With the rise in digital banking, cases of banking fraud have also increased rapidly. The government is now considering various proposals to control them. Especially regarding the fraud done through UPI, the government has received many proposals, which can be implemented soon.
Alert system for such cases
A report in Business Today quoted Finance Ministry sources as saying that financial institutions can adopt rapid alert system for digital payments above a limit. According to the report, banks and other financial institutions can adopt rapid alert system for digital payments of more than Rs 5000. According to sources, this alert will be fully implemented only in case of new users or vendors.
Verification in this way
Under this alert system, when a user makes a payment of more than Rs 5000 through UPI to another user or vendor for the first time, he will receive a verification message or call as soon as he initiates the payment. Verification message/call will come before the money is debited from the account. Money will be deducted from his account only after verification. In this way, payment will be automatically stuck in doubtful cases.
Alert system is not new
This type of alert system is not being applied for the first time. Many financial institutions have already adopted such systems. Finance Ministry officials say that many financial institutions are already using such alert systems for high value transactions.
Consider time limit also
Earlier there were reports that the government may impose time limit in the case of UPI payment. Under this, it was being told that it would be possible to make payment at least 4 hours after adding a new user or vendor. However, the government has not yet given final approval to neither the minimum time limit nor the rapid alert system.
Lakhs of numbers have been closed
The government has already adopted a strict attitude regarding digital banking fraud. Under this, lakhs of mobile numbers have been blocked as an initial step. Financial Services Secretary Vivek Joshi, after a meeting with bank officials, had said on Tuesday that the government has already suspended 70 lakh mobile numbers due to their involvement in suspicious transactions. The government has also made the rules regarding SIM cards stricter from December 1. All these measures can prove successful in curbing digital banking fraud to a great extent.
