Consumer activist Jehangir B Gai explains a RBI circular that says the customer is not liable for unauthorised transactions that occur due to contributory fraud, negligence, or deficiency on the bank's part.
To educate customers on the modus operandi of financial fraudsters and share inputs on safe banking habits, banks are now coming up with awareness campaigns aimed at preventing customers from falling into the trap of fraudsters.
Here are five things that fraudsters are likely to say or do that should set the alarm bells ringing in your head.
Maharashtra and West Bengal lead the way in bank fraud.
For Indian parents, sending a child abroad for a three-year degree could deplete 48% of their retirement savings, while a four-year degree may consume up to 64%.
With digital adoption fast gaining currency, India is likely to see retail digital payments double to $7 trillion by 2030 from current levels, a study by Kearney and Amazon Pay said. In the report 'How Urban India Pays', Kearney-Amazon Pay said strong adoption of digital payments in online purchases has potentially led to a permanent shift in consumer behaviours, fuelling offline adoption as well.
As you swipe your credit/debit card with carefree abandon at merchant outlets, banks are losing money to the tune of Rs 3,800 crore annaully, says Soumya Kanti Ghosh
Pawan Kumar Soni, a 55-year-old farmer based in Sri Ganganagar City in Rajasthan, became a victim of a cyber fraud when his 26-year-old son Harsh Vardhan opened a link from a phishing message that flashed on his mobile phone.
India recorded 50,035 cases of cyber crime in 2020, an 11.8 per cent surge in such offences over the previous year, according to the National Crime Records Bureau (NCRB) data. The Reserve Bank of India (RBI) last week once again cautioned bank customers of fraud, including those in Know-Your-Customer (KYC) cases. In fact, certain frauds have become more prevalent than others, and being aware of them is the first step towards protect yourself. Mayur Joshi, chief executive officer, Indiaforensic.com, a company engaged in the prevention, detection, and investigation of frauds says, "It is necessary to learn, to read about these scams."
"Today, we're learning about another scam: the so-called Trump University. The New York Attorney General is suing Donald Trump for fraud," she alleged.
The woman, whose complaint of wife swapping rocked the naval base in Kochi in April, was on Saturday arrested by Delhi police for allegedly committing a forgery by procuring a credit card in the name of her estranged husband.
During the trip, check your bank account and credit card statements regularly for unauthorised transactions.
Identity theft occurs when someone uses your information to commit fraud or other crimes.
Wedding.con is a watchable show, if only to caution people about the latest scams, notes Deepa Gahlot.
Customers taking small and convenient steps and some degree of care and precaution while paying digitally will ensure safety and security from new threats that emerge every day, says Avinash Luthria
Gullible bank customers are getting fooled by callers who scare or lure them.
The most difficult case for the consumer is when your card is cloned and used online.
During a three-hour long virtual meeting with CEOs of large public and private sector banks along with heads of NBFCs, the prime minister assured them that the government is ready to take all steps to support the financial sector.
What is digital house arrest? It is a tactic cybercriminals use to confine victims to their homes and scam them, explains Tamal Bandyopadhyay.
The customer will be liable in a limited manner if the negligence is on the part of the customer, such as where she has shared payment credentials
As the new Tax Collection at Source (TCS) on foreign remittances is set to become applicable from October 1, travel agents' body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances.
Domains spoofing the legitimate Olympics Web site, while fake mobile apps masquerading as transport, booking, or other planning apps are also certain to be leveraged by fraudsters during the event, cybersecurity firms say, which puts Indian users also at risk.
As the POS machines are not easily accessible to customers, cashiers are asking customers to tell them the PIN so that they can enter it.
Jaswinder Singh Sekhon, 27, now a Finnish national, used 200 stolen credit card numbers to defraud Wells Fargo Bank of $ 500,000.
The minister asked jewellers not to recover transaction charges for use of debit or credit cards from customers.
While you can always correct them, the sooner you do it the better it is for you, says Sanjay Kumar Singh
Majority of respondents say reading about media reports of such frauds bothers them more than their personal experience.
Karan Bahree, an employee of the Gurgaon-based call centre in the middle of a scam involving leakage of credit card information
Maharashtra witnessed the maximum number of fraud cases relating to credit/debit cards and internet banking in 2012.
The notification has been issued following cyber attacks.
The department has warned taxpayers that illegal 'mobile applications' circulating in the webworld for smartphones, especially Android and BlackBerry phones, 'may not be according to the department's data structure' and parameters.
...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
Viewing with concern the spurt in fictitious and unauthorised e-mails landing in personal Internet addresses of many people, the department is adding a word of 'caution' at the end of each mail sent by them.
Anirudha Kalkote, 24, was produced before a US magistrate in Houston on Friday to face the charges.
Nearly two million e-mandates for recurring payments have been registered with banks and card networks after the Reserve Bank of India (RBI) made it mandatory from October 1 to take prior consent of a customer before debiting her account, sources in know of the matter said. Industry estimates peg the recurring transactions at approximately 2.5 per cent of the total volume of transactions, and about 1.5 per cent in terms of value. Of these, around 75 per cent of domestic recurring transactions, and about 85 per cent international recurring payments are below Rs 5,000.
Customers using mobile wallets, prepaid payments cards, and paper vouchers such as Sodexo have been absolved of liability for fraud if it is reported within three days.
The global study covered 17 countries.
Be extra careful while using credit cards because there is a risk of misuse
