Mysore/Mysuru: In recent times, there has been a concerning increase in online fraud incidents, particularly involving the solicitation of customer information, including Know Your Customer (KYC) updates, said President of Karnataka State Consumer Disputes Redressal Commission, Bengaluru, Justice Huluvadi G. Ramesh.

He was speaking after inaugurating a National Conference titled ‘Bharatada Banking Kshetra – Bhootakala, Vartamana Mattu Bhavishya,’ organised by the Business Administration Department of Vidyavardhaka College of Engineering (VVCE). He stressed the need for heightened vigilance by both customers and banks to ensure the safety of funds.

“Don’t assume that your responsibility ends once you open a bank account. It’s essential to remain vigilant in safeguarding your money. Banks must remain vigilant as well to guarantee the safety of customers’ funds. If a bank becomes complacent for even a moment, a customer’s money could end up in the hands of a third party,” he cautioned.

Exercise greater vigilance

Addressing the increasing prevalence of bank fraud, he stressed that fraudsters often deceive unsuspecting customers by posing as legitimate entities seeking KYC updates. It is crucial for banking authorities to fulfil their responsibility and guarantee the security of customers’ funds. Both banks and customers need to exercise greater vigilance in safeguarding their money. Customers have a duty to monitor their bank accounts regularly, he noted.

Reflecting on the history of banking in the country, Justice Ramesh highlighted its initial purpose as facilitating the exchange of commodities. He noted the proliferation of banks, both public and private, across the nation, as well as the processes of nationalisation, mergers and the suspension of operations by some institutions. He emphasised that India, with its thriving commercial and industrial sectors, has no shortage of funds but cited the management of these resources as a growing concern. Justice Ramesh underlined that the banking system should not be regarded as a treasure but rather as a custodian of public money.

The event was attended by Vidyavardhaka Sangha President Gundappa Gowda, Secretary P. Vishwanath, Treasurer Srishaila Ramannavar, VVCE Principal Dr. B. Sadashive Gowda, Conference Head Dr. Balajirao, Dean Dr. R. Jagadish, Conference Secretary Dr. J. Madegowda, faculty members and students.