How ATM card related frauds are happening, Know Do's & Don't for such transactions


In all ATM transactions we opt for printed slip (most of us including customer) throw the printed slip in dustbin without tearing off or destroyed properly. All these slip have last digits of ATM card as well as account Number and balance of account. When the fraudsters disclose account balance,  we get confidence in the caller without suspicion. Sol ID mentioned in the slip confirm branch name.

Any person having little smartness can find branch Name with the help of sol ID. In all POS transactions only last four digit is printed on slip for customer convenience. If the caller is having all the details than why he or she wants OTP number and why we have to trust ? OTP number should not be disclosed to any one at any cost. RBI gives advertisement every day on TV advising not to share card number, password,OTP etc with any one.


Bank has referred few number of callers to be blocked by the telecom service providers with the help of cyber crime branch of Mumbai police. But blocking few numbers can not resolve the problem.

We all are happy to share our personal details on social media like Facebook, whatsapp, twitter etc. We also download lots of apps and allow the apps to access our address book, messages , camera, photos etc. Even we allow the apps knowingly or unknowingly to reset or change the mobile settings, which starts sending all the personal details to the criminals or fraudsters.

We happily provide details to the shopping mall to win surprise gift through lucky draw which includes our mobile number as well as email address. We provide correct date of birth on social media and forward sms at the request of fraudsters which enables them to clone the sim also. We search branch number on google map instead of Banks website which is like inviting the fraudsters at home.


Some times customer writes complete account number and card number on social media specially on Face Book page. In case of sim clone the fraudsters get account balance and wins the customer confidence.

Never share any information to any caller (known + unknown) regarding your ATM CARD and / or account details.
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First PSU bank who offers Limitless credit card

Public Sector Syndicate Bank has launched the Rupay Version of Credit Card  i.e. Rupay Select Card. Syndicate Bank Rupay Select Credit Card, will facilitate the segmentation of the Credit Card product to attract High Net Worth (HNI) Customers requiring higher Credit Limit. No Upper Limit for Syndciate Bank Select Rupay Credit Card with Rs 10,00,000 Insurance coverage by NPCI Free of Cost.


SyndicateBank Rupay Select Credit Card is offering a bunch of welcome offers in association with the NPCI. The Rupay Select Credit Card is having minimum Rs 1 lakh limit with no Maximum Limit. The transaction fees on Rupay Select Credit Card will be much lower than the competitors like MasterCard & VISA.It would lead to lower cost of clearing and settlement and will drive usage of cards in the industry.

Syndicate Bank Rupay Select Credit Card is having following features:
Minimum Credit Limit  – Rs 1,00,000
Maximum Credit Limit – None
Issuance Charges – Free

Syndicate Bank Rupay Select Credit Card Offers

Welcome Offers : 
Syndicate Bank Rupay Select Card is offering vouchers & Discount Coupons on issuance of Card. Few of these are :
  • Rs. 500 Gift Voucher from Croma (infiniti Retail Ltd)
  • Discount Coupon from Apollo Pharmacy.
  • Snapdeal Offer – Rs. 100 off on first two transactions.
Rupay Select Cash Back Offers
5% cash back on payment of Utility Bills-  applicable for both online and POS terminals with maximum discount of Rs. 50/- per month

Free Lounge Access
Domestic Airport – Two free access per quarter – covers 30 lounges across 11 cities in India
International Airport – Four Free Access per Year – covers 500+ lounge across 300+  cities worldwide.


Insurance Coverage at No Cost
Rs. 10.00 lakh cover for Death Due to Personal Accident and Permanent Disability effective after card is activated by doing the transaction. The Premium for the insurance coverage will be  borne by NPCI. 
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Complaints with bank ombudsman increased in FY18


The number of complaints registered at banking ombudsman offices have seen a 25% increase in the fiscal year 2018, with majority of these complaints coming from urban centres owing to increased awareness and poor internal redressal mechanisms of banks. 

"The banking ombudsman offices in tier-1 cities like New Delhi, Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad accounted for more than 57% of the total complaints received by all BO offices," the RBI Report on Trend and Progress of Banking in India has stated. 

"The higher proportion of complaints from urban areas in recent years is largely due to increasing awareness about grievance redressal mechanism among bank customers and also the efficacy of internal grievance redressal mechanism in banks, not being up to the desired level." 


Of all the complaints received at the ombudsman's offices, 97% of them were resolved in 2017-18, up from 92% a year earlier. 

