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NATIONAL CYBER CRIME REPORTING PORTAL - Government of India initiative
NATIONAL CYBERCRIME REPORTING PORTAL :
Dated 21.09.2022 : If you unfortunately become a victim of financial cybercrime like Debit card / credit card misuse , OTP Fraud or on-line banking frauds , or any other cyber crime like social media , cryptocurrency fraud , ransomware , hacking , phishing etc , you can now register your complaint on the portal of Home Ministry , Government of India called " National Cyber Crime Portal " . You can also call helpline number 1930 for the purpose of registering your complaint .
A complaint can be lodged on a financial fraud happened anywhere in India . A foreigner also can complain if crime has happened in India or perpetuator is Indian . Initially you have to register your name and a Indian mobile number in the portal . You will receive a OTP . On entering the OTP , you will be able to file the complaint . OTP will be valid for 30 minutes . Once your complaint is registered , you will get confirmation message in the portal itself .
While complaining , keep evidences like credit card receipt , bank statement , brochure , pamphlet , copy of e-mail , URL of fraudulent website , chat transcripts / voice recordings , suspect mobile number and any other evidence you would like to furnish .
You can also register a complaint on women / child related crimes on the same portal .
Dated 21.09.2022 : If you unfortunately become a victim of financial cybercrime like Debit card / credit card misuse , OTP Fraud or on-line banking frauds , or any other cyber crime like social media , cryptocurrency fraud , ransomware , hacking , phishing etc , you can now register your complaint on the portal of Home Ministry , Government of India called " National Cyber Crime Portal " . You can also call helpline number 1930 for the purpose of registering your complaint .
A complaint can be lodged on a financial fraud happened anywhere in India . A foreigner also can complain if crime has happened in India or perpetuator is Indian . Initially you have to register your name and a Indian mobile number in the portal . You will receive a OTP . On entering the OTP , you will be able to file the complaint . OTP will be valid for 30 minutes . Once your complaint is registered , you will get confirmation message in the portal itself .
While complaining , keep evidences like credit card receipt , bank statement , brochure , pamphlet , copy of e-mail , URL of fraudulent website , chat transcripts / voice recordings , suspect mobile number and any other evidence you would like to furnish .
You can also register a complaint on women / child related crimes on the same portal .
SECURE YOUR BANKING TRANSACTIONS
RBI issues Alert List against Unauthorized FX Dealers
LATEST RBI ALERT LIST OF UNAUTHORIZED FX DEALERS
Dated 25.11.2023 : Reserve Bank of India ( RBI ) has come out with an added Alert List that contains names of entities which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platform (ETP) for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018. This list is not exhaustive and is based on what was known to RBI at the time of publication. An entity not appearing in the list should not be assumed to be authorised by the RBI. The authorisation status of any person / ETP can be ascertained from the list of authorised persons and authorised ETPs. The list of such added entities which are not authorized to deal in FX TRANSACTIONS is given below :
1Admiral Market https://admiralmarkets.com
2BlackBull https://blackbull.com
3Easy Markets https://www.easymarkets.com
4Enclave FX https://enclavefx.com
5Finowiz Fintech Limited https://finowiz.com
6FX SmartBull https://www.fxsmartbull.com
7Fx Tray Market https://www.fxtray.com
8Forex4you https://www.forex4you.com
9GoDo FX https://www.godofx.com
10Growing Capital Services Ltd. https://www.growingcapital.uk
11HF Markets https://www.hfm.com
12HYCM Capital Markets https://hycm.com
13JGCFX https://jgcfx.com
14Just Markets https://justmarkets.com
15PU Prime https://in.puprime.com
16Real Gold Capital Ltd. https://www.realgoldcapitals.com
17TNFX https://tnfx.co
18Ya Markets https://www.yamarkets.com
19Gate Trade Mobile Application
Dated 25.11.2023 : Reserve Bank of India ( RBI ) has come out with an added Alert List that contains names of entities which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platform (ETP) for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018. This list is not exhaustive and is based on what was known to RBI at the time of publication. An entity not appearing in the list should not be assumed to be authorised by the RBI. The authorisation status of any person / ETP can be ascertained from the list of authorised persons and authorised ETPs. The list of such added entities which are not authorized to deal in FX TRANSACTIONS is given below :
1Admiral Market https://admiralmarkets.com
2BlackBull https://blackbull.com
3Easy Markets https://www.easymarkets.com
4Enclave FX https://enclavefx.com
5Finowiz Fintech Limited https://finowiz.com
6FX SmartBull https://www.fxsmartbull.com
7Fx Tray Market https://www.fxtray.com
8Forex4you https://www.forex4you.com
9GoDo FX https://www.godofx.com
10Growing Capital Services Ltd. https://www.growingcapital.uk
11HF Markets https://www.hfm.com
12HYCM Capital Markets https://hycm.com
13JGCFX https://jgcfx.com
14Just Markets https://justmarkets.com
15PU Prime https://in.puprime.com
16Real Gold Capital Ltd. https://www.realgoldcapitals.com
17TNFX https://tnfx.co
18Ya Markets https://www.yamarkets.com
19Gate Trade Mobile Application
RBI ALERT LIST OF UNAUTHORIZED FX DEALERS
Dated 08.09.2022 : Reserve Bank of India ( RBI ) has come out with a Alert List that contains names of entities which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platform (ETP) for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018. This list is not exhaustive and is based on what was known to RBI at the time of publication. An entity not appearing in the list should not be assumed to be authorised by the RBI. The authorisation status of any person / ETP can be ascertained from the list of authorised persons and authorised ETPs. The list of such entities which are not authorized to deal in FX TRANSACTIONS is given below :
Sr. No Name Website
1 Alpari https://alpari.com
2 AnyFX https://anyfx.in
3 Ava Trade https://www.avatrade.com
4 Binomo https://binomoidr.com/in
5 eToro https://www.etoro.com
6 Exness https://www.exness.com
7 Expert Option https://expertoption.com
8 FBS https://fbs.com
9 FinFxPro https://finfxpro.com
10 Forex.com https://www.forex.com
11 Forex4money https://www.forex4money.com
12 Foxorex https://foxorex.com
13 FTMO https://ftmo.com/en
14 FVP Trade https://fvpt-uk.com
15 FXPrimus https://fxprimus.com
16 FXStreet https://www.fxstreet.com
17 FXCM https://www.fxcm.com
18 FxNice https://fx-nice.net
19 FXTM https://www.forextime.com
20 HotForex https://www.hotforex.com
21 ibell Markets https://ibellmarkets.com
22 IC Markets https://www.icmarkets.com
23 iFOREX https://www.iforex.in
24 IG Markets https://www.ig.com
25 IQ Option https://iq-option.com
26 NTS Forex Trading https://ntstradingrobot.com
27 OctaFX https://octaindia.net
https://hi.octafx.com
https://www.octafx.com
28 Olymp Trade https://olymptrade.com
29 TD Ameritrade https://www.tdameritrade.com
30 TP Global FX https://www.tpglobalfx.com
31 Trade Sight FX https://tradesightfx.co.in
32 Urban Forex https://www.urbanforex.com
33 XM https://www.xm.com
34 XTB https://www.xtb.com
The RBI reiterates that resident persons can undertake forex transactions only with authorised persons and for permitted purposes, in terms of the FEMA. While permitted forex transactions can be executed electronically, they should be undertaken only on ETPs authorised for the purpose by the RBI or on recognised stock exchanges viz., National Stock Exchange of India Ltd., BSE Ltd. and Metropolitan Stock Exchange of India Ltd.
RBI cautions the general public and advises not to undertake forex transactions on unauthorised ETPs or remit/deposit money for such unauthorised transactions. Resident persons undertaking forex transactions for purposes other than those permitted under the FEMA or on ETPs not authorised by the RBI shall render themselves liable for legal action under the FEMA.
