Which Bank has releases booklet on modus operandi of financial frauds?

Today General Knowledge(GK)

RBI

ADB

SBI

World Bank

Correct Answer : Option (A) - RBI

The Reserve Bank of India (RBI) on Monday(7th Mar 2022), released a booklet on modus operandi of financial frauds, titled ‘BE(A)WARE’, as a part of the public awareness initiative by its Consumer Education and Protection Department.

RBI, while enhancing customer convenience, furthered that “as the speed and ease of doing financial transactions has improved, the number of frauds reported in retail financial transactions has also gone up. Fraudsters have been using innovative methods to defraud the common and gullible people of their hard-earned money, especially the new entrants in the use of digital platforms who are not entirely familiar with the techno- financial eco-system.”

RBI claims that this booklet, which has been compiled from various incidents of frauds reported as also from complaints received at the offices of RBI Ombudsmen, provides information to those who are inexperienced, or not so experienced, in digital and electronic modes of financial transactions.

RBI’s Ombudsmen Offices and the Consumer Education and Protection Cells (CEPCs) also revealed that sharing of confidential information by the customers, knowingly or unknowingly, is one of the major causes leading to financial fraud.

India’s central bank describes that this “booklet is intended to create awareness among the members of public about the modus operandi adopted by fraudsters to defraud and mislead them, while also informing them about the precautions to be taken while carrying out financial transactions.”

Source : Business Today

Published On : March 9, 2022

Category : Banking

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Source : AIR

Published On : April 25, 2024

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Q .

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Usain Bolt

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