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Government suspends 70 lakh mobile numbers. Here’s what you should know

Central government has suspended 70 lakh mobile linked to suspicious transactions in a bid to keep a check on the increasing number of digital frauds, Financial Services Secretary Vivek Joshi was quoted as saying by PTI. 

Joshi who was coming right after attending a meeting called on discuss finacial cyber security and increasing digital payment fraud said that banks have been asked to strengthen their processes in order to keep financial frauds in check. Joshi while commenting on the Aadhaar Enabled Payment System (AEPS) fraud noted that state governments have been asked to look into the matter and ensure data protection.

The senior official also noted that discussions related to KYC standardization of merchants was also held while ensuring coordination between various government agencies in order to reduce cases of cyber fraud. He also stressed on the need to create awareness in the society regarding cyber fraud to ensure gullible customers are protected from being duped.

Focus on UCO Bank, Bank of Baroda fiasco:

Notably, the issue of digital fraud faced in UCO Bank and Bank of Baroda recently was also a major focus point. 

Last month, RBI had directed Bank of Baroda to suspend further customer onboarding on its ‘bob World’ mobile after reports of fraud being committed using the app came to light. Reportedly, bank accounts of many customers were linked to the mobile nubmer of strangers and in some cases these strangers also withdrew money from these accounts in cohorts with the bank employees. 

Meanwhile, another state-owned lender, UCO Bank recently revealed that it crore erroneously credited 820 crore to some account holders of the bank via Immediate Payment Service (IMPS). The IMPS platform, a real-time inter-bank electronic funds transfer system, is operated by National Payments Corporation of India (NPCI).

In a statement explaining the issue, UCO Bank noted, “During the period from 10.11.2023 to 13.11.2023, technical issue in Immediate Payment Service(IMPS), certain transaction(s) initiated by holders of other banks have resulted in credit to the account holders in our Bank without actual receipt of money from these banks,

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Updated: 29 Nov 2023, 01:56 PM IST

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