MUMBAI: With the rise in the acceptance of digital payments in the country, fraud has also been on the rise. Every day, news of money laundering can be found on the pages of newspapers. The Reserve Bank of India has taken the issue seriously. The Reserve Bank of India (RBI) has issued guidelines to curb online fraud. Following this, banks, small finance banks, payment banks and non-banking issuers will strengthen their payment systems. The directive has been given six months to implement. Regional rural banks are excluded. Banks and payment service providers have been asked to make special arrangements to identify suspicious transactions. In particular, there will be close monitoring of fund transfers, cash withdrawals, electronic transfer of funds and the addition of new beneficiaries. Customers use their account in a specific way. Such as withdrawing a certain amount of money within a month, using ATMs in certain geographical areas and buying from certain shops in certain cities. Each customer has a specific framework to deal with. In which week of the month more money is raised, in which week the transaction is less, money is sent to certain accounts or money is earned from there. There are rare exceptions. He would have bought a plane or train ticket before the customer used his card in any other city. However, the use of a customer’s account in a particular location, such as withdrawing large amounts of money while attempting to use a customer’s account from abroad, will be subject to suspicious transactions. If there are any exceptions to normal transactions, the bank will send a warning to the customer.
