Page 44 - Banking Finance December 2019

FEATURE

WHAT YOU
WHAT YOU
WHAT YOU
WHAT YOU
WHAT YOU
CAN DO TO
CAN DO TO
CAN DO TO
CAN DO TO
CAN DO TO
AVOID E-
AVOID E-
AVOID E-
AVOID E-
AVOID E-
WALLET FRAUD
WALLET FRAUD
WALLET FRAUD
WALLET FRAUD
WALLET FRAUD
T here is no end to the number of ways fraudsters Incidents of fraud have become fairly common, but few

know how they can seek recourse if they are defrauded on
can dupe you out of your money if you're not
careful. Hyderabad-based Sejuti Baral got a nasty
an e-wallet platform. We tell you what the rules are and
surprise when an attempt to sell her old phone
online ended in her losing almost six months' worth of savings. how you can protect yourself.
"I put my old one up for sale on an e-commerce website. Liability might be yours

In January 2019, the Reserve Bank of India (RBI) mandated
Someone from Visakhapatnam bought it and transferred the that users of mobile wallets be provided the same safety as
money through Google Pay, and all I had to do was send offered to regular credit or debit card holders. The rules
the parcel to the given address," said the 30-year-old bring in more clarity on what happens when unauthorized
learning designer. Baral called a local DTDC courier service or fraudulent transactions take place on mobile wallets. RBI
number she found listed online. The person on the line told made it mandatory for all transaction SMSes that users
her he would call up from another number. He then sent receive from these platforms to have a contact number or
her a link to a Google form from the new number and asked email ID which can be used to report unauthorized
her to fill in her details to request the pick-up. transactions immediately, if necessary.

"I opened the form and entered my name and UPI ID. He It also asked e-wallet companies to set up 24x7 customer
asked me to enter the PIN, and clarified that it was part of care helplines to report fraud or any loss or theft, to ensure
the procedure. Unlike other payment gateways where the that customers are assisted and given full refund if a case
numbers turn into dots or asterisks as you type, the PIN was of fraud occurred due to the negligence or deficiency on the
showing up on the form. I got suspicious and deleted the part of the wallet provider. RBI mandated that if such cases
PIN immediately, but by then it was too late," she said. are reported within three days, the entire amount be
refunded. If the fraud is reported within four to seven days,
Baral's State Bank of India account, which was linked to the transaction value or Rs 10,000, whichever is lower, be
Google Pay, saw eight transactions of Rs 9,999 each and one refunded. If the fraud is reported after seven days, the
of Rs 8,000, in quick succession. Baral lost about Rs 88,000 refund will be as per the RBI-approved policy of the e-wallet
within minutes or so. "I tried blocking my SBI account when company.
I realized that this was an incident of fraud, but I couldn't
log into my account. The pop-up said it was a duplicate However, there is a caveat here. According to the
entry, which meant they were already accessing my guidelines, a customer is liable for the loss due to
account. All I could do was look at my screen helplessly as unauthorized transactions if it is due to her negligence, such
notifications of debit transactions kept popping up," she said. as where she has shared the payment credentials. In such

44 | 2019 | DECEMBER | BANKING FINANCE