Wednesday 12 April 2023

How 90% banking frauds in India can be avoided

 



90% of banking frauds in India can be avoided or stopped if banks, RBI or government authorities want to. In this article we will suggest solutions to avoid not only banking frauds. The solution can work to avoid any other frauds and spamming happening now-a-days. But before the solutions, let's understand the problems.

As a layman, you must have faced calls or sms spamming. Everyday from the time you get-up in the morning, you start getting marketing calls from banks, marketing companies, real estate companies or any other businesses. Even though you have registered for DND (do not disturb) with your mobile number service provider, it doesn't stop you from getting spam calls. Now most of the mobiles are equipped with call blocking facilities. But, it doesn't help. The reason for that is that many companies use the IVR system. So, numbers are changed in the next call.

The other major problem you might have faced is being a victim of fraud. Banking fraud in India has become a major issue and it's rising exponentially. Many of them are done through phishing calls or messages. For example, a fraudster gets their customers' data from banks or some individuals and then calls them saying that he or she is calling from 'xyz' bank for verification purposes. And he or she will ask for crucial bank details. The call receiver gives all the details as he or she hears that the call is from a bank official. The fraudster then can use the details to do fraud. Netflix web series like 'Jamtara' very well explains how these kinds of frauds are done.

Solutions to stop banking frauds in India.


The frauds like mentioned above can be stopped if banks, RBI and government authorities want and take efforts to implement it. The solution is very easy. What the banks have to do is publish their authorised phone numbers on their official websites. There should be a zone wise list of authorised phone numbers. The authorised phone numbers must be equipped with an IVR system so any employee or officer can call a dial authorised number if they are working from home. Any calls going to customers from officials or employees must be done using authorised phone numbers only. IVR system access is given to the official employees or officers only. This way even though any fraudsters or unofficial person calls bank customers, they will know that the call is not from the authorised person and won't trust the caller. And the fraud can be avoided. Other companies in different industries also should use this method to avoid frauds. Banks and other companies can easily afford IVR systems. Infact, all the banks and many companies are already using the IVR system. What they have to do is publish the list of authorised numbers and implement it properly. RBI and government authorities also should interfere and male it compulsory for banks and companies to go this way.

The system also reduces spamming issues. What companies and authorities need is the willingness to adapt the method and implementation.

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How 90% banking frauds in India can be avoided

  90% of banking frauds in India can be avoided or stopped if banks, RBI or government authorities want to. In this article we will suggest ...