I keep receiving calls from the bank asking me questions about my virtual transactions and the purpose of it. Say I'm purchasing credits on a game from Apple Store or buy food everyday through PayTM/Zomato/Swiggy, the bank calls me and says "Did you authorize this transaction yourself?" What kind of bullshit is this? They are actively monitoring all my transaction data without my permission and breaching my privacy even though I'm not filing ITR or doing any jobs. This is insane. Can't I even have the privacy of doing virtual transactions sitting in my home?
Are all banks like this?
- Thread starter Zaibatsu
- Start date
Which Bank??
Sobirvs
Skilled
Fraud department might be calling you, this is new here in India, where as it's quite old for US/UK Customers, and trust me on this, this is a good thing. Tomorrow if someone uses your card for fraud transactions to buy virtual currencies or let's say bitcoin, where you can't get a refund, what will u do? obviously dispute by the help of the bank right? and for disputes it costs bank to get your money back(which they have to under VISA/MASTER/AMEX regulations). They are just looking after you, and saving their/your cost and hassle for any future frauds. Btw you authorize a bank to monitor your transactions when you open a savings/current account (legally it means you trust the bank to keep your money safe), so why privacy is a concern here. It has nothing to do with tax or privacy but to do with protecting you for future frauds.
Firstly, are they asking you whether you authorized the transaction, or do they question you about what you are buying?
Secondly, which bank and which card?
Finally, what has this got to do with ITR?
And no, if you are using any Indian bank, you wont get any privacy. /s
adventureguy
Skilled
its called fraud prevention. computers always look for patterns in purchasing history and if there's any deviation from norm, a phone call goes out to customer asking them to verify it. saves them and you of of time and headache in future. seriously no one in bank wants to know what kind of porn you watch or what apps you buy
Yeah, we are so unlucky /s
I only get calls from Yes Bank to ask if I want to convert to EMI
HDFC calls me the very next moment I click on submit on any high value transaction that might look suspicious to them. And yes, its a good thing.
I don't understand why People complain about being called like this when the bank can simply reject the transaction and ensure no loss to customer or bank , but when a fraudulent transaction does takes place and its already too late, they want the bank to refund them and take the loss themselves.
I don't understand why People complain about being called like this when the bank can simply reject the transaction and ensure no loss to customer or bank , but when a fraudulent transaction does takes place and its already too late, they want the bank to refund them and take the loss themselves.
Same here. I get calls from SBI cards sometimes when I transact at very odd hours, or when I transact online without otp authentication. I find it good that they are pro active with this.
All financial transactions are actively monitored (through computerized systems) all the time. All institutions dealing with money have event processing systems and dedicated services in place to detect potential fraud and other suspicious activity and also for regulatory compliance requirements. For example banks are required to report all high value transactions over 5 lac to RBI All such institutions also have dedicated Risk management staff.
Your permission is not required for them to do all this.
6pack
ex-Mod
same here. i only get a sms with a number to call in case of fraud. then another sms if i'm interested in converting it into emi.
icici bank even sends email along with sms if account is debited.
N
NotMyRealName
You sure about this figure? Someone recently told me 2 lakhs but not sure...
aalok
Disciple
same is with HSBC. sms followed by mail.
No no, you guys have got it all wrong! I used to do a lot of transactions using PayTM through HDFC bank daily for my different needs, so I won't need to go to the ATM everyday. So the bank called me and asked if I authorized these transactions and even asked the purpose of these transactions. Last time they called, they said they said they are having trouble monitoring my high no. of daily transactions and even asked me to lower it. So I got a little worried over my privacy, and posted this topic. So basically they are telling me to lower the no. of transactions that I do daily. And I should sit at home and do what exactly then? They still call me sometimes but I don't bother to pick up their calls thanks to Truecaller. Now I straightaway use my debit card at any site to get the job done, so they don't have the balls to ask me the purpose of it
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These 2 statements themselves looks suspicious, if bank is having trouble monitoring your no. of transactions then most likely you are doing 40-50 transactions per day that too not of some small value(like some ~Rs.100 transactions) that too on a savings account. This type of behaviour is usually expected by banks on current accounts. Btw no matter what you do it is tracked by bank even if they don't ask about it because hey are required by law to do it(aka if you want privacy in banks go to swiss banks).
Not really, never! Maximum no. of transactions I ever did in a day was 8, and that was said by bank official himself. It's my father's funds basically which I transfer to my account, so even if the bank wanted to sue me, they couldn't. And I would counter-sue the bank for breaching my privacy and telling me how to use my father's funds. And tell my father too to close his account with them
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Everything is KYC verified bro. I have a VIP PayTM account. And there is concept of suing in indian law, it's called Court case as normal ppl refer to in India
Sobirvs
Skilled
Okay, consider a person who is at your age and a good football player but has 0 knowledge abt computers, paytm, phones and just knows barely how to use them. One day he get's a call from someone saying you are getting free ticket to Bali and hotel stay because you did recharge on paytm and you are lucky customer now as you hit the jackpot(ofcourse a scam), then the guy on the phone says you have to pay only 10% of the amount, total cost is 2L and you have to pay 20k by paytm as processing fees, now that poor guy who is quite happy knowing he is getting this wonderful opportunity and tries to paytm the other guy on the phone and suddenly bank calls if he authorised, and he says yea , now bank asks what is the reason for the purchase, he says i am getting trip being good customer and i got a phone call saying this thats why i am doing the transaction... Bam! bank says sir it's a fraud and we are either cancelling the transaction or disputing it to save you money, and blocking your card and giving you new card and make sure yu don't believe someone like this scam again on the call. That poor guy just saved 20k because of his bank helping him to stop a fraud.
I believe this answers your question as to why bank says if you authorized, and "what the payment is for/purpose".