RBI Tips: Follow the tips given by RBI, you will never become a victim of banking fraud...


Fraud has increased significantly in the banking sector in the last few years. Especially, after digitalization, cyber criminals are cheating people in new ways. Sometimes they ask for OTP by showing fear of their debit or credit card being closed, and sometimes they clear the account by cloning the ATM card.


The Reserve Bank has brought guidelines and a to-do list to protect customers from fraud, by following which you can avoid banking fraud.

Do not share personal details with anyone
The first rule to avoid banking fraud is not to share your personal details with anyone. Be it mobile banking password, ATM PIN, or CVV. If someone is asking for OTP over the phone with the fear that your debit or credit card will be blocked, then do not give it to him even by mistake.

Activate instant alert
If banking fraud happens to you, you can take any action against it only if you get information about it in time. For this, you should activate instant alerts for all banking transactions. As soon as you become aware of any wrong transaction, inform the bank immediately. The more you delay this, the greater the possibility of loss.

Keep bank contact details safe
Most of the banks in the country provide 24x7 help to customers to report unauthorized transactions through various means ranging from website, and phone banking to toll-free helpline. You should keep these safely in your phone so that in case of any emergency, you can immediately contact the bank and give it the necessary information. This will give the bank a chance to take timely action.


What will happen if I give information to the bank?
According to RBI rules, if you have not shared your payment details with anyone and have complained of fraud to the bank within three days, all your losses will be compensated. The bank has to resolve the complaint within 90 days of receiving it from the customer. Otherwise, a complaint can be made to RBI.

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