BE(A)WARE – A Booklet on Modus Operandi of Financial Frauds by the RBI

As a part of the public awareness initiative by the Consumer Education and Protection Department, Reserve Bank of India, conceptualized by the office of Ombudsman, Mumbai-II, the Reserve Bank of India ("RBI") has on March 07, 2022, released a booklet, “BE(A)WARE” on the common modus operandi used by fraudsters and precautions to be taken while carrying out various financial transactions.

The booklet aims to enhance public awareness about various types of financial frauds perpetrated on gullible customers while carrying out digital payments and other financial transactions.

The booklet elaborates on safeguards against commonly used fraudulent techniques, such as SIM swaps, vishing/phishing links, lottery, etc., including fake loan websites and digital apps.

Part A and B of the booklet detail the commonly observed modus operandi and precautions to be taken against fraudulent transactions relating to banks and non-banking financial companies (NBFCs), respectively.

Part C of the booklet explains the general precautions and digital hygiene to be followed by the public.

The final section contains a glossary of commonly used terminologies in the performance of financial transactions with banks and other regulated entities of RBI to improve understanding thereof among the public.

Click here to access and download the Booklet - BE(A)WARE

Source: RBI Press Release: 2021-2022/1817

#BeAware #BeSecure #StaySafe #rbikehtahai #BeCyberSmart #DPAW #DigitalPaymentsAwarenessWeek

My Quora Answer about Action against Bank Officers

My Quora Answer to:

What sort of legal action can be taken against bank officers for continuously ignoring unfair trade practices complaints? What sort of legal action can be taken against bank corporate office for not taking any action against it's own officers?

If your bank does not address your complaint within a month, you can approach the banking ombudsman. This is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in banking services, as per its scheme introduced in 1995. All scheduled commercial banks, regional rural banks and scheduled primary cooperative banks are covered under the scheme. So far, there are 15 ombudsmen, whose offices are located mostly in state capitals. Their addresses and contact details are available on the RBI website. You have to file the complaint at the office of the ombudsman under whose jurisdiction your bank branch is located. The grievances relating to credit cards and other types of services with centralised operations are to be filed with the ombudsman in whose territorial jurisdiction the billing address of the customer is located. You can put it down on a plain paper, send an e-mail, or fill the complaint form on the RBI website. There are no charges for filing a complaint.

Source: How to file a complaint against your bank

The Banking Ombudsman Scheme is an expeditious and inexpensive forum for bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995. Presently the Banking Ombudsman Scheme 2006 (As amended upto July 1, 2017) is in operation. [1] The addresses of the Ombudsman are here : link . Before filing the complaint, have a look at the types of the cases handled by the Banking Ombudsman, listed here.

Hope this answers your question.

Footnotes

[1] Frequently Asked Questions