Aadhaar (AePS) -Related Banking Scams on the Rise, 5 Key Things You Must Do

The Aadhaar-enabled Payment System (AePS) in India has recently faced exploitation by cybercriminals, leading to depositors losing their hard-earned savings through these frauds. These scams often involve cloned or fraudulently obtained fingerprints to access victims' bank accounts.

In one instance, a gang of cybercriminals in Hyderabad fraudulently withdrew ₹14.64 lakh from 149 customers. In an another AEPS related scam in Bihar, cyber criminals exploited the victim's Aadhaar biometrics data obtained from government land records to make transactions using the AePS.

The civil society platform, Bank Bachao Desh Bachao Manch, has raised concerns about these scams and urged the Reserve Bank of India to take action.

To protect against AePS fraud, users are advised to lock their Aadhaar biometrics and regularly monitor their bank accounts for any suspicious activity.

To protect yourself and prevent misuse of Aadhaar data, consider the following steps:

1. Lock Your Biometrics: Use the m-Aadhar app or the Unique Identification Authority of India (UIDAI) website to lock your biometrics. This prevents unauthorized access to your Aadhaar data.

• Use virtual IDs: Process online transactions using a virtual ID instead of Aadhaar.

2. Contact Your Bank: If you become a victim of AePS fraud, immediately contact your bank's helpline number and report the fraudulent transaction. Provide any relevant details, such as SMS or email notifications.

3. Block Your Account: Request your bank to temporarily block your account to prevent further unauthorized transactions. Change your PIN, internet banking password, and other relevant passwords associated with your account.

4. File a Police Complaint: Report the incident to the National Cyber Crime Reporting Portal. You have 90 days to raise a chargeback on the transaction by approaching your bank or calling their service helpline.

5. Know Transaction Limits: AePS has per-day and amount-specific limits. Currently, the maximum limit for a single transaction is ₹10,000, with a maximum of five transactions per day. Be vigilant and block your account immediately if you notice any suspicious activity.

The government has acknowledged the issue and is working on measures to enhance the security of the AePS to prevent such frauds in the future.

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