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Rising Frauds - Coggle Diagram
Rising Frauds
Merchants do not follow strict data sanctity checks
Loss of customer trust
Identity theft
Operational disruptions.
Regulatory issues
Payment frauds
Further Steps taken to avoid fraud
Check properly at POS/ATM machine before using them .
Don't gave cards to others
If card is given use OTP instead of pin
If card is lost ,report or block through self serve channels
Report immediately for any unknown transaction be it debit or credit irrespective of amount.
Using secured website while online shopping .
Make sure to turn off tap and pay facility
Compromised account's details
Auto save option provided by lots of websites
Authentication via CVV only
Access of all accounts by single mobile number
Inability to identify or take actions on fraudulent transactions
Customers do not bring fraudulent transactions to bank's notice on time.
Customers do not check financial statements diligently .
Customers don't come to know about the transactions till end of the month.
Transactional alert are not on real time basis.
Lack of awareness regarding the methods fraudsters are using to scam customers and banks
Banks are lagging behind in terms of technological advancements used in industry. They do not have a fraud detection AI/ML model set up to identify such transactions so that alerts can be sent only to specific customers.
Bank do not send alerts to notify customers about every transaction
Lack of govt. regulation for intimation of every transaction and financially not viable.
ATM/POS terminals do not have OTP systems available