Aadhaar numbers, fingerprints or IRIS (for authentication), and the name of the bank where the account was opened are all that are required to complete AePS transactions. The biometrics should be locked using the m-Aadhaar app or the Unique Identification Authority of India (UIDAI) website to avoid abuse of Aadhaar data.
How do Banks protect its customers from fraud
Customer service at the bank: Calling the bank’s hotline to report fraudulent transactions should be one of the first steps a person should take. In India, each bank has a special hotline number where customers can report fraudulent transactions. You can phone the hotline number and give any information you have regarding the fraudulent transaction, such as the SMS notification, email, or other evidence.
If someone suspects continuous fraud or misuse, they can ask their bank to temporarily restrict their account to stop unauthorized transactions.
The victim(s) of AePS unauthorized transactions should immediately notify his bank, file a police report, and submit a report to the National Cyber Crime Reporting Portal detailing the fraud incidence. The victim gets an additional 90 days to request a chargeback on the transaction.
Banks have set up monitoring systems to keep tabs on unusual activity in consumer accounts. As a result, the bank has configured and defined a variety of monitoring rules. The analysts are constantly keeping an eye on the notifications that are created.
Banks frequently keep track of the locations of transactions. An alert may be raised if a transaction takes place in a location that is significantly out of the customer’s typical transaction history. The customer may then be contacted by the bank’s support staff to confirm the transaction.
Also Read:
