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RBI releases booklet on modus operandi of financial frauds

RBI releases booklet on modus operandi of financial frauds_4.1

Reserve Bank of India has launched a booklet named “BE(A)WARE” which features common modus operandi used by fraudsters and precautions to be taken while carrying out various financial transactions. The booklet aims to enhance public awareness about various types of financial frauds perpetrated on gullible customers while carrying out digital payments and other financial transactions.

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Key points of the booklet:

  • Booklet: provides safeguards against commonly used fraudulent techniques like SIM swaps, vishing/phishing links, lottery, fake loan websites and digital apps etc.
  • The booklet emphasises the need for keeping one’s personal information confidential at all times, being mindful of unknown calls/emails/messages, etc., and also outlines the due diligence measures to be followed while undertaking financial transactions.
  • According to the Ombudsman Offices & Consumer Education and Protection Cells (CEPCs) of RBI, sharing of confidential information by the customers knowingly or unknowingly is one of the major causes leading to financial frauds in India.

What is common modus operandi?

The term “modus operandi” is a Latin term that describes an individual or group’s habitual way of operating, which represents a discernible pattern. A modus operandi (commonly abbreviated as “M.O.”) is mainly used to discuss criminal behavior and is often used by professionals to prevent future crimes.

Important takeaways for all competitive exams:

  • RBI Headquarters: Mumbai, Maharashtra;
  • RBI Founded: 1 April 1935;
  • RBI Governor: Shaktikanta Das.

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