Letter to BS: Banks should be careful while on-boarding new customers

They need to strengthen their fraud monitoring systems and cooperate with banks to prevent increasing number of card to wallet frauds

-This refers to “Tools to detect fraud have to be far superior” (December 3). Frauds are rising in the banking sector, especially in the new age channels like internet banking, credit cards and mobile wallets. First, banks must remember that a lot of their new customers have recently come into the financial system and have low financial literacy and awareness. Many are sub-prime customers. They have leapfrogged from cash to electronic payments. Particular care must be taken while on-boarding them. Efforts must be made to increase their awareness about the use of these channels so they do not share account/card