4 ms·
There is a constant need of OTP for every transaction. That sms says again and again Do not share it with anybody or, something similar to that. Instant transfe
by davchana 4y ago
There is a constant need of OTP for every transaction. That sms says again and again Do not share it with anybody or, something similar to that. Instant transfers are only from bank to bank accounts, and not to any personal wallets. Banks have strict KYC requirements to get the documents again every few years. So whoever account is getting the money, bank gas most of their information.
So even after all those multiple warnings, if somebody gets frauded (which happens, because people get greedy, they pay a small amount to get a bigger prize, or a work from home job etc scams), police in some places now have IT Crime cell, which follows up with banks and try to recover the money. No guarantee. But there is no constant stream of fraud anymore thatln what happens here in US with people who fall for scams.
- Aachen 4y agoYour bank account isn't a personal wallet? It doesn't get much more personal than one's bank account for me.
- davchana 4y agoI mean in India we call wallets to companies like PhonePe, PayTM etc. Banks are banks.
- Closi 4y ago> There is a constant need of OTP for every transaction. That Not necessary - My UK bank (Monzo) allows FASTER payments without a OTP (the UK version of this that has been around for about 15 years) via their app. You just sign into the app, put in the bank account number you are sending it to, sort code and recipients name, it verifies you with Face-ID then sends the cash.
- davchana 4y agoI awas replying in context of Indian people facing a constant stream of fraud, so I mean almost every money transfer transaction needs an OTP, which could be an SMS, or a number from grid on the back of the card, or from bank's own app.