incidents WITH the increasing of cyber fraud, there is a growing need for people to be more aware of securing their bank accounts and UPI IDs. This need has become even more evident after UCO Bank experienced a significant digital fraud. Between November 10 and 13, an incorrect transfer of ₹820 crore was made to certain account holders using the IMPS facility, attributed to a "technical issue."
The bank has managed to recover approximately 1649 crore, accounting for 77% of the total amount. In response to this incident, Finance Minister Nirmala Sitharaman has urged banks to enhance their efforts in safeguarding depositors' money. During the meeting, it was noted that 70 lakh mobile connections involved in cybercrime/financial frauds reported through digital intelligence platforms have been disconnected so far. Around 900 crore defrauded money has been saved, benefitting 3.5 lakh victims. Experts, however, suggest that individuals also need to increase their awareness and knowledge on how to protect their accounts effectively. According to experts, with the advancement of technology, financial institutions offer various services to track and secure financial profiles. Immediate detection of suspicious changes helps prevent fraudulent acts. Familiarising oneself with available services and promptly reporting any cyber financial fraud is essential.
Familiarise with the process
This story is from the December 04, 2023 edition of The New Indian Express.
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This story is from the December 04, 2023 edition of The New Indian Express.
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