RBI’s suggestions to prevent banking fraud: In recent years, banking fraud Has increased significantly. reserve Bank of India (RBI) has issued several guidelines and tips to help customers protect themselves from scams. what measures should you take to protect You and your money from fraudsters?
Here are the essential steps you should take to protect your money and yourself from fraudsters.
Activate instant alerts for transactions
According to an ET report, RBI has advised to activate immediate alert for all banking Exchange For your safety. Register your mobile number and email with your bank to receive alerts. SMS alerts are mandatory for registered phone numbers, while email alerts are sent for every transaction.
It keeps you informed about the activity on your bank accounts, credit cards or loans. If you receive an alert for an unauthorized transaction, inform the bank immediately to minimize financial losses. Remember, delay in informing the bank increases the risk of loss.
protect sensitive information
Never share your mobile banking password, PIN, OTP (One Time Password), CVV (Card Verification Value), or any card details with anyone. It is important to keep this information confidential to prevent unauthorized access to your accounts.
Read this also Paytm Payments Bank update: RBI announces further steps for UPI customers using @paytm handle
Keep bank contact details handy
Banks provide round-the-clock access to customers through various channels such as website, phone banking, SMS, email, IVR and toll-free helplines. These are available to report unauthorized transactions or loss/theft of payment instruments like cards. Keep your bank contact details readily available, you can save them on your phone for quick access.
Procedure to follow after reporting fraud to your bank
After informing your bank about the fraudulent transaction, request an acknowledgment from the lender. The bank is required to resolve your complaint within 90 days of receiving it.
Here are the essential steps you should take to protect your money and yourself from fraudsters.
Activate instant alerts for transactions
According to an ET report, RBI has advised to activate immediate alert for all banking Exchange For your safety. Register your mobile number and email with your bank to receive alerts. SMS alerts are mandatory for registered phone numbers, while email alerts are sent for every transaction.
It keeps you informed about the activity on your bank accounts, credit cards or loans. If you receive an alert for an unauthorized transaction, inform the bank immediately to minimize financial losses. Remember, delay in informing the bank increases the risk of loss.
protect sensitive information
Never share your mobile banking password, PIN, OTP (One Time Password), CVV (Card Verification Value), or any card details with anyone. It is important to keep this information confidential to prevent unauthorized access to your accounts.
Read this also Paytm Payments Bank update: RBI announces further steps for UPI customers using @paytm handle
Keep bank contact details handy
Banks provide round-the-clock access to customers through various channels such as website, phone banking, SMS, email, IVR and toll-free helplines. These are available to report unauthorized transactions or loss/theft of payment instruments like cards. Keep your bank contact details readily available, you can save them on your phone for quick access.
Procedure to follow after reporting fraud to your bank
After informing your bank about the fraudulent transaction, request an acknowledgment from the lender. The bank is required to resolve your complaint within 90 days of receiving it.
Zero liability in banking scams
According to the RBI website, customers will not suffer any loss if they have not shared their payment details and have not informed the bank immediately within three days of the unauthorized transaction. The customer can enjoy zero liability in the following scenarios:
- Negligence or omission of the bank, even if the transaction has been reported.
- The Bank or the Customer will not be held responsible for violations by third parties, provided the Customer informs the Bank within three working days of receiving the communication about the unauthorized transaction.
Prompt reporting is important
Delay in informing the bank about financial fraud may cost you consequences. If responsibility for the unauthorized electronic banking transaction lies not with the bank or the customer but elsewhere in the system, and the bank delays notifying the customer (four to seven working days after receipt of communication from the bank), there may be limited liability. .
