A phishing attack in your bank account arises when someone withdraws money from your bank account without your knowledge, and it is our sole duty to notify the liable bank. According to the guidelines of the Reserve Bank of India (RBI) if someone has fraudulently withdrawn money from your bank account, inform your bank immediately. When you notify the bank, remember to take acknowledgment from your bank. The bank has to resolve your complaint within 90 days from the date of receipt. RBI also says that if the transaction has happened because of your negligence, that is, because of your sharing your password, PIN, OTP, etc., you will have to bear the loss till you report it to your bank. If the fraudulent transactions continue even after you have informed the bank, your bank will have to reimburse those amounts. If you delay the reporting, your loss will increase and it will be decided based on the RBI guidelines and the policy approved by your bank's board.
Banking frauds of Rs 100,000 and more have quadrupled in size to Rs 1.85 lakh crores in FY20, opposed to Rs 1,500 crores in FY19, according to the RBI's yearly survey. In the same time span, the number of such instances has grown by 28%. And by keeping the rising banking frauds in mind, HDFC Bank has issued important rules for the safety of its customers against cybercrime.
Cybercriminals are trying new ways to scam customers by asking them to click/scan fake QR codes, share UPI PIN & bank details. #MoohBandhRakho, report cyber frauds on National CyberCrime helpline 155260 or https://t.co/eftdT0W3LA— HDFC Bank (@HDFC_Bank) September 7, 2021
Visit: https://t.co/M8a71erUnn#BankSafe pic.twitter.com/Jc6ya7HYt5
Via its Twitter handle, the private sector lender has said "Cybercriminals are trying new ways to scam customers by asking them to click/scan fake QR codes, share UPI PIN & bank details. #MoohBandhRakho, report cyber frauds on National CyberCrime helpline 155260 or http://cybercrime.gov.in."
HDFC Bank has warned customers against fake UPI QR Code links sent through SMS and WhatsApp. As a precaution, the bank has again reminded customers not to scan QR codes or enter UPI PIN / OTP to receive money.
Got an SMS or Email that says 'you have won a lottery' without ever applying for it? #MoohBandhRakho as it could be a fraud. Report it to National Cyber Crime on 155260 or https://t.co/eftdT0W3LA.— HDFC Bank (@HDFC_Bank) August 31, 2021
Don't share personal banking details with anyone.
Visit: https://t.co/WAFVnmcPa8 pic.twitter.com/YQKhDBRJTn
Via its other Tweet, the bank has also warned that "Fraudsters post their personal numbers disguised as customer care / helpline nos. to deceive people and extract their sensitive banking information. #MoohBandhRakho and report it to National CyberCrime on 155260 or http://cybercrime.gov.in."
Customers of HDFC Bank have been warned against fake customer care / helpline numbers of banks or online shopping sites. As a protective measure, HDFC Bank has said to always visit the official website of the organisation for their helpline number.
Fraudsters post their personal numbers disguised as customer care / helpline nos. to deceive people and extract their sensitive banking information.#MoohBandhRakho and report it to National CyberCrime on 155260 or https://t.co/eftdT0W3LA.— HDFC Bank (@HDFC_Bank) September 18, 2021
Visit: https://t.co/UdVWClO1iU pic.twitter.com/YATQzJBgSZ
HDFC Bank and Paytm recently teamed to provide a broad gamut of VISA-enabled credit cards. The collaboration intends to deliver one of the largest ranges of services across different customer segments, featuring a distinctive accentuation on millennials, business owners, and merchants, in a first-of-its-kind relationship. HDFC Bank has declared that "The credit cards will be customized to meet distinct needs of retail customers, from new-to-credit users to affluent users and offer one of the best-in-class rewards and cashback for users. The new cards offering will also facilitate small business owners."
The private sector bank has also said in a statement that "The launch is planned in October 2021 to coincide with the festive season to tap into potentially higher consumer demand for credit card offers, EMIs and Buy Now Pay Later options, with the full suite of products to be on offer by the end of December 2021. With over 5.1 crore credit cards, debit cards and prepaid cards and over 2 million merchants, addressing every market segment, every third rupee spent on cards in India happens on HDFC Bank cards. The Bank has thus played a significant role over the years in spurring India's consumption story."
The statement has added that "The partnership aims to deliver superior value and experience to customers by leveraging off each other's strengths: HDFC Bank's salience as India's leading issuer of credit cards and strength in providing superior customer engagement, and Paytm's digital prowess and reach of over 330 million consumers (2). The alliance will target deeper penetration in Tier II and Tier III markets, and enable faster acceleration of digitized payments across the country."
According to the joint partnership in the credit card segment, HDFC Bank and Paytm will introduce the Business credit cards, offering a host of benefits for merchant partners from the smaller cities and towns of India and enable them to get easier access to credit with instant and paperless approvals. The Business credit cards would mark Paytm's foray into the credit card segment for merchants, benefitting Paytm's base of more than 21 million merchants (2).
In addition, the collaboration intends to offer a range of consumer credit cards, offering cashbacks and benefits, including the Mobile credit card targeted at digital-first millennials. Users can apply through a digital and paperless process and complete the on-boarding process fully through the Paytm app.
Bhavesh Gupta, CEO, Paytm Lending acknowledged, "At Paytm, we aim to democratize the access to credit to drive financial inclusion amongst our 330mn+ consumers and 21mn+ merchant partners (2). With our technological capabilities, Paytm's merchant partners and India's new-to-credit millennials will now able to build a healthy credit profile and gain access to opportunities available in the formal economy. We are delighted to partner with HDFC Bank, and Visa, to launch a comprehensive suite of credit cards across customer segments, with special focus on millennials, business owners and merchants. Our Business Credit Cards have been designed basis our deep understanding of our merchant partners and we believe that the offerings will truly benefit their businesses."
"As India's largest card issuing and acquiring bank, we are committed to accelerate the adoption of digitization in the country. We believe India's growth story is robust and this partnership is an effort on Bank's part to enable consumption, particularly, during festive season, which will further fuel the economic growth of the country. As a leader in the cards space, our objective is to help enlarge the eco-system through such collaborations, which ultimately offers a differentiated experience for customers," said Parag Rao, Group Head - Payments, Consumer Finance, Digital Banking & IT, HDFC Bank.
"Consumers and businesses alike are embracing digital payments today. We are proud to partner with Paytm and HDFC Bank and deploy the full suite of Visa solutions and capabilities, as they launch an array of world-class products to tap into the potential of this vast and diverse customer set. With cards designed to suit the needs of each type of customer - from the new-to-credit to the digitally savvy and small merchants, I am confident this partnership will enable and drive access to credit," acknowledged T R Ramachandran, Group Country Manager, India and South Asia, VISA.