Customers defrauded at 4 PSBs through Aadhaar-based authentication misuse

The staff of four public sector banks (PSBs) has been alleged to have salted away depositors’ money by misusing the latter’s Aadhaar-based authentication.

The banks — Allahabad Bank, Bank of India, Syndicate Bank, and UCO Bank – recently reported the matter to the Union government, complaining that Rs 14.2 million had been fraudulently withdrawn using customers’ Aadhaar numbers.

“According to the data reported by PSBs, there have been incidents of money being fraudulently withdrawn from bank accounts using the customers’ Aadhaar numbers in a few banks,” Minister of State for Finance Shiv Pratap Shukla told the Rajya Sabha in a