Bank of Baroda net banking fraud: RBI prevented Bank of Baroda from the onboarding of new customers on its app ‘bob World’

Recently the news has come on the internet that an unprecedented fraud was committed during the registrations of the Bank of Baroda’s net banking app “Bob World’ came to the fore. One media report offered that thousands of customers’ bank accounts – in a clear breach of rules- have been connected to the mobile numbers of strangers. Since the news came on the internet it circulated on social media platforms Currently the news has been gaining huge attention from the people and now they want to know complete information about the news. We have more information about the news and will share it with you in this article.

Bank of Baroda

In light of this fraud, the Reserve Bank of India (RBI) has stopped the Bank of Baroda from onboarding fresh customers on its app. In a few matters, these strangers withdrew money from the bank accounts of gullible clients in an act of fraud carried out in collusion with the bank workers. The issue reportedly kicked off in March 2022 when the top management of the state lenders pressured provincial branches to grow the registration of ‘Bob World’ consumers. Scroll down to the next page for more information about the news.

According to the report, the pressure was obviously so intense that the staff sometimes utilized their own mobile numbers to connect the bank accounts of customers in order to grow the downloads of Bob World. Following having the OTP on the mobile numbers of staff, the app registrations could be achieved, and the number of downloads increased. In a few cases, these mobile numbers belonged to the bank agents known as business journalists (BCs) who operate in remote areas. You are on the right page for more information about the news, so please read the complete article.

Also Read:  Mutual Fund Redemptions Took A 6-Month Low Dip In October

Follow these tips to keep your account safe and secure

Linking mobile number – You should secure to link your mobile number to your bank account and net banking. Once your mobile number has been connected to the bank account, a new number cannot be connected.

Duly reflecting the balance – Make sure you get a message upon withdrawal on your mobile phone. Whether the transaction relates to an ATM withdrawal or a fund transfer, the debit in the account must be duly reflected in real time.

Don’t share the OTP – The OTP you get on your phone must be not shared with anyone. The RBI states that the password should not be shared even with bank employees. Here we have shared all the information that we had. Stay tuned to us for more updates.

Mark
Gurleen Kaur

I'm a science graduate from the Ahmadu Bello University, Nigeria. My passion for writing has brought me to into the field of content.