New tool against online fraud: Alerts for UPI, card, and net banking

Banks are implementing a safety feature called ‘transaction confirmation’ to prevent unauthorised transactions, according to a report by the Economic Times (ET).

It sends an immediate alert to a person if there is any unusual or suspicious transaction initiated through their bank account. Upon receiving this alert, the account holder can either consent to or decline the transaction.

ET reported that ICICI Bank, HDFC Bank, and Standard Chartered Bank have already implemented the fraud prevention measure. Other banks have also adopted similar systems to prevent fraudulent transactions.