacked
and money was withdrawn
from those accounts through
ATMs in Greece. Axis Bank later
refunded the amount to the affected officers.
Customers often give the debit
card/ card details to petrol pump
attendant, hotel waiter or to salesperson. Such negligent behaviour
causes risks, said the chief information security officer of a leading private sector bank.
The officer, who did not wish to
be named, said customers need to
be sensitised on an ongoing basis.
Awareness is a continuous journey and a effective panacea. Also,
having CCTV camera and security guard plays a good deterrent.
But due to prohibitive cost, banks
dont deploy it, leading to such
frauds, he said.
Experts said most banks need to
implement Adaptive Access systems, a new-age security solution
that uses tools like analytics to
thwart cyber attacks.

Uber Cant Ply in Delhi Sans Licence, Says HC

Court refuses to grant
interim relief to co,
asks Delhi govt to
reply on the issue
Our Bureau

New Delhi: The Delhi High

Court on Wednesday refused to
grant interim relief to San Francisco-based Uber on a petition filed by it challenging the Delhi
governments
decision
to
reject its application for a radio
taxi licence.

Government of Bihar

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Government of Bihar

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You are not supposed to ply if

you dont have any licence, Justice Mukta Gupta said.
She also issued a notice to the
Delhi government seeking its response on the matter by July 8.
The Delhi government last
month rejected Ubers application for a radio taxi licence to operate in the Delhi-National Capital Region, citing its violation of a
ban order issued by the state.
Uber approached the Delhi High
Court last week on the pretext
that its rivals Apra Cabs India
Pvt, owned by Ola Cabs, and Serendipity Infolabs Pvt, which runs
TaxiForSure, were granted interim relief. The court had quashed
Delhi governments rejection of
their licence application
and
asked it to give the
companies
a
fresh hearing.
Backed by large

Uber Drivers are Employees,

Not Contractors: US Panel
Reuters

investors such as Sequoia Capital

and Goldman Sachs, Uber has
hired senior counsel Siddharth
Luthra for the case.
Luthra, who has also been a counsel for Facebook India in the past,
argued that the case was similar to
the two other companies, who were
granted interim relief. The court
will now hear the matter on July 8
and three other petitions pending
in the matter against the online
taxi aggregators, next week.

SAN FRANCISCO A San Franciscobased driver for smartphonebased ride-hailing service Uber is
an employee, not a contractor, according to a ruling by the California Labor Commission.
The ruling, filed on Tuesday in
state court in San Francisco, said
Uber is involved in every aspect of
the operation. It is the latest in a
host of legal and regulatory challenges facing Uber in the US and
other countries. Uber had argued
its drivers are independent contractors, not employees, and that it
is nothing more than a neutral
technology platform.
If Uber drivers are employees, that

opens Uber up to higher costs, including Social Security, workers

compensation and unemployment
insurance. That could affect its valuation, above $40 billion, and the
valuation of other firms that rely on
large networks of individuals to
provide rides, clean houses and other services. But the panel said Uber
controls the tools driver use, monitors their approval ratings and terminates their access to the system
if their ratings fall below 4.6 stars.
Uber did not immediately respond to a request for comment.
The panel was ruling on an appeal by Uber of a labour commissioners award of about $4,000 in
expenses to San Francisco-based
driver Barbara Ann Berwick, who
filed her claim in September.