Debunking Bank Scams: No, Yes Bank Will Not Call to Confirm Transactions
Have you ever received a suspicious call from someone claiming to be from Yes Bank, asking you to confirm if there are multiple debit or credit card transactions within a few hours? Rest assured, the answer is a big NO!
Bank Awareness and Transaction Monitoring
The truth is, Yes Bank and other banks do not actively call their customers to verify transactions unless there is a clear indication of fraud or irregular activity. It is common for banks to detect unusual or irregular transactions through their internal systems, often several hours after the transactions have occurred. Simply put, the bank does not need to call you to know about your transactions—they will find out later anyway.
Fraud Prevention: What Retailers and Banks Do Not Know Until Settlement
When you make a transaction, the retailer or point of sale (POS) typically needs to settle the transaction. This process usually occurs at the end of the business day. However, some retailers may neglect to settle transactions promptly. This can lead to delays in the transaction being recorded and processed by the bank. Because of this, any call warning you about unauthorized transactions could be a scam, as the retailer may not have settled the transaction yet, and the bank will still recognize it a few hours later.
What to Do if You Receive a Suspicious Call?
If you receive a call purporting to be from Yes Bank or any other financial institution, the best course of action is to remain calm and do not take any immediate action. Here are some key steps you should follow:
Hang up and do not engage with the caller, even if they threaten or pressure you.
Call your bank directly using the official phone number provided on their official website or on the back of your card.
Report the suspicious call to the bank and any relevant authorities to help them investigate and prevent similar scams.
To further protect yourself, it is important to:
Keep an eye on your account activity regularly through your online banking or mobile app.
Set up alerts for any unusual activity so you can respond quickly if something seems off.
Maintain strong passwords and security measures on all your financial accounts.
Stay aware of common scam techniques and be wary of unsolicited calls or messages, especially those involving urgent payments or personal information.
Conclusion
In summary, there is no need to call your bank to confirm transactions. Banks monitor and detect suspicious activities through their internal systems without needing your input. If you receive a suspicious call, hang up and contact your bank directly to confirm the authenticity of the call and safeguard your financial information.