Tatsat Chronicle Magazine

India Post Payments Bank Cautions Its Customers From Cyber Frauds

December 1, 2022
cyber fraud

Due to the rise in multiple fraudulent activities where fraudsters open fake accounts in the name of villagers, tribals and not so literate people by giving an impression that account holders would get monetary benefits under various government schemes, bank account holders need to be careful while sharing their personal details with unknown persons. These accounts are used for illegal money transactions in various cyber-crimes beyond the knowledge of the actual account holders.

IPPB further advise that customers should not use mobile number of any third person for bank account opening and are advised not to accept or send any money without knowing the genuineness of transaction. Customers are advised not to share control of their bank account like sharing of their mobile banking details with unknown persons to transact on their behalf not to share their IPPB account details with people luring job offers or people offering opportunity to make easy money via social media. They are also advised to carry out proper due-diligence before entering into any transaction with any company.

IPPB does periodical updating of customer identification data post account opening & their transactions are also monitored in order to protect them from misuse by such fraudsters.

India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India. IPPB was launched by the Prime Minister, Shri Narendra Modi on September 1, 2018. The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India. The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network comprising 155,000 Post Offices (135,000 in rural areas) and 300,000 Postal employees.

IPPB’s reach and its operating model is built on the key pillars of India Stack – enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers’ doorstep, through a CBS-integrated smartphone and biometric device. Leveraging frugal innovation and with a high focus on ease of banking for the masses, IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages.

IPPB is committed to provide a fillip to a less cash economy and contribute to the vision of Digital India. India will prosper when every citizen will have equal opportunity to become financially secure and empowered. Our motto stands true – Every customer is important; every transaction is significant and every deposit is valuable.