Currently, there are 21 functional banking ombudsman offices in the country. These offices were established under Banking Ombudsman Scheme, 2006, and are the first points of contact for consumers seeking grievance redressals and resolutions against consumer frauds and discrepancies in the banking system. 



Most complaints received at these offices were related to non-observance of the fair practices code followed by those related to ATM, credit and debit cards, and for failure to meet commitments and mobile banking. 


In bank-wise distribution, most complaints received against public sector banks were pension-related while most complaints received against private banks were for credit cards discrepancies. 


The RBI plans to set up a compliance and tracking system portal to tackle the problem of cyber-fraud under the ombudsman scheme taking in light the growing impetus of banks and financial institutions on digital transactions and the Centre's push to a less cash economy. 
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Required Documents for Credit Card


The last few decades have seen a robust growth in the awareness and use of credit cards in a developing economy like India. Credit Card allows an individual short-term, zero-interest loan for every purchase and offers various features such as reward points, gift coupons, vouchers, cashback and extra discount on purchases made.
With easy documentation involved in the application process, an individual can comfortably avail of the credit service provided by different banks and financial institutions.


Documents required by resident customers:

  1. Identity proof: Pan card, Driving License, Voter ID card, Passport, Aadhar card
  2. Address Proof: Telephone or electricity bill (not more than 2 months old), Bank statement, Rent agreement, Voter ID card, Ration card, Passport, Driving License, Aadhar card
  3. Income proof:
  • In case of salaried Individual- Last 3 months salary slips, 6 months bank statement for salary account
  • In case of self-employed businessmen/professionals- Latest IT returns with computation of income or certified financial documents, Proof of business continuity
  1. Age Proof: Secondary School Certificate (class X), Birth certificate, Passport, Voter ID card

Documents required by non-resident customers:

  1. For NRI customers met in person-
    a. Address Proof (either mailing or overseas address)
    b. Non English language declaration (in case the document is in a foreign language). The document is to be self-attested by the customer & countersigned by the Regional Manager as ‘Original seen & verified’.

     If the mailing address is an Indian address, you would require one of the following proofs:
  • Photocopy of Driving license
  • Photocopy of Passport
  • Original electricity bill (not exceeding 2 months prior to date of account opening)
  • Original Telephone bill of private or public operators (not exceeding 2 months prior to date of account opening)
  • Original post paid mobile bill
  • Original Bank account statement (not exceeding 3 months prior to date of account opening)
  • Photocopy of Voters ID card
  • Photocopy of Lease deed/Rent agreement (duly stamped)
  • Photocopy of letter from the society carrying the society’s Registration number, applicant’s name & full address as well as the signatories full name, designation (Secretary, President) and address
  • Photocopy of Title deeds of the property (duly registered and stamped)
  • Photocopy of Monthly outgoings bill from Registered Housing society
    If the mailing address is an overseas address, you would require one of the following photocopies:
  • Overseas bank statement (not more than 3 months old)
  • Driving license
  • Government-issued ID Card.
  • Utility bill (not more than 3 months old)
  • Credit card statement (not more than 3 months old)
  • Rent receipt or lease agreement (not more than 3 months old)
  • Appointment letter
  • Company ID card with address
  • Passport
  1. For Non Face to Face NRI customers, the documentation criteria are the same as for the NRI customers met in person. The only differentiating factor being the requirement of an additional document in case the Non English language declaration is not attested by the Indian Embassy, Notary or a Banker overseas. In this particular scenario, the document is to be self-attested and one additional document, as per list below to be obtained:
  • Cheque drawn on a bank account abroad
  • A cancelled paid cheque (in original) drawn on a bank abroad
  • Original bank statement (not more than 3 months old)
  • Original utility bill (not more than 3 months old)
  • Photocopy Driving license
  • Photocopy of the appointment letter issued by the overseas employer
  • Original credit card statement (not more than 3 months old)
  • Photocopy of Lease deed/Rent agreement
  • Photocopy of letter from the University abroad (in case of NRI students)
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How to secure online transactions: tips to follow

Every now and then, we keep hearing about a new online security hack being discovered and while the world is moving towards complete digitisation, it is also true that there is a long way ahead of us, when it comes to optimum online security. That said, online transactions is one area where most cyber attacks are focused and while, we as consumers, have made online transactions popular since they make life much easier with several options it offers, it is also true that everything in life comes with a risk and with online transactions, it’s bigger than we think.

