Here’s How RBI Protects You Against E-Wallet Fraud

New Delhi: It is a common sight to see a small board with a mobile wallet logo such as PayTM or PhonePe with a QR code and phone number hanging at virtually every store today.

Considering the popularity of such mobile transactions, the Reserve Bank of India (RBI) has decided to level up the security attached to these wallets. Here are a few ways that will help you protect your money:

1. Helpline In Every SMS

RBI has now made it mandatory for e-wallet companies to mention the contact number and/or email id in every transactional SMS they send where users can report unauthorised transactions immediately. Hence, it is important to sign up for SMS and email alerts.

2. 24/7 Helpline

Like banks, mobile wallet companies too have been asked to have a dedicated helpline number where users can contact and report fraudulent transactions.

3. Mandatory Refund 

The RBI has now mandated that mobile wallet companies will have to refund the entire amount to the user within three days of reporting of fraudulent transactions. Even if the customer doesn’t report, the companies are now liable to initiate the refund within 10 days.

4. Know Your Customer (KYC)

Mobile wallets will be deactivated if KYC is not done within the end of February 2019.