In recent years, banking fraud has increased significantly The Reserve Bank of India (RBI) has issued multiple guidelines to help customers protect them from scandal.
- What to do to protect one’s own money from fraudsters
There is a necessary arrangement to protect the money from the cheaters.
1. Immediate warning for transactions is urgent
According to the report, in all banking transactions, RBI has advised immediately to protect its money. Register your mobile number and email with your bank to be careful. SMS alert for registered phone number is mandatory. It keeps you informed about your bank account, credit card or loan activity. If you ever get warning for your unknown transaction, contact the bank quickly to reduce financial loss. Remember, delay in informing the bank increases the risk of loss.
2. Keep the contact details of the bank’s contact
Banks offer customers’ 24 hours access through various channels like website, phone banking, SMS, email, IVR and toll-free helpline. These are available for reporting the loss/theft of unwanted transactions. So keep your bank contact details to yourself, you can save them on your phone for quick access.
3. Protect Required Information
Do not share your mobile banking password, PIN, OTP (one -time password), CVV (card verification value) or card details with anyone. It is important to keep this information secret to prevent access to others in your account.
3. After reporting fraud in the bank
After telling your bank about a fraudulent transaction, request for acceptance from the lender. The bank will have to solve it within 7 days of getting your complaint.
3. Banking scandal
According to the RBI website, if customers do not share the payment details and inform the bank within three days in the case of fraud transactions, the customers will not hurt. In the following situations the customer may remain zero:
The negligence or deficit of the bank is reported to the transaction.
If you inform the bank within three business days about fraud transactions, the customer is no longer likely to be harmed.
- Prompt reporting is important
If you delay the bank about financial fraud, you can enjoy the result. If the responsibility of a cheating electronic banking transaction is not on the bank or the customer, the system is somewhere else and there is a slight delay in notifying the bank, then the problem may be.