The online economy is nothing but billions of dollars being exchanged almost every single day, moreover, online transactions/shopping has resulted in lower prices, unmatched ease of buying as well as incredibly diverse choices for consumers. Being confident due to the millions of transactions taking place, many of us regularly shop and bank online with any second thought. From ordering pizzas to literally buying a house and from transferring money to booking tickets online, these online transactions are the need of the hour which is also looking to practically eliminate the worry of standing in a queue or waiting, to say the least.
However, as unfortunate as it might sound, online fraud and identity theft sort of come complimentary with the popularity and ease of online transactions, thanks to clever cyber thieves as well as sloppy consumers with precarious Internet shopping habits.
When it comes to ‘how to secure your online transactions’, while there is no guarantee that you will always be safe from a cyber threat including viruses, hackers, malware and other scams, it’s more of a habitual change that you need. On that note, here we are listing six tips that you can follow to secure your online transactions.

Tips for secure online transactions
1. Choose your password wisely: While choosing a password, strictly follow the given instructions by banks, mutual funds, etc for choosing the same while making an online transaction (keep it complex and change it regularly). Also using anniversaries or names and a date of birth, of people who are close to you is strictly discouraged since all this could easily be guessed. Moreover, neither share a password with an outsider nor communicate it via social media.
2. Avoid phishing emails: Always Be careful about emails asking about your personal/confidential financial information. The government, SEBI, RBI or even any other regulated entities never ask for password or card numbers.
3. Beware of public Wi-Fi: Never ever resort to making an online transaction from a cyber cafe or through a public Wi-Fi or a shared system. Always prefer your home computer and also install adequate firewalls and anti-virus software. It’s also a good habit to keep your computers/laptops updated with new security patches and operating systems, always.
4. Secure Socket Layer (SSL): Always check for Secure Socket Layer (SSL) or https security on the login page of any particular bank’s website. Here, the ‘s’ after the ‘http’ indicates that a particular site is secure. Similarly, look for identity verified-signs as well as SSL security of an online shopping portal in order to protect your debit/credit card number along with your personal information. Also, check for the padlock icon in the browser window.
5. Autocomplete: Always disable Autocomplete/Password storage in your browser since they have a tendency to keep caches of sites you visit, and on prompting, could offer to save passwords for you. However, if you opt for this, you will have to enter all the passwords and URLs every time to come online, but the inconvenience is worth it as your data will be safe in case of a data theft attempt or if your system gets stolen.
6. Web browser privacy mode: This is said to be the best tool in order to keep your online transactions safe, moreover, every new browser comes with this feature. This option sets up a separate browser window that deletes all the data on the moment a particular browser window is closed while clearing caches as well as keeping your private data out of public domain.

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Different modes of Payment

As the commerce and economy expand, volume and variety of transactions expand where there is a need to exchange the money. Using cash for each of these transactions is neither feasible nor practically possible. There are concerns regarding security and transportation of cash in cases where large amounts of money are involved. Banks support ease and velocity in such cases by offering various payment systems as solutions.
What are Payment Systems?
A Payment System is a mechanism that facilitates transfer of value between a payer and a beneficiary by which the payer discharges the payment obligations to the beneficiary. Payment Systems are the medium to transfer funds from one person to another that facilitate businesses and economies. Payment system enables two-way flow of payments in exchange of goods and services in the economy. Payment systems help consumers to transfer funds to each other. Cash is the traditional and most widely used payment instrument that consumers use in their daily lives to purchase goods and services. Banking channels also provide other payment instruments through different platforms and these are also widely used in commerce. Payment systems comprises of instruments through which payments can be made, rules, regulations and procedures that guide these payments, institutions which facilitate payment mechanisms and legal systems etc. that are established to facilitate transfer of funds between different participant institutions. Payment systems are used by individuals, banks, companies, governments, etc. to make payments to one another.
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Things to know while using a credit card

Credit card can be a beneficial financial tool, if used carefully. If not, it can turn into a menace for your finances.
Ideally, you should set a budget before you make purchases through your credit card. And only spend as much you can pay back, after all it's not your money.
Here are few things you should always keep in mind before you become debt-ridden:
1. Limit your credit card use
Usually, there is an interest free period for every credit card. So, in order to avail it, you should ideally keep your credit card dues nil.
As long as you pay the amount on time, you can take advantage of the interest free period.
2.EMIs and Reward Points
It is recommended that you should always transfer you balance to EMIs (Easy Monthly Instalments). Doing so will help you pay your debt more easily on less interest charges.
Also, every credit card purchase means earning rewards points. Never overspend just to earn them. 

3. Never withdraw cash through your credit card
Do not forget that cash withdrawals from your credit card will incur both one-time fee plus high interest charges.
So, it is not advisable to take out cash via credit card unless you are in dire need.
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