RBI’s latest circular on limiting customer liability in unauthorized electronic banking transactions asks banks to enable customer replies to text messages containing transaction alerts. It also asks banks to allow reporting of unauthorized transactions on their home page. This means that fraud reporting is now possible via other channels including Phone Banking, SMS, Email, Call Centre and IVR.
 
While the mandate asks banks to limit the customers’ liability in cases of fraud, it states that in order to safeguard the bank’s interest, the bank has to strengthen its antifraud initiatives to minimize the liability of customer transactions.
RBI has also issued guidelines to enable a two-way communication for transaction alerts, which allows the customer to reply with a ‘Yes’ or ‘No’ via SMS or Email, for every transaction alert received by the customer.

Read our recent blog on what this mandate means for banks in India.

Clari5 EFM Suite already has this 2-way response capability built-in via its Real-time Decision Engine and Action Handlers.

Download the brochure to know how Clari5 EFM can help address the requirements of this mandate.