To read RBI Press release on the matter , CLICK HERE
New Updated Article
TAX PLANNING FOR FY 2023-24 ( AY 2024-25 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
Dated 08.09.2022 : Reserve Bank of India ( RBI ) has come out with a Alert List that contains names of entities which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platform (ETP) for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018. This list is not exhaustive and is based on what was known to RBI at the time of publication. An entity not appearing in the list should not be assumed to be authorised by the RBI. The authorisation status of any person / ETP can be ascertained from the list of authorised persons and authorised ETPs. The list of such entities which are not authorized to deal in FX TRANSACTIONS is given below :
Sr. No Name Website
1 Alpari https://alpari.com
2 AnyFX https://anyfx.in
3 Ava Trade https://www.avatrade.com
4 Binomo https://binomoidr.com/in
5 eToro https://www.etoro.com
6 Exness https://www.exness.com
7 Expert Option https://expertoption.com
8 FBS https://fbs.com
9 FinFxPro https://finfxpro.com
10 Forex.com https://www.forex.com
11 Forex4money https://www.forex4money.com
12 Foxorex https://foxorex.com
13 FTMO https://ftmo.com/en
14 FVP Trade https://fvpt-uk.com
15 FXPrimus https://fxprimus.com
16 FXStreet https://www.fxstreet.com
17 FXCM https://www.fxcm.com
18 FxNice https://fx-nice.net
19 FXTM https://www.forextime.com
20 HotForex https://www.hotforex.com
21 ibell Markets https://ibellmarkets.com
22 IC Markets https://www.icmarkets.com
23 iFOREX https://www.iforex.in
24 IG Markets https://www.ig.com
25 IQ Option https://iq-option.com
26 NTS Forex Trading https://ntstradingrobot.com
27 OctaFX https://octaindia.net
https://hi.octafx.com
https://www.octafx.com
28 Olymp Trade https://olymptrade.com
29 TD Ameritrade https://www.tdameritrade.com
30 TP Global FX https://www.tpglobalfx.com
31 Trade Sight FX https://tradesightfx.co.in
32 Urban Forex https://www.urbanforex.com
33 XM https://www.xm.com
34 XTB https://www.xtb.com
The RBI reiterates that resident persons can undertake forex transactions only with authorised persons and for permitted purposes, in terms of the FEMA. While permitted forex transactions can be executed electronically, they should be undertaken only on ETPs authorised for the purpose by the RBI or on recognised stock exchanges viz., National Stock Exchange of India Ltd., BSE Ltd. and Metropolitan Stock Exchange of India Ltd.
RBI cautions the general public and advises not to undertake forex transactions on unauthorised ETPs or remit/deposit money for such unauthorised transactions. Resident persons undertaking forex transactions for purposes other than those permitted under the FEMA or on ETPs not authorised by the RBI shall render themselves liable for legal action under the FEMA.
To read RBI Press release on the matter , CLICK HERE
New Updated Article
TAX PLANNING FOR FY 2023-24 ( AY 2024-25 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
Where to report online frauds in India ?
WHAT YOU HAVE TO DO WHEN YOU ARE A VICTIM OF BANK FRAUD :
Dated 08.03.2022 : Reserve Bank of India ( RBI ) has come out with a set of simple actions you have to take in case you are victim of credit / debit card fraud through phishing , vishing or by any other mode . The action plan suggested by RBI in their new booklet published recently is
1. Block not only the debit card / credit card but also freeze the debit in the bank account linked to the card by visiting your branch or calling the official customer care number available on the bank’s website. Also, check and ensure the safety of other banking channels such as Net banking, Mobile banking etc., to prevent perpetuation of the fraud once the debit/ credit cards, etc., are blocked following a fraud.
2. Dial helpline number 155260 or 1930 or report the incident on National Cybercrime Reporting Portal (www.cybercrime.gov.in).
3. Reset Mobile: Use (Setting-Reset-Factory Data) to reset mobile if a fraud has occurred due to a data leak from mobile
RBI has also come out with detailed list of precautions to safeguard yourself in the internet banking transactions , debit card / credit card usage online or at a retailer . Some of the suggestions are
Dated 08.03.2022 : Reserve Bank of India ( RBI ) has come out with a set of simple actions you have to take in case you are victim of credit / debit card fraud through phishing , vishing or by any other mode . The action plan suggested by RBI in their new booklet published recently is
1. Block not only the debit card / credit card but also freeze the debit in the bank account linked to the card by visiting your branch or calling the official customer care number available on the bank’s website. Also, check and ensure the safety of other banking channels such as Net banking, Mobile banking etc., to prevent perpetuation of the fraud once the debit/ credit cards, etc., are blocked following a fraud.
2. Dial helpline number 155260 or 1930 or report the incident on National Cybercrime Reporting Portal (www.cybercrime.gov.in).
3. Reset Mobile: Use (Setting-Reset-Factory Data) to reset mobile if a fraud has occurred due to a data leak from mobile
RBI has also come out with detailed list of precautions to safeguard yourself in the internet banking transactions , debit card / credit card usage online or at a retailer . Some of the suggestions are
Prevent credit card frauds
Precautions related to Debit / Credit cards
1. You should deactivate various features of credit / debit card, viz., online transactions both for domestic and international transactions, in case you are not going to use the card for a while and activate the same only when the card usage is required.
2. Similarly, Near Field Communication (NFC) feature should be deactivated, if the card is not to be used.
3. Before entering PIN at any Point of Sale (POS) site or while using the card at an NFC reader, you must carefully check the amount displayed on the POS machine screen and NFC reader
4. Never let the merchant take the card away from your sight for swiping while making a transaction.
5. Cover the keypad with your other hand while entering the PIN at a POS site / ATM.
For E-mail account security
➢ Do not click on links sent through emails from unknown addresses / names.
➢ Avoid opening emails on public or free networks.
➢ Do not store secure credentials / bank passwords, etc., in emails
For password security
1. Use a combination of alphanumeric and special characters in your password.
2. Keep two factor authentication for all your accounts, if such facility is available.
3. Change your passwords periodically.
4. Avoid having you date of birth, spouse name, car number etc. as passwords.
To go through the RBI Booklet " BE(A)WARE – A Booklet on Modus Operandi of Financial Frauds " , CLICK HERE
1. You should deactivate various features of credit / debit card, viz., online transactions both for domestic and international transactions, in case you are not going to use the card for a while and activate the same only when the card usage is required.
2. Similarly, Near Field Communication (NFC) feature should be deactivated, if the card is not to be used.
3. Before entering PIN at any Point of Sale (POS) site or while using the card at an NFC reader, you must carefully check the amount displayed on the POS machine screen and NFC reader
4. Never let the merchant take the card away from your sight for swiping while making a transaction.
5. Cover the keypad with your other hand while entering the PIN at a POS site / ATM.
For E-mail account security
➢ Do not click on links sent through emails from unknown addresses / names.
➢ Avoid opening emails on public or free networks.
➢ Do not store secure credentials / bank passwords, etc., in emails
For password security
1. Use a combination of alphanumeric and special characters in your password.
2. Keep two factor authentication for all your accounts, if such facility is available.
3. Change your passwords periodically.
4. Avoid having you date of birth, spouse name, car number etc. as passwords.
To go through the RBI Booklet " BE(A)WARE – A Booklet on Modus Operandi of Financial Frauds " , CLICK HERE
RBI CAUTIONS BANK CUSTOMERS AGAINST CYBER THREATS AND FRAUDS
Dated 29.01.2022 : Everyday we see fraudsters taking new avatars to fool public and extract their banking details so as to enable them syphon of their bank customers . Such fraudulent messages come in many guises . Some times as income tax refund messages and some times as covid vaccine messages . Main purpose is to extract confidential details like user id, login / transaction password, OTP (one time password), debit / credit card details such as PIN, CVV, expiry date and other personal information. Recently there was anews report that even a bank manager was a victim . in another case a police official was victim . Hence it becomes imperative for us to be cautious while dealing with fradsters in phone or email .
Now in response to such news and report , Reserve Bank of India ( RBI ) has come out with details caution circular .
RBI has listed some of the frauds that takes place like
Vishing - phone calls pretending to be from bank / non-bank e-wallet providers / telecom service providers in order to lure customers into sharing confidential details in the pretext of KYC-updation, unblocking of account / SIM-card, crediting debited amount, etc.
Dated 29.01.2022 : Everyday we see fraudsters taking new avatars to fool public and extract their banking details so as to enable them syphon of their bank customers . Such fraudulent messages come in many guises . Some times as income tax refund messages and some times as covid vaccine messages . Main purpose is to extract confidential details like user id, login / transaction password, OTP (one time password), debit / credit card details such as PIN, CVV, expiry date and other personal information. Recently there was anews report that even a bank manager was a victim . in another case a police official was victim . Hence it becomes imperative for us to be cautious while dealing with fradsters in phone or email .
Now in response to such news and report , Reserve Bank of India ( RBI ) has come out with details caution circular .
