With the increasing use of ATMs, chances for money to be lost due to fraud have also increased. Most often banks come to know about the fraud only when account holders complain to the bank that they have lost their money. The situation requires all account holders to ensure that money in their accounts are safe.
If one has registered for SMS alerts, then all transactions can be tracked by the account holder. All banks now offer such facilities to customers. If some transactions look suspicious, customers can inform the bank about the activity and maybe even reverse transactions thereby saving their money from being lost.
Those who have not registered for mobile alerts need to know that they are in dangerous territory by not doing so. While earlier, one had to go to a particular branch to get their mobile numbers registered, the central bank of India has stipulated that customers should be able to register their accounts using ATMs. Further, all branches of banks should allow customers to register their mobile numbers and link it to their accounts.
Banks have the responsibility to provide security to customers who if they lose money due to reasons beyond their control. The central bank has said that in such cases, banks should not delay paying back the lost money to the customer. However, customers might not get their money back if they are late to inform the bank about suspicious transactions. Hence, it is mandatory that customers should get their mobile numbers registered with the bank to keep a tab on account activity. Since passbooks are no more in use, SMSs are the only way that customers can keep a close watch on their accounts.
Getting mobile numbers registered is also important because most transactions are carried out these days on mobile phones. Communications from the bank and authentication messages are only sent to registered mobile numbers. One should be especially be careful about handling OTP numbers because only the account holder is supposed to know the OTP number. One should also keep a tab on minor’s accounts because these days they are increasingly being hacked by fraudsters. Parents need to link minor's accounts to their mobile phone so that they can keep a tab on it.