RBI

SBI customers have reportedly, complained about the online fraud transactions without any OTP. There are few cases reporting the same case of fraud happening around with in the city of Hyderabad. The customers are getting a transaction alert of the payment made in Australian dollars. There are repeated cases complaining about the same which customers are sending the transaction details directly with any OTP.

While Government is making its push to promote online banking, there are constant flaws about the security comes into notice regularly. RBI is frequently is keeping the customers aware about the happening issue all around. RBI has recently released another notification detailing about the transactions based upon the customer complaints. Also, it suggests the users about how to beware of the unofficial transactions made through online banking.

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RBI has taken steps to curb these unofficial online transactions to help banking customers with better digital transactions. Customers who complain about the fraud transactions in their accounts should report to the concerning bank authority within 3 days. The RBI notification declares that the deducted amount will be refunded fully within 10 days.

The customer who inform about the fraud within 3 days shall not be responsible for any loss due to bank or any third party liabilities. If in case the fraud is taken into notice within 4-7 working days, the customer shall bear the loss up to Rs.5000-Rs.25000 depending on the type of account, credit card limit.

If the fraud transaction is taken into bank notice after 7 days, then the returning of the lost money is subjected to bank policy. However, RBI has insisted the banks to ensure that customers know all the bank policy, particularly about the fraud transaction suggestions.

The RBI notification further explained that the bank is not responsible for any such fraud transactions caused due to customer negligence. On the other hand, as per RBI rules, bank home page must include a link to complain about fraud transactions.

Digital transactions like internet banking, mobile banking, ATM, point of sales and all such transaction details will be taken into consideration.