Bank warned their customers to be extra cautious
The ban on bulk SMS services is affecting the banks and other service sectors. The government has extended the ban until 30 September. In order to comply with the centre’s rule, banks and financial companies have stopped sending SMS’s alerts to customers. The banks have asked customers holding credit card to be extra cautious.
According to rules laid out by centre, all banking services need to inform their customers of any transactions taking place via ATM or internet.The account holders accordingly receive SMS alerts once a transaction has been done. But the government decision to ban on sending bulk SMS affected banking transactions in the country. The banks and financial companies have stopped sending SMS’s alerts to customers and equity trading account holders on transactions.
In the case of credit card holders, banks will not alert them on a transaction taking place, even fraudulent ones. The banks have asked customers holding a credit card to be extra cautious under the circumstances since under the regulations of the ban, the banks can not even alert a customer even if they know that a fraudulent transaction has taken place via his credit card.
The government has extended the ban until 30 September, following the Supreme Court’s decision to defer Ayodhya verdict by one week. The ban on bulk SMS services is affecting the banks and other service sectors. The customers may not get information of fraudulent transaction taking place during the intervening period. The banks have asked customers holding credit card to be extra cautious. HDFC Bank and ICICI Bank informed its customers through their website to be extra cautious.
Source: The Economic Times
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