RBI has listed some of the frauds that takes place like
Vishing - phone calls pretending to be from bank / non-bank e-wallet providers / telecom service providers in order to lure customers into sharing confidential details in the pretext of KYC-updation, unblocking of account / SIM-card, crediting debited amount, etc.
- Phishing - spoofed emails and / or SMSs designed to dupe customers into thinking that the communication has originated from their bank / e-wallet provider and contain links to extract confidential details.
- Remote Access - by luring customer to download an application on their mobile phone / computer which is able to access all the customers’ data on that customer device.
- Misuse the ‘collect request’ feature of UPI by sending fake payment requests with messages like ‘Enter your UPI PIN’ to receive money.
- Fake numbers of banks / e-wallet providers on webpages / social media and displayed by search engines, etc.
RBI'S prescription on Safe Digital Banking practices
SAFE DIGITAL BANKING PRACTICES
- Never share your account details such as account number, login ID, password, PIN, UPI-PIN, OTP, ATM / Debit card / credit card details with anyone, not even with bank officials, however genuine they might sound.
- Any phone call / email threatening the blocking of your account on the pretext of non-updation of KYC and suggestion to click link for updating the same is a common modus operandi of fraudsters. Do not respond to offers for getting KYC updated / expedited. Always access the official website of your bank / NBFC / e-wallet provider or contact the branch.
- Do not download any unknown app on your phone / device. The app may access your confidential data secretly.
- Transactions involving receipt of money do not require scanning barcodes / QR codes or entering MPIN. Thus, exercise caution if asked to do so.
- Always access the official website of bank / NBFC / e-wallet provider for contact details. Contact numbers on internet search engines may be fraudulent.
- Check URLs and domain names received in emails / SMSs for spelling errors. Use only verified, secured, and trusted websites / apps for online banking, that is, websites starting with ‘’https’’. In case of suspicion, notify local police / cybercrime branch immediately.
- If you receive an OTP for debiting your account for a transaction not initiated by you, inform your bank / e-wallet provider immediately. If you receive a debit SMS for a transaction not done, inform your bank / e-wallet provider immediately and block all modes of debit, including UPI. If you suspect any fraudulent activity in your account, check for any addition to the beneficiary list enabled for internet / mobile banking.
- Do not share the password of your email linked to your bank / e-wallet account. Do not have common passwords for e-commerce / social media sites and your bank account / email linked to your bank account. Avoid banking through public, open or free networks.
- Do not set your email password as the word “password” while registering in any website / application with your email as user-id. The password used for accessing your email, especially if linked with your account, should be unique and used only for email access and not for accessing any other website / application.
- Do not be misled by advices intimating deposit of money on your behalf with RBI for foreign remittances, receipt of commission, or wins of lottery.
- Regularly check your email and phone messages for alerts from your financial service provider. Report any un-authorized transaction observed to your bank / NBFC / Service provider immediately for blocking the card / account / wallet, so as to prevent any further losses.
- Secure your cards and set daily limit for transactions. You may also set limits and activate / deactivate for domestic / international use. This can limit loss due to fraud.
BE CAUTIOUS OF KYC UPDATION CALLS : RBI
Dated 14.09.2021 : Reserve Bank of India ( RBI ) has cautioned to bank customers against falling prey to frauds being perpetrated in the name of KYC updation. .
Normally anonymous callers , impersonating as a bank's telecallers , advise you that you account needs immediate updation of KYC DETAILS along with a threat that your account would be suspended if updation is not done . In disguise of helping you to update your account , they make you to share card nos , PIN , OTPs etc . Otherwise they would send SMS or email giving a link to a dubious website ( lookalike of a bank's website ) and make you to submit such details on their website . Once they get access of your account through the information provided by you either on phone ot through the website , your account would be siphoned off .
Now RBI has cautioned of public not to share account login details, personal information, copies of KYC documents, card information, PIN, password, OTP, etc. with unidentified persons or agencies. Further, they have advised public not to share such details through unverified/ unauthorised websites or applications. In case you receive any such requests, you may contact your bank/branch. and do the needul at the bank itself .
To go through RBI Press Release dated 13.09.2021 , CLICK HERE
Dated 14.09.2021 : Reserve Bank of India ( RBI ) has cautioned to bank customers against falling prey to frauds being perpetrated in the name of KYC updation. .
Normally anonymous callers , impersonating as a bank's telecallers , advise you that you account needs immediate updation of KYC DETAILS along with a threat that your account would be suspended if updation is not done . In disguise of helping you to update your account , they make you to share card nos , PIN , OTPs etc . Otherwise they would send SMS or email giving a link to a dubious website ( lookalike of a bank's website ) and make you to submit such details on their website . Once they get access of your account through the information provided by you either on phone ot through the website , your account would be siphoned off .
Now RBI has cautioned of public not to share account login details, personal information, copies of KYC documents, card information, PIN, password, OTP, etc. with unidentified persons or agencies. Further, they have advised public not to share such details through unverified/ unauthorised websites or applications. In case you receive any such requests, you may contact your bank/branch. and do the needul at the bank itself .
To go through RBI Press Release dated 13.09.2021 , CLICK HERE
CARE TO BE TAKEN ON DIGITAL TRANSACTIONS
Many of us use debit / credit cards from withdrawing cash from ATMs to shopping to on line payments of bills , insurance etc .
As first time users , some may have to take help of others in learning the use of on line applications and e-commerce , they may innocently divulge security information of their cards like PIN , CVV number , Card number etc . It may lead to misuse of their debit / credit cards and ultimately financial loss . Also there are unscrupulous elements taking gullible to fraudulent websites by offering cheap prices on goods etc and cheat them. Even those regularly using internet for on line transactions have to be careful as they would have deal with new sites / dealers etc .
While it is good for the economy to move in the direction of cashless society , one has to be cautious while transacting on line . There are reports , which appear in frequent intervals , of wide spread breaches of security with leading banks and card issuers . Under the circumstances , we advise our readers to be extra cautious while transacting on line and help others , especially illiterate / new users about the precautions to be taken in such transactions .
We give below some of the tips for safe cashless transactions :
1. Do change your ATM PIN once in 3 to 6 months .
2. Memorize your PIN and do not share your ATM PIN with anyone .
3. While transacting at an ATM , keep safe distance in the queue and stand close to ATM machine and use your body and hand to shield the keypad while you enter your PIN . Check for any skimming machines /unauthorized video cameras installed at the place of ATMs
4. Remember to take transaction slip and shred it before discarding it
5. Press the " CANCEL " key before leaving ATM .
6. NEVER SHARE your card number , CW, PIN , OTP , Expiry Date or URN with anyone , even if the person claims to be a bank employee . Sharing these details can lead to unauthorised access to your account .
7. Never keep your Card and PIN together or write your PIN on the card
8. Transact online only at reputed and known online merchants .and on secured sites having https :/
9. Be cautious on e mails / SMS / calls you receive which will ask you to respond and take to their websites . Such websites may be fraudulent and you may divulge your card details thinking that you are transacting on genuine website . If you have to go any e commerce / banking site , Type the name of website in google / other search pages , verify whether it is secured site of the merchant / bank and then transact .
10. Now some banks are giving option of block / unblock the card, set geographical limits like where cards can be used and daily / total limit . Please utilize those features and make your cards more secure . Set the daily limit as normally required by you . In case of need , you may go and raise the limit to the required level before using such higher limit .
11. Report lost or stolen cards immediately .
12. Always check for messages from banks for usage of your card , verify the genuineness / correctness of amount . If there is discrepancy , immediately take up with the bank .
13 . Check for account balance and statements often to know about any unauthorized transaction taking place .
14. In case of emergency , have telephone numbers of issuers of your card . Information may also be available on their web sites .
To visit their websites , you may take the help of following LINK
TAIL PIECE : ONCE UP ON A TIME , GULLIBLE ILLITERATES WERE CHEATED BY OBTAINING LEFT HAND THUMB IMPRESSIONS ON BLANK PAPERS . NOW INDIA HAS PROGRESSED AND DIGITALISED . NOW THEY ARE CHEATED BY OBTAINING PASSWORDS
DO NOT SHARE OTP RECEIVED TO CALLERS TO AVOID SIPHONING OFF MONEY :
Dated 08.01.2021 : Nowadays One Time Password or OTP has become essential to complete any on -line transactions . Whether it's for Aaadhaar or KYC updating or banking transactions , concerned authorities or banks send you the OTP to confirm the transaction . Once it is confirmed through input of OTP , transaction will go through and payments will be done or any service request will be completed .
