Combating Financial Frauds via Voice Calls & SMS: RBI's New Guidelines

 

Combating Financial Frauds via Voice Calls & SMS: RBI's New Guidelines

With the rise in digital transactions, financial frauds through voice calls and SMS have become a growing concern. To address this, the Reserve Bank of India (RBI) has issued new guidelines to safeguard customers and ensure secure digital banking. Here's a quick breakdown of these measures:

Key Steps to Prevent Fraud

  1. Mobile Number Revocation List (MNRL):
    Banks and financial institutions must use the MNRL, developed by the Department of Telecommunications (DoT), to monitor and update customer databases. This helps identify revoked mobile numbers and prevents their misuse in fraudulent activities.
  2. Standard Operating Procedures (SOPs):
    Institutions must create SOPs for verifying registered mobile numbers, monitoring accounts linked to revoked numbers, and preventing their use as money mules or in cyber frauds.
  3. Dedicated Number Series for Calls:
    • Use ‘1600xx’ series for transactional calls.
    • Use ‘140xx’ series for promotional calls.
    • Follow TRAI’s communication guidelines to ensure transparency and security.
  4. Customer Awareness:
    Banks are urged to educate customers about fraud risks via emails, SMS, and regional language campaigns to enhance awareness.

Compliance Deadline

All financial institutions must implement these measures by March 31, 2025.

Why It Matters

These steps aim to curb fraud risks, protect customer data, and ensure a safer digital banking experience. By leveraging tools like MNRL and adhering to TRAI’s protocols, financial institutions can build trust and security in the digital ecosystem.Stay vigilant and informed—your safety in the digital world starts with awareness!

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