23 January 2023

How to Avoid Banking Fraud

How to Avoid Banking Fraud

How to Avoid Banking Fraud

Indian society places a lot of trust on the people associated with banking services. All the banking employees have contributed a lot in building this trust. But, there are definitely some such complaints coming from the bank account holders for the last few years. Which is raising a big question mark on this belief.

Some such complaints have also come to our notice through social media. What are these complaints and what can you do to avoid such problems? In this article of Jeevan Bima Bazaar, it is being told.

Banking Fraud-

India has increasingly tried to improve its banking system. As the Indian society has started adopting the internet, keeping in mind the needs of the people, Indian banks have introduced facilities like internet banking and mobile banking.

But the speed with which the Indian society has started accepting the online banking system. At the same speed, the number of all kinds of online banking frauds has also increased a lot.

Sometimes in the name of reward, sometimes in the name of medical facilities, sometimes in the name of some special service, the Indian society is constantly becoming a victim of banking frauds. However, the Government of India is taking strict steps to stop this fraud. But until the general Indian society will not be alert and aware of its online banking services. Till then it will prove to be a very difficult task to completely stop this fraud.

Reserve Bank of India data-

If the reports published in newspapers and magazines are to be considered as the basis. So, according to the Reserve Bank of India, in the year 2018-2019 there has been a fraud of 71750 crore rupees. In the year 2019-2020, this fraud took place to the tune of Rs 1.85 crore.

When the Reserve Bank of India presented its data for the year 2020-2021. So looking at it, it is known that during the period of the year 2020-2021, fraud of Rs 1.35 trillion has been done. These figures are shocking and I am sure there will be many more such cases, Which would not have come to light due to lack of report.

Fraud case Committed by a Bank Employee-

An account holder goes to his bank, So that he can start a new RD or Fixed Deposit account. In many cases, it has been complained by the account holders of the bank that the bank employee got them to sign for opening a new RD account in the bank or for starting a new fixed deposit, but they were not given the new RD or fixed deposit account. Any life insurance policy or ULIP plan was given in its place.

Once such a life insurance policy or ULIP policy is issued, the account holder cannot do anything. A life insurance policy or ULIP policy cannot be broken either or the account holder has to suffer huge losses if broken before the time period. By the time the account holder is aware of this, it is too late.

One such case has also come before us through social media. what's the problem? For this I have prepared a video for you. You watch this whole video carefully. So that you can take an informed decision when needed.

Be careful while opening a New Account-

I hope you must have watched the above video and understood the whole point. If the complaint is true then surely the bank employee has done wrong. But would you call only the bank employee wrong? Is there no fault of the person complaining in the video.

The easiest solution to this is that whenever you decide to make any kind of investment. So you must get complete information about that investment. Before making any kind of investment, the concerned organization gives a form to be filled. Try to fill that form yourself and read its terms and conditions carefully.

The One Time Password (OTP) received from the banks should not be disclosed to any other person, no matter how great the need may be. If necessary, reach the bank and complete your work manually.

If you adopt the methods mentioned above, then you can easily avoid many such problems.

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