Thieves , knowing the essence of OTP confirmation , are duping many people by calling them on their mobiles to get OTP sent by the banks / UIDAI etc to them to complete the financial transactions initiated by the thieves themselves and empty your bank accounts .
Some of the Modus operandi followed are :
1 . Guise of Covid Vaccine Registration : They request you to provide / confirm your Aaadhaar number for registering for covid vaccine . Once you provide them the details , you will get an OTP . Caller will ask you to share the OTP with him / her . Once you share OTP , your bank account linked to the aadhaar will be lighter by few thouands Rupees .
2. Issue of CHIP CARD : Many banks / credit card issuers are issuing fresh Chip cards in place of the existing cards . Either callers would have already got card number , expiry date etc or you will be requested to provide / confirm the details . Once you provide details , you will get OTP for completing the transaction . If you share OTP , as requested by the caller , your bank account will be emptied or credit card will be siphoned off .
3 . Income Tax Refund : In guise of IT authorities checking on the status of IT Refund , caller will make you to provide your account details . You will get an OTP on providing the details . Once you provide the OTP received to the caller , your account will be debited .
The thieves find various other types of excuses and their ultimate aim is to collect your data like Aadhaar Number , credit card detail , bank account details . If they have already stolen such details from other sources , call will be to get confirmation of data . Once they have such details , they initiate transactions to siphon off your account . But they require OTP sent by banks to complete the transaction . If you share the OTP you received , it's their victory over your account and you end up losing from few thousands rupees to few lakhs .
Hence never share YOUR DETAILS OR OTP TO ANY CALLER . If you think the caller is genuine , even then you may gather information from such callers and directly go to the authority websites to do any on-line transaction . Don't fall prey .
Dated 08.01.2021 : Nowadays One Time Password or OTP has become essential to complete any on -line transactions . Whether it's for Aaadhaar or KYC updating or banking transactions , concerned authorities or banks send you the OTP to confirm the transaction . Once it is confirmed through input of OTP , transaction will go through and payments will be done or any service request will be completed .
Thieves , knowing the essence of OTP confirmation , are duping many people by calling them on their mobiles to get OTP sent by the banks / UIDAI etc to them to complete the financial transactions initiated by the thieves themselves and empty your bank accounts .
Some of the Modus operandi followed are :
1 . Guise of Covid Vaccine Registration : They request you to provide / confirm your Aaadhaar number for registering for covid vaccine . Once you provide them the details , you will get an OTP . Caller will ask you to share the OTP with him / her . Once you share OTP , your bank account linked to the aadhaar will be lighter by few thouands Rupees .
2. Issue of CHIP CARD : Many banks / credit card issuers are issuing fresh Chip cards in place of the existing cards . Either callers would have already got card number , expiry date etc or you will be requested to provide / confirm the details . Once you provide details , you will get OTP for completing the transaction . If you share OTP , as requested by the caller , your bank account will be emptied or credit card will be siphoned off .
3 . Income Tax Refund : In guise of IT authorities checking on the status of IT Refund , caller will make you to provide your account details . You will get an OTP on providing the details . Once you provide the OTP received to the caller , your account will be debited .
The thieves find various other types of excuses and their ultimate aim is to collect your data like Aadhaar Number , credit card detail , bank account details . If they have already stolen such details from other sources , call will be to get confirmation of data . Once they have such details , they initiate transactions to siphon off your account . But they require OTP sent by banks to complete the transaction . If you share the OTP you received , it's their victory over your account and you end up losing from few thousands rupees to few lakhs .
Hence never share YOUR DETAILS OR OTP TO ANY CALLER . If you think the caller is genuine , even then you may gather information from such callers and directly go to the authority websites to do any on-line transaction . Don't fall prey .
BE CAREFUL OF UNAUTHORISED LENDING PLATFORMS : RBI
Dated 24.12.2020 : We often get messages , e-mails and calls offering quick loans in minutes and promising loans in minutes and hours and all we have to do is agree to their terms and provide them our bank details . For the purpose , lenders have created / use mobile apps also . If we are in dire need , we may take the loans without knowing the credentials of the lender or terms , conditions , fees and interest rates of such loans . We would have fallen in to a debt trap .
Recently there is a news about such borrowers falling prey and later committing suicide without able to bear the harassment from the agents of such lenders . It is reported further that Hyderabad Police Commissionerate conducted probe on the matter and raided at call centres in Hyderabad and Haryana’s Gurugram, where hundreds of employees were given the task of calling up clients, harassing them for not repaying the amount, shaming them online, and even threatening them Some of the apps used by the lenders include Cash Mama, Loan Zone, Dhana Dhan, Cash Era, Cash Lion, Mastermelon, Lucky Wallet and Coco Cash . ( We have not independently verified whether the apps have any adverse features and how they are used to collect info on borrowers and harasss them )
In view of such adverse reports received by RBI , it has cautioned individuals/small businesses against falling prey to growing number of unauthorised digital lending platforms/Mobile Apps on promises of getting loans in quick and hassle-free manner. RBI also warns of excessive rates of interest and additional hidden charges being demanded from borrowers, adoption of unacceptable and high-handed recovery methods and misuse of agreements to access data on the mobile phones of the borrowers.
Hence Reserve Bank has advised public to use only digital lending platforms used by authorised Banks and NBFCs who should disclose name of the Bank(s) or NBFC(s) upfront to the customers.
PLAN N PROGRESS ADDS :
1. Plan your finance well in advance
2. If your plan includes borrowing , check the loan available from various sources , choose the one where charges and interest rates are reasonable and verify about the terms and conditions ( To check whether you can comply with them without any hazard )
3. Pay within due date to avoid penal interest , frequent calls from lender and harassment .
4. For emergencies , you have credit cards and pay within due dates of payment . In case you are unable to pay within due date , get the outstanding converted in to EMI which will have a reasonable interest rate .
5 . Do not take loans / use credit card , just because credit is available . Live within your means .
In case you have any complaint against any lender about harassment , you may lodge a complaint with RBI by CLICKING HERE
Dated 24.12.2020 : We often get messages , e-mails and calls offering quick loans in minutes and promising loans in minutes and hours and all we have to do is agree to their terms and provide them our bank details . For the purpose , lenders have created / use mobile apps also . If we are in dire need , we may take the loans without knowing the credentials of the lender or terms , conditions , fees and interest rates of such loans . We would have fallen in to a debt trap .
Recently there is a news about such borrowers falling prey and later committing suicide without able to bear the harassment from the agents of such lenders . It is reported further that Hyderabad Police Commissionerate conducted probe on the matter and raided at call centres in Hyderabad and Haryana’s Gurugram, where hundreds of employees were given the task of calling up clients, harassing them for not repaying the amount, shaming them online, and even threatening them Some of the apps used by the lenders include Cash Mama, Loan Zone, Dhana Dhan, Cash Era, Cash Lion, Mastermelon, Lucky Wallet and Coco Cash . ( We have not independently verified whether the apps have any adverse features and how they are used to collect info on borrowers and harasss them )
In view of such adverse reports received by RBI , it has cautioned individuals/small businesses against falling prey to growing number of unauthorised digital lending platforms/Mobile Apps on promises of getting loans in quick and hassle-free manner. RBI also warns of excessive rates of interest and additional hidden charges being demanded from borrowers, adoption of unacceptable and high-handed recovery methods and misuse of agreements to access data on the mobile phones of the borrowers.
Hence Reserve Bank has advised public to use only digital lending platforms used by authorised Banks and NBFCs who should disclose name of the Bank(s) or NBFC(s) upfront to the customers.
PLAN N PROGRESS ADDS :
1. Plan your finance well in advance
2. If your plan includes borrowing , check the loan available from various sources , choose the one where charges and interest rates are reasonable and verify about the terms and conditions ( To check whether you can comply with them without any hazard )
3. Pay within due date to avoid penal interest , frequent calls from lender and harassment .
4. For emergencies , you have credit cards and pay within due dates of payment . In case you are unable to pay within due date , get the outstanding converted in to EMI which will have a reasonable interest rate .
5 . Do not take loans / use credit card , just because credit is available . Live within your means .
