There are instances when people witness an unknown banking transaction which was either done through credit card, debit card, UPI ID, mobile wallet, internet banking, ATM etc. With the invariably growing number of transactions through credit,debit cards, point of sale (PoS), the chances of unknown transactions may arise possibly due to faulty PoS machines, outdated security systems at ATM kiosk etc. An unknown transaction is a transaction which was not done by you or your card, banking portal.
However, all the scheduled commercial banks have extremely robust systems which are accustomed to carrying out thousands of transactions per second without disturbance. Despite multiple security walls and improved safety features, fraudsters find a way to cheat the people. You should immediately report to the bank’s concerned department if you have witnessed any unknown transactions done via your credit, debit card or through the internet banking portal.
Banks and microfinance institutions have separate departments for different queries and transaction-related issues. A person may also consider filing a police complaint. A customer should file a police complaint irrespective of the transaction amount in order to get complete justice if the bank or the respective card-issuing financial entity fails to resolve the matter from their end. An FIR can be lodged with the local cybercrime division of the police department.
According to the Reserve Bank of India (RBI) data, there has been an increase of 4.67 per cent in the number of transactions done via debit cards at ATM, while transactions done at PoS jumped 13.53 per cent in the last one year….Read more>>