Bank account holder? This is what your lender must do on reporting of unauthorised transactions
Financial crimes have been on a rise in India. Cases of fraudulent and unauthorised transactions have been making headlines every other day. While you may lose your hard-earned money if you become a victim, you should also be careful and aware about the rules laid by the banks and the rights given to you by the Reserve Bank of India. Have you ever thought whom should you held accountable if an unauthorised transactions is carried out from your account? Here are nine such things that you should keep in mind:
Financial crime
1. Banks must ask their customers to mandatorily register for SMS alerts and wherever available register for e-mail alerts, for electronic banking transactions. The SMS alerts shall mandatorily be sent to the customers, while email alerts may be sent, wherever registered. (Representative image: Pixabay)
Financial crime: Unauthorised transaction
2. The customers must be advised to notify their bank of any unauthorised electronic banking transaction at the earliest after the occurrence of such transaction, and informed that the longer the time taken to notify the bank, the higher will be the risk of loss to the bank/ customer. (Representative image: PTI)
Reporting of financial crime
3. To facilitate this, banks must provide customers with 24x7 access through multiple channels (at a minimum, via website, phone banking, SMS, e-mail, IVR, a dedicated toll-free helpline, reporting to home branch, etc.) for reporting unauthorised transactions that have taken place and/ or loss or theft of payment instrument such as card, etc. (Representative image: IANS)
Financial crime: Instant messaging
Financial crime: Direct complaint link
Financial crime: Immediate response
Financial crime: Time and date of reporting
7. The communication systems used by banks to send alerts and receive their responses thereto must record the time and date of delivery of the message and receipt of customer’s response, if any, to them. This shall be important in determining the extent of a customer’s liability. (Representative image: Reuters)
Financial crime: Mobile number
Financial crime: Steps against unauthorised transactions
Financial crime: Do's and Dont's
If you follow the do's and dont's specified by the banks from time to time, you can keep away from being a victim of financial crimes. However, if you note any such transaction which is not initiated by you, you should immediately report your bank and register an FIR with the police station. (Representative image: PTI)