@RBI has sought comments from stakeholders like bank, telecom companies and law enforcement agencies on its draft procedure to contain the menace of mule accounts, returnable by 2 Oct.
In common terms, mule accounts are fake that bank open carelessly. Cyber criminals use these to siphon off money they defraud without getting caught as banks simply don’t the address of know their fraud customers!
In Britain, banks for such failures pay their customers the losses incurred in cyber frauds within five days. Singapore has a waterfall policy, fixing liabilities on banks and telecom companies, depending on whose carelessness led to fraud.
Time for
@RBI to crack the whip and make such provisions in India, forcing banks to pay for losses caused by mule accounts, a tool that makes cyber frauds possible.
Read my article here and a detailed essay in first comment.