The Home Ministry has asked banks and e-wallet firms to publish statistics of online fraud and theft so that customers can make an “informed choice” before subscribing to the services. Home Minister Rajnath Singh also instructed all concerned to formalise an insurance plan for victims of bank fraud as most banks and insurance firms do not provide any cover for such frauds, an official said.
“The customer alert mechanism to include names of beneficiaries of any financial transaction wherever necessary for better traceability and cross-checking on the part of the victim, publishing online statistics depicting the specific incidents, frauds of e-wallet companies and banks along with details including investigation to enable customers to make an informed choice before subscribing to e-wallet services are other initiatives being planned,” a Home Ministry statement said.
