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Recently the Dy. Managing Director and Digital Officer of State Bank of India has stated that we have to ensure the safety and security of the Digital Platforms to prevent frauds. We have put the cart before the bullocks and effect it to run. Hundreds of fraudulent transactions are taking place every day. Recently an octogenarian social worker and freedom fighter Mr. Kodikal received a call stating that ‘I am calling from Punjab National Bank, Nagercoil. Your account number is ——-. Is it right’? He said yes, and the caller said there is some problem with the account and asked for details of his ATM card and PIN. Kodikal gave the phone to his daughter-in-law to answer, and she promptly gave details. After some time he had some doubts and rushed to the branch and enquired. The Branch Manager said we did not call. He himself called the caller, taking the number from Kodikal and the person again said he is from PNB. The Branch Manager shouted at the person and cancelled the ATM card and issued a new card with new PIN. After a few days, Kodikal received a remittance of Rs.20,000/- from a well-wisher. Immediately the amount was withdrawn by the fraudster using the UPAI platform, and the money is not traceable. Every day similar frauds are taking place targeting elderly people. It is surprising that the account could be operated even after changing the ATM card and PIN and blocking the account. The Bank is also clueless.

The statement of one of the highest ranking officials of SBI should at least ring a wake up call.

Unfortunately, the Govt and RBI are considering licence for Mukesh Ambani’s Reliance and Amazon for starting a similar platforms, which could be dangerous than the present one. Who will wake up the Govt which acts as sleeping?

Photo credit: Raisin – Finance Stock Images/Flickr

Thomas Franco is former General Secretary of All India Bank Officers’ Confederation.

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