In case you have any complaint against any lender about harassment , you may lodge a complaint with RBI by CLICKING HERE
COVID 19- RELATED PHISHING ATTACKS FEARED :
26.06.2020 : It has been reported by Cert-In ( Indian Computer Emergency Response Team ) of Ministry of Electronics and Information Technology Government of India that some mischievous entities are planning a large-scale phishing attack campaign against Indian individuals and businesses . The phishing campaign is expected to use malicious emails under the pretext of local authorities. Such emails are designed to drive people towards fake websites where they are deceived into downloading malicious files or entering personal and financial information.
The phishing campaign is expected to be in government agencies, departments, and trade associations .The culprits are claiming to have 2 million email IDs and are planning to send emails with the subject: free COVID-19 testing for all residents of Delhi, Mumbai, Hyderabad, Chennai and Ahmedabad, inciting them to provide personal information. It has been reported that these malicious actors are planning to spoof or create fake email IDs impersonating various authorities. The email id expected to be used for the phishing campaign to be from emails such as "[email protected]" and the attack campaign is expected to start on 21st June 2020.The email may look as follows:
TO KNOW WHAT IS PHISHING , CLICK HERE
GUIDELINES GIVEN BY CERT-IN TO SAFEGUARD AGAINST SUCH PHISHING ATTACKS :
1. Don't open attachments in unsolicited e-mails, even if they come from people in your contact list, and never click on a URL contained in an unsolicited e-mail, even if the link seems benign. In cases of genuine URLs close out the e-mail and go to the organization's website directly through browser.
2. Leverage Pretty Good Privacy in mail communications. Additionally, advise the users to encrypt / protect the sensitive documents stored in the internet facing machines to avoid potential leakage Exercise caution when opening e-mail attachments even if the attachment is expected and thesender appears to be known.
3.Scan for and remove suspicious e-mail attachments; ensure the scanned attachment is its "truefile type" (i.e. the extension matches the file header). Block the attachments of file types, "exe|pif|tmp|url|vb|vbe|scr|reg|cer|pst|cmd|com|bat|dll|dat|hlp|hta|js|wsf"
4.Beware about phishing domain, spelling errors in emails, websites and unfamiliar email senders
5. Check the integrity of URLs before providing login credentials or clicking a link.
6.Do not submit personal information to unknown and unfamiliar websites.
7.Beware of clicking form phishing URLs providing special offers like winning prize, rewards, cashback offers.
8.Consider using Safe Browsing tools, filtering tools (antivirus and content-based filtering) in your antivirus, firewall, and filtering services.
9.Update spam filters with latest spam mail contents
Any unusual activity or attack should be reported immediately at [email protected]. with the relevant logs, email headers for the analysis of the attacks and taking further appropriate action .
To read complete guidelines given by CERT-IN , CLICK HERE
26.06.2020 : It has been reported by Cert-In ( Indian Computer Emergency Response Team ) of Ministry of Electronics and Information Technology Government of India that some mischievous entities are planning a large-scale phishing attack campaign against Indian individuals and businesses . The phishing campaign is expected to use malicious emails under the pretext of local authorities. Such emails are designed to drive people towards fake websites where they are deceived into downloading malicious files or entering personal and financial information.
The phishing campaign is expected to be in government agencies, departments, and trade associations .The culprits are claiming to have 2 million email IDs and are planning to send emails with the subject: free COVID-19 testing for all residents of Delhi, Mumbai, Hyderabad, Chennai and Ahmedabad, inciting them to provide personal information. It has been reported that these malicious actors are planning to spoof or create fake email IDs impersonating various authorities. The email id expected to be used for the phishing campaign to be from emails such as "[email protected]" and the attack campaign is expected to start on 21st June 2020.The email may look as follows:
TO KNOW WHAT IS PHISHING , CLICK HERE
GUIDELINES GIVEN BY CERT-IN TO SAFEGUARD AGAINST SUCH PHISHING ATTACKS :
1. Don't open attachments in unsolicited e-mails, even if they come from people in your contact list, and never click on a URL contained in an unsolicited e-mail, even if the link seems benign. In cases of genuine URLs close out the e-mail and go to the organization's website directly through browser.
2. Leverage Pretty Good Privacy in mail communications. Additionally, advise the users to encrypt / protect the sensitive documents stored in the internet facing machines to avoid potential leakage Exercise caution when opening e-mail attachments even if the attachment is expected and thesender appears to be known.
3.Scan for and remove suspicious e-mail attachments; ensure the scanned attachment is its "truefile type" (i.e. the extension matches the file header). Block the attachments of file types, "exe|pif|tmp|url|vb|vbe|scr|reg|cer|pst|cmd|com|bat|dll|dat|hlp|hta|js|wsf"
4.Beware about phishing domain, spelling errors in emails, websites and unfamiliar email senders
5. Check the integrity of URLs before providing login credentials or clicking a link.
6.Do not submit personal information to unknown and unfamiliar websites.
7.Beware of clicking form phishing URLs providing special offers like winning prize, rewards, cashback offers.
8.Consider using Safe Browsing tools, filtering tools (antivirus and content-based filtering) in your antivirus, firewall, and filtering services.
9.Update spam filters with latest spam mail contents
Any unusual activity or attack should be reported immediately at [email protected]. with the relevant logs, email headers for the analysis of the attacks and taking further appropriate action .
To read complete guidelines given by CERT-IN , CLICK HERE
YES BANK AND LESSONS FOR US
Dated 09.03.2020 : Recently Reserve Bank of India ( RBI ) has placed moratorium on Private bank Yes Bnak Limited and put restrictions on operations of under section 35A of Banking Regulations Act and customers of PMC bank were not be allowed to draw more than Rs 50,000 from their all accounts In result , many customers of the bank were put to great difficulties , especially if Yes Bank was their only banker . All their savings got struck up and running of their daily life affected . Reserve Bank of India has since come out with a re-structural plan for the bank that involves SBI investment . Meantime the customers are having uncertainty as when they would be able to draw all their money . The difficulty faced is not only by the depositors of the bank . The customers who have overdraft account will not be able to draw the unused balance .
Last year we had seen similar situation for the customers of Mumbai based PMC Bank and customers have not got the solution so far . Earlier leading stock broker M/S Karvy's were suspended from operating in stock market and the funds of many investors were struck up .
With India facing multiples of problems like economic slowdown , high unemployment , mounting NPAs , beleaguered NBFCs added with global problem arising out of corona virus , the odds of more financial institutions going in to seize of uncertainty cannot be ruled out . Though government is taking steps to address the individual issues , we have to watch and wait for the positive results . In the mean time , it will be prudent to be cautious . One of the solutions we advise is to diversify .
NEED FOR DIVERSIFICATION
We all have to understand that whatever may be the safety level or returns offered , diversification is the tool to avoid being ruined by unexpected accidents happening on our investments . Bank deposits and cash holdings are classified as safest class of investment and still there is no guarantee that they are 100 % safe . Banks may fail or just their systems may be down or we may not be able to access our accounts due to multitude of reasons . Similarly cash may be stolen or demonetized . Debt instruments , equities , mutual funds or even insurance policies will carry their own risk . in any case , diversification will at least allow us to fall back on some other source if one source fails . Best thing is to maintain accounts in more than one bank , invest in different classes of assets with different issuers . Diversify and mitigate your risks . Put your liquid money in two or three banks . invest in at least 10 different stocks , spread your mutual funds in four or five types of funds with different issuers , take insurance from two or more insurance companies . Even don't keep all your cash in single pocket .
Another advantage of diversifying in bank accounts is DICGC cover . Now Guarantee cover available for bank deposits is Rs 5.00 lakhs per customer of a bank . Hence if you limit your exposure to Rs 5 .00 lakhs to one bank and spread deposits to other bank , your deposits will be covered up to rs 5.00 lakhs in each bank . You will feel safer .
If you are yet to diversify your banking activity , it is high time to do so .
Dated 09.03.2020 : Recently Reserve Bank of India ( RBI ) has placed moratorium on Private bank Yes Bnak Limited and put restrictions on operations of under section 35A of Banking Regulations Act and customers of PMC bank were not be allowed to draw more than Rs 50,000 from their all accounts In result , many customers of the bank were put to great difficulties , especially if Yes Bank was their only banker . All their savings got struck up and running of their daily life affected . Reserve Bank of India has since come out with a re-structural plan for the bank that involves SBI investment . Meantime the customers are having uncertainty as when they would be able to draw all their money . The difficulty faced is not only by the depositors of the bank . The customers who have overdraft account will not be able to draw the unused balance .
Last year we had seen similar situation for the customers of Mumbai based PMC Bank and customers have not got the solution so far . Earlier leading stock broker M/S Karvy's were suspended from operating in stock market and the funds of many investors were struck up .
With India facing multiples of problems like economic slowdown , high unemployment , mounting NPAs , beleaguered NBFCs added with global problem arising out of corona virus , the odds of more financial institutions going in to seize of uncertainty cannot be ruled out . Though government is taking steps to address the individual issues , we have to watch and wait for the positive results . In the mean time , it will be prudent to be cautious . One of the solutions we advise is to diversify .
NEED FOR DIVERSIFICATION
We all have to understand that whatever may be the safety level or returns offered , diversification is the tool to avoid being ruined by unexpected accidents happening on our investments . Bank deposits and cash holdings are classified as safest class of investment and still there is no guarantee that they are 100 % safe . Banks may fail or just their systems may be down or we may not be able to access our accounts due to multitude of reasons . Similarly cash may be stolen or demonetized . Debt instruments , equities , mutual funds or even insurance policies will carry their own risk . in any case , diversification will at least allow us to fall back on some other source if one source fails . Best thing is to maintain accounts in more than one bank , invest in different classes of assets with different issuers . Diversify and mitigate your risks . Put your liquid money in two or three banks . invest in at least 10 different stocks , spread your mutual funds in four or five types of funds with different issuers , take insurance from two or more insurance companies . Even don't keep all your cash in single pocket .
Another advantage of diversifying in bank accounts is DICGC cover . Now Guarantee cover available for bank deposits is Rs 5.00 lakhs per customer of a bank . Hence if you limit your exposure to Rs 5 .00 lakhs to one bank and spread deposits to other bank , your deposits will be covered up to rs 5.00 lakhs in each bank . You will feel safer .
If you are yet to diversify your banking activity , it is high time to do so .
DATA OF INDIAN CARDS ON SALE IN BLACK MARKET : MEDIA REPORT
Dated 01.11.2019 : According to media reports , data of more than 13 lakh debit / credit cards issued by Indian Banks are on sale in international black cyber market . It is reported that Reserve Bank of India has asked Indian banks to investigate the genuineness of the report , take appropriate actions including blocking of the cards and re-issue .
Recently Singapore based Technology website ZD Net reported that the data of mostly Indian cards are on sale at Joker's stash ( An illegal cards selling internet website ) for a price of USD 100 per card . It also reported that most of the data pertains to Indian card holders and consists of customers of various Indian Banks . Further it suspected that the data is collected via skimming instruments installed on ATM / POS machines . It also reported that more than 40 % cards belong to a single Indian bank .
KNOW WHAT IS PHISHING
Dated 01.11.2019 : According to media reports , data of more than 13 lakh debit / credit cards issued by Indian Banks are on sale in international black cyber market . It is reported that Reserve Bank of India has asked Indian banks to investigate the genuineness of the report , take appropriate actions including blocking of the cards and re-issue .
Recently Singapore based Technology website ZD Net reported that the data of mostly Indian cards are on sale at Joker's stash ( An illegal cards selling internet website ) for a price of USD 100 per card . It also reported that most of the data pertains to Indian card holders and consists of customers of various Indian Banks . Further it suspected that the data is collected via skimming instruments installed on ATM / POS machines . It also reported that more than 40 % cards belong to a single Indian bank .
KNOW WHAT IS PHISHING
KNOW YOUR LIABILITY IN CASE OF UNAUTHORIZED DEBIT IN YOUR ACCOUNT
If your account is debited due to an unauthorized electronic transaction , liability will be accruing to either you or your banker as follows :
1. If there is no negligence on your part in the transaction , you will have no liability for the debit if you report within 3 working days of the transaction . Keep the telephone number / 24x7 toll free number of your bank and e-mail address of your bank handy stored in a safe place so that you can report wrongful debit and save yourself from any liability on account of such transactions .
2. If you report between 4 to 7 days of transaction , your liability will be restricted to Rs 10,000 if you are a savings bank customer or MSME customer or current account / cash credit / overdraft customer with less than Rs 25 lakhs average balance or you are having credit card with limit of Rs 5.00 laks or less . For all other customers , liability will be restricted to Rs 25,000
3. Banks are advised to reimburse the loss to customers within 10 days of reporting . If customers do not report fraudulent transactions within 7 days , customers have to be reimbursed as per the policy of concerned banks .
4. If there is a contributory fraud / negligence / deficiency on part of bank or by third party facilitating the transaction , then you will bear no liability , even when transaction is not reported . Onus of proving liability of customer lies with the bank . Banks are advised to resolve all complaints within 90 days .
5. If there is negligence on your part as a customer , you have to bear the loss till it is reported to the bank . Once reported to the bank , any loss arising after reporting have to be borne by the bank
Banks have been advised to alert all on-line transactions to customers by way of SMS mandatorily and by E-mail if customers have provided e-mail address . Banks should enable the customers to " reply " to such messages so that banks are informed of any fraud / error in the transaction . Further banks are advised to provide 24 X 7 access for reporting by various modes like website , e-mail , SMS , IVR , Dedicated toll-free helpline and reporting to home branch .
FOR RBI NOTIFICATION , CLICK HERE
If your account is debited due to an unauthorized electronic transaction , liability will be accruing to either you or your banker as follows :
1. If there is no negligence on your part in the transaction , you will have no liability for the debit if you report within 3 working days of the transaction . Keep the telephone number / 24x7 toll free number of your bank and e-mail address of your bank handy stored in a safe place so that you can report wrongful debit and save yourself from any liability on account of such transactions .
2. If you report between 4 to 7 days of transaction , your liability will be restricted to Rs 10,000 if you are a savings bank customer or MSME customer or current account / cash credit / overdraft customer with less than Rs 25 lakhs average balance or you are having credit card with limit of Rs 5.00 laks or less . For all other customers , liability will be restricted to Rs 25,000
3. Banks are advised to reimburse the loss to customers within 10 days of reporting . If customers do not report fraudulent transactions within 7 days , customers have to be reimbursed as per the policy of concerned banks .
4. If there is a contributory fraud / negligence / deficiency on part of bank or by third party facilitating the transaction , then you will bear no liability , even when transaction is not reported . Onus of proving liability of customer lies with the bank . Banks are advised to resolve all complaints within 90 days .
5. If there is negligence on your part as a customer , you have to bear the loss till it is reported to the bank . Once reported to the bank , any loss arising after reporting have to be borne by the bank
Banks have been advised to alert all on-line transactions to customers by way of SMS mandatorily and by E-mail if customers have provided e-mail address . Banks should enable the customers to " reply " to such messages so that banks are informed of any fraud / error in the transaction . Further banks are advised to provide 24 X 7 access for reporting by various modes like website , e-mail , SMS , IVR , Dedicated toll-free helpline and reporting to home branch .
FOR RBI NOTIFICATION , CLICK HERE
PMC BANK EPISODE AND LESSONS FOR BANK DEPOSITORS
Dated 27.09.2019 : Recently Reserve Bank of India ( RBI ) has put restrictions on operations of Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra ( PMC Bank ) under section 35A of Banking Regulations Act and customers of PMC bank were not be allowed to draw more than Rs 1,000 from their all accounts which was later enhanced to Rs 10,000 . In result , many customers of the bank were put to great difficulties , especially if PMC Bank was their only banker . All their savings got struck up and running of their daily life affected . The customers are having uncertainty as when they would be able to draw all their money , if bank is not declared insolvent . If bank fails , they would get maximum of Rs 1.00 lakh , guaranteed by DICGC . We could see panic gripping on the face of such customers in TV clippings .
It is reported in some media that the cause of problem of PMC Bank was extending large credit to a single entity who failed recently . That means the bank had not shown prudence of diversifying their credit portfolio and not adhered to single party exposure norms . Only investigations being conducted by the authorities will bring up the real reason why bank is in difficulty .
Problems being faced by many customers of the bank are the same as of the bank said to be undergoing . They had put all their savings in accounts with a single bank without diversifying their risk . Probably they were lured by higher interest being paid by the co-operative bank or excellent customer services being offered by the bank . Whatever be the reason , they had put all their eggs in a single basket and the basket is in trouble .
