Online Transaction Security for Customers

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Dear All,

Our prime minister has been working towards a Digital India wherein we will have minimum cash transactions and MOSTLY online transactions. I myself have been carrying out online NEFT transactions regularly for payments to vendors, suppliers etc. For carrying out NEFT transactions we are supposed to add a beneficiary and while adding a beneficiary the following things are asked viz (a) Account Number (b) Name of Account holder (c) IFSC Code. 

To my utter surprise, it seems that Customer's security is not taken into account very seriously as RBI states that if an online money transfer is initiated ONLY the account number is checked. Other details like Name of account Holder are not checked by the system. Hence it is very much possible that if you make even a single digit mistake, your money could go into some other account. This is very dangerous.

I am raising this petition to wake up RBI to do a very simple thing. They should make it MANDATORY for all banks to include a new field while adding beneficiary and also for existing Beneficiaries ie PAN Card/ Aadhar Card.

Beneficiary ADDITION should ACCEPTED ONLY IN CASE both the ACCOUNT NUMBER and PAN CARD/ AADHAR CARD matches OR ELSE NEW BENEFICARY SHOULD BE REJECTED. This way citizen's /customer's interest would be safeguarded. 

 

There are several cases where people have lost money by making minor mistakes. If TWO PARAMETERS ie Account Number and PAN Card/ Aadhar Card is MADE MANDATORY - CUSTOMERS WILL STAND TO GAIN

REQUESTING RESERVE BANK OF INDIA TO DO THIS IN THE INTEREST OF CUSTOMERS AND A DIGITAL INDIA

 



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