Have you ever gone through the trauma of getting up in the morning and finding unexpected transaction messages in phone from your Bank saying that some amount of money has been deducted on account of buying something you didn’t purchase!
You don’t understand what has happened and how? Your world starts to fall apart as it was your hard-earned money.
Such instances have become too common in India, not only in SBI but almost in all the leading banks. According to a report by Economic Times, there have been 52,000 bank fraud or unauthorised transaction cases in India between March-December in 2019.
Obviously, the figures are quite alarming, right?
What is a fraud or unauthorised transaction?
A fraud or unauthorised transaction is when a transaction is performed using your banking details, but you did not perform it.
Recently CSITE (Cyber Security & Information Technology Examination) released a worrisome alert that over 1.3 million debit and credit card data of Indians is available for purchase on the dark web.
However, soon after this, RBI has informed all the major banks of India to tighten the security to minimize these fraud transactions.
What should you do when an unauthorised transaction happens in your Bank account?
If an unauthorised transaction happens in your bank account, you must follow the below mentioned steps:
Step 1. Inform your Bank immediately
Inform your bank within the three days of fraud. You can inform them via SMS, email, toll-free number, customer care, visit their website, or simply by visiting their closest branch.
Step 2. Analyse your Account activity
This step will be essential to analyze that where did you compromised your information and to keep a keen eye on the bank transactions in the statement.
Step 3. Change your Passwords & PINs
Without wasting a second, immediately change your online passwords and pins to prevent further fraud.
How to report unauthorised transaction in SBI account?
State Bank of India is the largest and oldest public sector bank in the country, with over 41 crore saving bank accounts and 50,000+ ATMs pan India. If you have noticed any fraud or unauthorised transaction in SBI account, then here is what you have to do:
1. Firstly, call SBI toll-free numbers 1-800-11-2211 and 1-800-425-3800 and report unauthorised transaction in SBI account.
2. Secondly, visit your SBI branch and inform them about the fraud in writing.
3. Thirdly, register an online complaint.
Here is a step to step guide on how to register an online complaint to report unauthorised transaction in SBI Bank:
Step 1. Visit the SBI website.
Step 2. Login with your net banking credentials.
Step 3. As soon as the home page opens, you will see the customer care option right on the top, click it.
Step 4. When it opens up, you will find a ‘click here’ option to report unauthorised transaction in SBI. Click it and lodge the complaint.
What are the common types of Banking frauds?
Unauthorised transactions are carried out in the following ways:
1. ATM Fraud: ATM frauds refers to fraud, where the fraudster uses the innocent user’s card details to withdraw the funds using the ATM pin for the transaction. ATM frauds can happen in the following forms :
i. Card Skimming: Card skimming is a fraud where electronic card data is stolen and then is used to produce inauthentic cards to withdraw the money.
ii. Cash Shimming: A foreign device is installed on the ATM to steal the data from the chip of the withdrawer’s card. The main target is to capture the data contained in the card.
iii. ATM Malware/ Jackpotting: A malware that takes control of the ATM functions, thereby allow fraudsters to take out the cash.
2. Credit Card Fraud: Credit card frauds happen when a fraudster steals the credit card information to make an unauthorised transaction in the name of the card beholder.
Fraudsters get their hands on the credit card information in the following ways:
I. Fraudster digs through the trash files to find the old receipts or statements that will include all your banking information and then will use the information to perform the unauthorised transaction.
II. A fraudster will take you to an unauthentic website where you would fill up your card details and then later would use the information to perform the fraud.
III. When you swipe your card at a store, your credit card details may get exposed, and you later notice an unauthorised transaction. You might wonder what happened? But by using cedit card skimmer, a frauduster can steal your information.
3. Phishing: Phishing is email trap where fraudster sets an email trap in the name of the bank or government asking for credentials. Later on, these credentials are used to penetrate your bank account.
4. CNP Fraud: CNP or card not present fraud happens when a fraudster uses your card details such as card number and expiry date to perform the unauthorised transaction via email or phone call.
5. Account Takeover: Account takeover happens when you mistakenly share your account details or your computer / mobile session with the stranger, and then they use the information to make a purchase online.
No matter what kind of fraud has happened but please report unauthorised transaction in SBI immediately. As per RBI guidelines, State Bank of India can only help if you act in timely manner.
It is advised not to share your bank details with anyone because the government and bank officials would never ask for the same. However, if something unfortunate happens with you, then do not hesitate to report unauthorised transaction in SBI immediately.
But if you are unable to get any resolution from Bank even after informing them about fraud or unauthorised transactions then you should File a Complaint at Voxya.com to take legal action and approach consumer forum.