NEED FOR DIVERSIFICATION
We all have to understand that whatever may be the safety level or returns offered , diversification is the tool to avoid being ruined by unexpected accidents happening on our investments . Bank deposits and cash holdings are classified as safest class of investment and still there is no guarantee that they are 100 % safe . Banks may fail or just their systems may be down or we may not be able to access our accounts due to multitude of reasons . Similarly cash may be stolen or demonetized . Debt instruments , equities , mutual funds or even insurance policies will carry their own risk . in any case , diversification will at least allow us to fall back on some other source if one source fails . Best thing is to maintain accounts in more than one bank , invest in different classes of assets with different issuers . Diversify and mitigate your risks . Put your liquid money in two or three banks . invest in at least 10 different stocks , spread your mutual funds in four or five types of funds with different issuers , take insurance from two or more insurance companies . Even don't keep all your cash in single pocket .
FOR RBI NOTIFICATION ON PMS BANK , CLICK HERE
Dated 27.09.2019 : Recently Reserve Bank of India ( RBI ) has put restrictions on operations of Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra ( PMC Bank ) under section 35A of Banking Regulations Act and customers of PMC bank were not be allowed to draw more than Rs 1,000 from their all accounts which was later enhanced to Rs 10,000 . In result , many customers of the bank were put to great difficulties , especially if PMC Bank was their only banker . All their savings got struck up and running of their daily life affected . The customers are having uncertainty as when they would be able to draw all their money , if bank is not declared insolvent . If bank fails , they would get maximum of Rs 1.00 lakh , guaranteed by DICGC . We could see panic gripping on the face of such customers in TV clippings .
It is reported in some media that the cause of problem of PMC Bank was extending large credit to a single entity who failed recently . That means the bank had not shown prudence of diversifying their credit portfolio and not adhered to single party exposure norms . Only investigations being conducted by the authorities will bring up the real reason why bank is in difficulty .
Problems being faced by many customers of the bank are the same as of the bank said to be undergoing . They had put all their savings in accounts with a single bank without diversifying their risk . Probably they were lured by higher interest being paid by the co-operative bank or excellent customer services being offered by the bank . Whatever be the reason , they had put all their eggs in a single basket and the basket is in trouble .
NEED FOR DIVERSIFICATION
We all have to understand that whatever may be the safety level or returns offered , diversification is the tool to avoid being ruined by unexpected accidents happening on our investments . Bank deposits and cash holdings are classified as safest class of investment and still there is no guarantee that they are 100 % safe . Banks may fail or just their systems may be down or we may not be able to access our accounts due to multitude of reasons . Similarly cash may be stolen or demonetized . Debt instruments , equities , mutual funds or even insurance policies will carry their own risk . in any case , diversification will at least allow us to fall back on some other source if one source fails . Best thing is to maintain accounts in more than one bank , invest in different classes of assets with different issuers . Diversify and mitigate your risks . Put your liquid money in two or three banks . invest in at least 10 different stocks , spread your mutual funds in four or five types of funds with different issuers , take insurance from two or more insurance companies . Even don't keep all your cash in single pocket .
FOR RBI NOTIFICATION ON PMS BANK , CLICK HERE
RBI WARNS OF NEW DIGITAL FRAUD : NEWS MEDIA
Dated 17.02.2019 : It is reported in print media that Reserve Bank of India has warned through an advisory to bankers of an emerging digital fraud targetting UPI ( Unified Payment Interface ) apps of the victims in their devices .
In the modus operandi , victims are made to download an App called Anydesk . ( It is an app used for accessing all applications , programmes , documents and files from anywhere in the world and generally used by software professionals . ) It is reported that RBI has warned that fraudsters gain access to the victim's mobiles by making victims to share a 9 digit code generated by the app and run transactions on the victim's UPI platform or any other mobile app and siphon off the funds .
Anydesk app is a legitamate app used by many to access stored data , files , documents and programmes in one device through other devices . However we have accessed a blog article which informs that fraudsters have released a variant of the app bundled with a ransomware . The ransomware is used to siphon off funds from the victim's account . ( We have not verified the authenticity of the blog )
We advise our readers to be careful before downloading any app in their mobiles , especially canvassed by unknown and unsolicited sources . It may contain malware / ransomware and siphon off funds from your accounts .
Dated 17.02.2019 : It is reported in print media that Reserve Bank of India has warned through an advisory to bankers of an emerging digital fraud targetting UPI ( Unified Payment Interface ) apps of the victims in their devices .
In the modus operandi , victims are made to download an App called Anydesk . ( It is an app used for accessing all applications , programmes , documents and files from anywhere in the world and generally used by software professionals . ) It is reported that RBI has warned that fraudsters gain access to the victim's mobiles by making victims to share a 9 digit code generated by the app and run transactions on the victim's UPI platform or any other mobile app and siphon off the funds .
Anydesk app is a legitamate app used by many to access stored data , files , documents and programmes in one device through other devices . However we have accessed a blog article which informs that fraudsters have released a variant of the app bundled with a ransomware . The ransomware is used to siphon off funds from the victim's account . ( We have not verified the authenticity of the blog )
We advise our readers to be careful before downloading any app in their mobiles , especially canvassed by unknown and unsolicited sources . It may contain malware / ransomware and siphon off funds from your accounts .
NEW BANKING FRAUD : OTP THEFT
Dated 17.01.2019 : It is being reported both in social media as well as print media that many bank customers are now becoming victims of a new fraud wherein OTP received from the banks is stolen to siphon off funds from bank accounts .
In the new modus operandi , persons disguising as bank employees or bank representatives call potential victims , in the guise of updating card details , and seek card numbers , expiry date and CVV of the card . The caller would advise that victim would be receiving a SMS giving OTP number . On receipt of SMS , OTP number would be stolen using a malware or victim would be asked to return the SMS to the sender . Actually in any case , OTP number will reach the scamsters and they would remove the funds from the account in seconds .
Sometimes the fraudster callers might have already have procured your card number , date of birth , expiry date etc by data theft and still would be requiring CVV number and OTP to complete unauthorised debit . They might provide you on phone all the correct details on your card to lure to part with CVV number and then OTP . In any case do not divulge any card information including CVV number and OTP to any strange callers , even if they pose as bank employees . For any information on your card , either you call official help-line numbers or visit your bank branch .
In case you become a victim of any fraud , you call immediately your bank to stop the transactions if possible . As parting with your CVV number and OTP may be considered as negligence , you will may not get protection loss protection under the present regulation of RBI .
Keep the telephone number / 24x7 toll free number of your bank and e-mail address of your bank handy stored in a safe place so that you can report wrongful debit / FRAUD and save yourself from any liability on account of such transactions .
Be vigilant and Have safe banking
Dated 17.01.2019 : It is being reported both in social media as well as print media that many bank customers are now becoming victims of a new fraud wherein OTP received from the banks is stolen to siphon off funds from bank accounts .
In the new modus operandi , persons disguising as bank employees or bank representatives call potential victims , in the guise of updating card details , and seek card numbers , expiry date and CVV of the card . The caller would advise that victim would be receiving a SMS giving OTP number . On receipt of SMS , OTP number would be stolen using a malware or victim would be asked to return the SMS to the sender . Actually in any case , OTP number will reach the scamsters and they would remove the funds from the account in seconds .
Sometimes the fraudster callers might have already have procured your card number , date of birth , expiry date etc by data theft and still would be requiring CVV number and OTP to complete unauthorised debit . They might provide you on phone all the correct details on your card to lure to part with CVV number and then OTP . In any case do not divulge any card information including CVV number and OTP to any strange callers , even if they pose as bank employees . For any information on your card , either you call official help-line numbers or visit your bank branch .
In case you become a victim of any fraud , you call immediately your bank to stop the transactions if possible . As parting with your CVV number and OTP may be considered as negligence , you will may not get protection loss protection under the present regulation of RBI .
Keep the telephone number / 24x7 toll free number of your bank and e-mail address of your bank handy stored in a safe place so that you can report wrongful debit / FRAUD and save yourself from any liability on account of such transactions .
Be vigilant and Have safe banking
SECURED BANKING FOR SAFE TRANSACTIONS
MORE THAN 2000 SBI CARDHOLDERS CHEATED : MEDIA REPORT
Dated 15.07.2018 : According to media reports , more than 2000 card holders of State Bank OF India were cheated to the tune of Rs 5 crores by a Fake tele-calling company based in Delhi . In this connection Cyderabad police of Hyderabad have arrested 30 accused persons mostly residing in Delhi including 22 tele-callers and the master mind Mr V.K.Sharma . The fake company was operating since February 2018 .
