Prevent online fraud, RBI introduced new rules for mobile wallets

To prevent online fraud, RBI introduced new rules for mobile wallets

New Delhi (Tech Desk) For the past quite a long time, the Reserve Bank of India has set up new guides to stop online fraud through Paytm, PhonePe or any other service. Under these new rules, users can be protected from any fraud or unauthorized transactions. RBI has said that mobile wallet users will be provided security like credit and debit card users. In this post, we are giving you information about the rules issued by RBI.

New rules made by RBI:

  1. All mobile wallet companies have been asked to provide a contact number with each transaction alert message on which users can report fraud cases.
  2. Other companies including Paytm, PhonePe, Amazon Pay, ensure that every user is registered for SMS alerts so that they can send SMS, e-mail and notifications of every transaction.
  3. All mobile wallet companies will have to set up 24/7 Customer Care Helpline so that users can report any fraud or theft.
  4. RBI has also said to provide security like credit and debit card users to mobile wallet users.
  5. If a user has to face any kind of fraud / negligence / deficiency through any mobile wallet, then the company will have to return the full amount after reporting within 3 days.
  6. Even if the user does not report for any fraud transactions, then the mobile wallet company will have to pay a refund.
  7. If any information of a frond transaction is made within 4 to 7 days, then the company will have to give back the transaction value or Rs. 10,000 (whichever is less) to the user.
  8. If a fraud is reported after 7 days, then refund will be given on the basis of the mobile wallet company’s policy set by the RBI.
  9. All refund cases must be resolved within 10 days of the company reporting.
  10. All complaints or disputes must be resolved within 90 days, even if the fault is of whom.
  11. If the complaint is not resolved within 90 days then the company will refund the entire money to the user.
  12. The mobile walts of the users whose KYC verification has not been done will stop working after February 2019.
  13. Experts estimate that more than 95 percent of the country’s mobile wallet can be closed due to this in March.

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