Banks complain to the government because e-fraudsters use their names to defraud customers. – ..

Banks have complained to the Central Government that fake companies in the name of banks are cheating customers by calling themselves banks.

E-fraudsters send SMS in the name of banks to trap customers. The issue was raised in a meeting with the Union Finance Minister last month. The banks requested the Finance Ministry to take up the issue with the telecom regulator and telecom companies. So that the illegal practice of impersonating banks by third parties to deliberately defraud customers can be stopped and such messages can be curbed.

Along with this, banks have also planned to present their concerns before the Reserve Bank of India (RBI). As such, they need to implement cyber security and IT risk consulting. The banking official said banks discussed the matter internally and created a roadmap against the problem. We have informed the Union Finance Ministry and also requested them to take up the issue with the Telecom Regulatory Authority of India (TRAI) and Telecom Service Providers (TSPs). “Agencies and SMS aggregators have told us that as long as the header registered in the name of the bank is secure, it is not possible to prevent others from using the bank name in their templates,” another bank official said. Due to which customers often remain confused as to who has been cheated.

How is fraud committed?

Fake companies or e-fraudsters impersonate banks to trap customers and then commit financial fraud on them.

Phishing: Emails or websites containing malware are sent

Smishing: SMS recipients are tricked into downloading malware