More detection tools needed, but users need to be careful
RBI has taken several measures to control these frauds such as asking e-wallet companies to set up 24×7 customer care helplines to report fraud and offer customer assistance at the hour of need.
A customer-centric approach to ensure prevention of frauds puts a lot of ownership on the issuer. Companies must invest in fraud detection software to mitigate risk, be PCI-DSS compliant and have robust transaction monitoring systems to identify irregularities. Companies should make consumers aware of the risks involved, and educate them against fraudulent measures.
Consumers need to be aware against sharing confidential data, especially through methods like phishing, where sensitive information is stolen through innocuous emails or WhatsApp messages. Consumers should be mindful that bank officials or wallet companies will never ask for confidential details. To be on the safe side, consumers should not park all their funds in one account. Simple steps like setting up SMS and email alerts every time money is deducted from wallets will go a long way.
- Source – Mint
- Published Date – December 2, 2019