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India Post Payments Bank cautions its customers from Cyber Frauds

India Post Payments Bank

India Post Payments Bank notifications on Cyber Frauds

India Post Payments Bank – Bank account holders need to be cautious when sharing their personal information with unknown people due to the rise in numerous fraudulent activities where fraudsters open fake accounts in the names of villagers, tribals, and illiterate people under the pretence that account holders would receive financial benefits under various government schemes.

Without the actual account owner’ awareness, these accounts are utilized in several cybercrimes for illicit financial activities.

India Post Payments Bank

IPPB also suggests that

Customers shouldn’t open a bank account using a third party’s mobile number.

Customers are advised not to send or accept any money unless they are certain that the transaction is legitimate.

Customers are cautioned against giving strangers access to their bank accounts or their mobile banking information so they can conduct business on their behalf.

Customers are cautioned not to give out their IPPB account information to anyone enticing them with employment offers or promising fast money through social media.

Before making a purchase or sending money, customers should research the business and the individual.

In order to safeguard them from abuse by such fraudsters, IPPB periodically updates customer identification data after account opening. Their transactions are also tracked.

The Department of Posts, Ministry of Communication founded the India Post Payments Bank (IPPB), which is wholly owned by the Indian government. On September 1st, 2018, Prime Minister Shri Narendra Modi introduced IPPB. The bank was founded with the goal of creating India’s most approachable, inexpensive, and reliable bank for the average person.

India Post Payments Bank’s primary goal is to break down barriers for those who are unbanked and underbanked and to cover the last mile by utilising the postal network of 155,000 post offices, 135,000 of which are located in rural regions, and 300,000 postal workers.