Bank of Baroda net banking fraud: What should you do to keep your account secure? 2023

Some strange people worked together with bank staff to take money from Bank of Baroda customers. We’ll also give you tips to protect your account from such fraud.

Bank of Baroda net banking fraud: What should you do to keep your account secure?
Bank of Baroda net banking fraud.

In This Article You Read About Bank of Baroda net banking Fraud, A big problem has cropped up while people were signing up for Bank of Baroda’s ‘bob World’ app. Some customers had their bank accounts connected to strangers’ phone numbers, which broke the rules.

As a result, the Reserve Bank of India (RBI) has said that Bank of Baroda can’t sign up any new customers for its app right now.

In some cases, these strangers managed to take money from customers’ accounts, and they did this with the help of some bank employees.

This all started in March 2022 when the top people at the bank pushed the local branches really hard to get more people to use ‘bob World.’ They even used their own phone numbers to link customers’ accounts, making it look like more people were downloading the app.

Sometimes, these phone numbers belonged to people who work for the bank in far-off areas.

Bank of Baroda net banking fraud, For Downloads Alone?

Some folks registered just to boost the app’s download numbers. Once the downloads were up, they unregistered those accounts and used the same numbers to link other customers’ accounts.

In one case, a person from the regional office even offered their own and their spouse’s phone numbers to link to customers’ accounts when they were told about this.

A media investigation found that a recently retired employee had sent emails to top management, saying that employees were under too much pressure to increase downloads. One of the emails said it felt like a fraud was happening due to the intense pressure to activate bob World.

Certain people, who weren’t supposed to, linked their phone numbers to bank customers’ accounts and then took money from them. Internal audits found that 362 customers lost ₹22 lakh to these fraudsters.

In order to safeguard yourself from such fraud, you should consider these straightforward guidelines.

Follow these tips to keep your account safe and secure.

  1. Link Your Mobile Number: When you open a bank account, be sure to connect your mobile number to both your bank account and net banking. You can’t link another number once it’s done.
  2. Keep an Eye on Your Balance: You’ll get a message on your phone every time you withdraw money, whether from an ATM or through a fund transfer. This helps you see your account balance in real-time.
  3. Protect Your OTP: Don’t share the OTP (One-Time Password) you receive on your phone with anyone, not even with bank employees, as per RBI guidelines.
  4. Report Suspicious Activity: If you notice anything strange or suspicious, report it right away to your bank and the authorities. The bank is responsible for getting back any money transferred illegally due to their mistake.

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