The mastermind had appointed lady tele- callers to his fake call centre . They were pretending to be SBI employees and call SBI card holders . They would target people from metropolitan cities and obtain card details like card number , expiry date , CVV and OTP numbers . They would lure the customers to part with card details by offering free gifts . To draw money from card holders accounts , fake websites were created and the drawn money was shared among accused . .
Criminals rob money from your account by various ways of phishing including fake call centres , e-mails , SMS , cloned websites and be wary of free offers or unbelievable bonanza offered . To know all about phishing and how to protect your self , visit our page PHISHING by CLICKING HERE
Dated 15.07.2018 : According to media reports , more than 2000 card holders of State Bank OF India were cheated to the tune of Rs 5 crores by a Fake tele-calling company based in Delhi . In this connection Cyderabad police of Hyderabad have arrested 30 accused persons mostly residing in Delhi including 22 tele-callers and the master mind Mr V.K.Sharma . The fake company was operating since February 2018 .
The mastermind had appointed lady tele- callers to his fake call centre . They were pretending to be SBI employees and call SBI card holders . They would target people from metropolitan cities and obtain card details like card number , expiry date , CVV and OTP numbers . They would lure the customers to part with card details by offering free gifts . To draw money from card holders accounts , fake websites were created and the drawn money was shared among accused . .
Criminals rob money from your account by various ways of phishing including fake call centres , e-mails , SMS , cloned websites and be wary of free offers or unbelievable bonanza offered . To know all about phishing and how to protect your self , visit our page PHISHING by CLICKING HERE
FOR DETAILS ON AAYKAR SETHU ,
NEW MOBILE APPLICATION FROM INCOME TAX DEPT , CLICK HERE
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UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
e-INSURANCE Account ( eIA ) SWIFT
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INDIA IS IN TOP 3 COUNTRIES TARGETED FOR PHISHING : REPORT
Dated 30.05.2018 : According to RSA Quarterly Fraud Report Q1-2018 , India is one of the top 3 target countries for phishing and malware attacks noticed in the first quarter of 2018 . The two others countries having more attacks are U.S.A and Canada .
Report also points out that more and more rogue Mobile App originated over the period and now they account for 39 % of the total frauds , followed by mobile browsers with 26 % of share of frauds .
Dated 30.05.2018 : According to RSA Quarterly Fraud Report Q1-2018 , India is one of the top 3 target countries for phishing and malware attacks noticed in the first quarter of 2018 . The two others countries having more attacks are U.S.A and Canada .
Report also points out that more and more rogue Mobile App originated over the period and now they account for 39 % of the total frauds , followed by mobile browsers with 26 % of share of frauds .
RBI CAUTIONS ON FAKE WEBSITE IN ITS NAME :
Dated 12.02.2018 : Reserve Bank of India has cautioned general public recently against a website with URL www.indiareserveban.org created by some unknown people . The home page of fake website looks similar to Reserve Bank of India's original website with URL https://rbi.org.in . However the fake website calls for details of bank accounts of the visitors like
account number , bank name , password etc while Reserve Bank of India never asks for any personal or banking details from its visitors . As the intent of spurious website creators is doubtful , RBI has asked people to guard against such websites and not to part with any personal details , bank details or passwords to them .
Now the fake website has been forbidden for viewing in India . The other misleading websites like www.rbi.in or www.rbi.org have also been made not available for viewing now .
For RBI press release dated 08.12.2018 , CLICK HERE
CUSTOMERS WILL HAVE ZERO LIABILITY OF ON-LINE FRAUD IF REPORTED WITHIN THREE DAYS
Dated 07.07.2017 : As per Reserve Bank of India notification dated 06.07.2017 , a bank customer will have no liability for a on-line fraudulent transaction if he / she reports within 3 working days of transaction , provided there is no negligence facilitating the transaction on part of them . A customer's liability will be restricted to Rs 25,000 if it is reported between 4 to 7 days working days and provided again there is no negligence on part of them . However liability will be restricted to Rs 10,000 for a Savings Bank customer , MSME Customer and current account / cash credit / overdraft customers having less than Rs 25 Lakhs average balance and credit card customers with limit Rs 5.00 lakhs only if reported with in 7 days . Banks are advised to reimburse the loss to customers within 10 days of reporting . If customers do not report fraudulent transactions within 7 days , customers have to be reimbursed as per the policy of concerned banks .
If there is a contributory fraud / negligence / deficiency on part of bank or by third party facilitating the transaction , then customer will bear no liability , even when transaction is not reported . Onus of proving liability of customer lies with the bank . Bnaks are advised to resolve all complaints within 90 days .
If there is negligence on part of a customer , he/ she has to bear the loss till it is reported to the bank . Once reported to the bank , any loss arising after reporting have to be borne by the bank
Banks are advised to alert all on-line transactions to customers by way of SMS mandatorily and by E-mail if customers have provided e-mail address . Banks should enable the customers to " reply " to such messages so that banks are informed of any fraud / error in the transaction . Further banks are advised to provide 24 X 7 access for reporting by various modes like website , e-mail , SMS , IVR , Dedicated toll-free helpline and reporting to home branch .
Banks are advised to build appropriate systems and adopt procedure to safeguard customers against frauds . Banks are also advised to frame Board approved policies for protecting customers against frauds .
FOR RBI NOTIFICATION , CLICK HERE
Dated 07.07.2017 : As per Reserve Bank of India notification dated 06.07.2017 , a bank customer will have no liability for a on-line fraudulent transaction if he / she reports within 3 working days of transaction , provided there is no negligence facilitating the transaction on part of them . A customer's liability will be restricted to Rs 25,000 if it is reported between 4 to 7 days working days and provided again there is no negligence on part of them . However liability will be restricted to Rs 10,000 for a Savings Bank customer , MSME Customer and current account / cash credit / overdraft customers having less than Rs 25 Lakhs average balance and credit card customers with limit Rs 5.00 lakhs only if reported with in 7 days . Banks are advised to reimburse the loss to customers within 10 days of reporting . If customers do not report fraudulent transactions within 7 days , customers have to be reimbursed as per the policy of concerned banks .
If there is a contributory fraud / negligence / deficiency on part of bank or by third party facilitating the transaction , then customer will bear no liability , even when transaction is not reported . Onus of proving liability of customer lies with the bank . Bnaks are advised to resolve all complaints within 90 days .
If there is negligence on part of a customer , he/ she has to bear the loss till it is reported to the bank . Once reported to the bank , any loss arising after reporting have to be borne by the bank
Banks are advised to alert all on-line transactions to customers by way of SMS mandatorily and by E-mail if customers have provided e-mail address . Banks should enable the customers to " reply " to such messages so that banks are informed of any fraud / error in the transaction . Further banks are advised to provide 24 X 7 access for reporting by various modes like website , e-mail , SMS , IVR , Dedicated toll-free helpline and reporting to home branch .
Banks are advised to build appropriate systems and adopt procedure to safeguard customers against frauds . Banks are also advised to frame Board approved policies for protecting customers against frauds .
FOR RBI NOTIFICATION , CLICK HERE
LATEST ARTICLE ON
FINANCIAL PLANNING PROCESS
By : Mr N.K.A BALLAL
Retd Sr Vice-president , ITDC
CLICK HERE TO READ
Dated 11.04.2017 : As per a newspaper report from Bangalore , in a study taken by Centre for Software and IT Management of Indian Institute of Management ( IIM ) Bangalore , it is found that Mobile based wallets and Applications are highly vulnerable to security risks . Risk is highest when Mobile phone is lost or misplaced .
As same mobile numbers normally receive One Time password ( OTP ) which also store applications of merchant sites , it will be easy to make payment by a unauthorized holder of a mobile phone . Hence one has to be careful not to misplace his mobile phone and keep the phone locked . Further it will be safer to keep merchant applications logged out always and open when required . As mobile applications are very easy to use and deals are at the tip of our fingers , we would have loaded many applications to the smart phones . However it is advisable to take adequate precautions to save us from security risks .
As same mobile numbers normally receive One Time password ( OTP ) which also store applications of merchant sites , it will be easy to make payment by a unauthorized holder of a mobile phone . Hence one has to be careful not to misplace his mobile phone and keep the phone locked . Further it will be safer to keep merchant applications logged out always and open when required . As mobile applications are very easy to use and deals are at the tip of our fingers , we would have loaded many applications to the smart phones . However it is advisable to take adequate precautions to save us from security risks .
