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J&K Bank See No ATM, Credit Card Fraud In 3 years, Others 2056

INS Desk by INS Desk
July 1, 2019
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Srinagar: The Jammu and Kashmir Bank was among ten private and public sector lenders which have seen no ATM or credit card fraud in last three years, government of India informed Lok Sabha on Monday.
In all, 2056 ATM frauds were witnessed in banks across India, Finance Minister Nirmala Sitharaman said responding to a question by member of the Lower House Kanakmal Katara, seeking bank-wise details of the ATM and Debit Card fraud cases during the last three years in both public and private sector banks.
She said, as apprised by Reserve Bank of India (RBI), 1436 among 2056 banks are private sector banks.
Of all the banks, she said four private sector banks including Jammu and Kashmir bank, ING Vysya Bank Ltd, Karur Vysya Bank Ltd, The Dhanalakshmi Bank Ltd saw no ATM frauds.
Responding to another about the types of the remedial actions suggested to the Government by the Reserve Bank of India to be taken in such cases, she said RBI has issued circulars and guidelines from time to time, for preventing bank frauds and suitably protecting the interest of the customers. Inter-alia, she said banks have been directed to examine the fraud cases and report them to law enforcement agencies, examine staff accountability, complete proceedings against the erring staff expeditiously, take steps to recover the amount involved in the fraud, claim insurance wherever applicable and streamline the system as also the procedures so that frauds do not recur.
She said the customers will have zero liability in case of unauthorised transactions occurring due to contributory fraud, negligence or deficiency on the part of the bank and due to third party breach, provided, they notify the bank regarding the unauthorised transactions within three working days of receiving the communication from the bank regarding this transaction.
The Banks have been asked to provide customers with 24×7 access through multiple channels (at a minimum via website, phone banking, SMS, e-mail, IVR, a dedicated toll-free helpline, reporting to home branch, etc. for reporting unauthorised transactions that have taken place and or loss or theft of payment instrument, such as, card, etc.
She said RBI is running the awareness campaign under the banner of ‘RBI Kehta Hai’ on safe digital banking which inter-alia include: Not to share password /pin/OTP received through SMS; Act swiftly on alerts received on transactions, which customer have not initiated or not authorized; Practicing safe mobile banking, such as awareness on benefits of registering mobile number with bank for instant alerts.; Not storing important banking data in mobile; Use only verified, secure and trusted website; Avoid banking transactions on free networks; Change PIN regularly; Blocking ATM card, Credit Card and prepaid card immediately if it is lost or stolen.

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