Central Bank has urged the customers to be cautious when making e-payments to prevent unauthorised electronic transactions.
The Bank issuing a statement requested the customers to register for real-time e-payment notification facilities as well as obtain EMV chip-based payments cards from their respective Licensed Financial Institutions (LFIs) as soon as possible.
The Central Bank, together with Licensed Financial Institutions and other stakeholders have implemented several measures to help customers prevent fraudulent electronic transactions.
Accordingly, LFIs are required to provide Short Message Service (SMS) alerts or any other real-time notification facilities for all e-payments as well as issue EMV chip-based payment cards
Passwords, PINs, OTPs, transaction verification amounts or other transaction verification information must not be shared with any party and only used for its specified purpose.
Failing to adhere to such safe practices will reduce the safety of customer’s own funds as fraudulent parties could gain access to customer accounts as well as funds using such information.
The CB has notified customers to register for real-time e-payment notification facilities as well as obtain EMV chip-based payments cards from their respective LFIs without delay and exercise caution when sharing information that can be used to carry out e-payments.
Electronic payment (e-payment) methods, such as real-time interbank fund transfers from customer current and savings accounts as well as card payment facilities, have provided a great convenience to customers.
But they should be vigilant on fraudsters as they could gain access to customer accounts as well as funds using such information.
(LI)