To Curb Fraud, Banks Might Quickly Name You From Numbers Beginning With These Digits
New Delhi:
The RBI on Friday requested banks to make use of solely the ‘1600xx’ cellphone numbering collection to name clients for transactional functions with a view to stopping monetary fraud.
It additional mentioned that for promotional functions, banks and different regulated entities (REs) ought to use solely the ‘140xx’ numbering collection for the prevention of economic frauds perpetrated utilizing voice calls and SMS.
Banks and different regulated entities (REs) have additionally been requested to watch and clear their buyer database.
The proliferation of digital transactions, whereas providing comfort and effectivity, has additionally led to a surge in frauds, a urgent concern underscoring the necessity for concerted motion, mentioned a Reserve Financial institution round to REs.
The cellular variety of a buyer has emerged as a ubiquitous identifier, instrumental within the account authentication and verification course of, receiving delicate fee communication, similar to OTPs, transaction alerts, and account updates.
“The cellular quantity, nevertheless, can be misused by scamsters in a number of methods for committing varied varieties of on-line and different frauds,” the round mentioned on ‘Prevention of economic frauds perpetrated utilizing voice calls and SMS – Regulatory prescriptions and Institutional Safeguards’.
“Undertake transactional / service calls solely utilizing ‘1600xx’ numbering collection, when operationalised; undertake promotional voice calls solely by way of cellphone numbers utilizing ‘140xx’ numbering collection; comply with the ‘Necessary Pointers for sending industrial communication utilizing telecom sources by way of Voice Calls or SMS’ issued by Telecom Regulatory Authority of India (TRAI),” it mentioned.
The RBI requested the REs to utilise the Cellular Quantity Revocation Record (MNRL) accessible on the Digital Intelligence Platform (DIP) developed by the Division of Telecommunications (DoT) and the Ministry of Communications to watch and clear their buyer database.
To reinforce fraud threat monitoring and prevention, the REs have been requested to develop Normal Working Procedures (SOP) incorporating the required motion to be taken.
The required motion to be taken contains updating the registered cellular quantity(RMN) after due verification, and enhanced monitoring of accounts linked to those revoked cellular numbers to stop the linked accounts from being operated as Cash Mules and/or being concerned in cyber frauds, the round mentioned.
The Reserve Financial institution has requested all of the REs to make sure compliance with the directions expeditiously, in any case, not later than March 31, 2025.
(Aside from the headline, this story has not been edited by NDTV employees and is revealed from a syndicated feed.)
