Solution

The Reserve Bank has released a booklet, “BE(A)WARE” on the common modus operandi used by fraudsters and precautions to be taken while carrying out various financial transactions. The booklet aims to enhance public awareness about various types of financial frauds perpetrated on gullible customers while carrying out digital payments and other financial transactions. The booklet elaborates on safeguards against commonly used fraudulent techniques, such as SIM swaps, vishing/phishing links, lottery, etc., including fake loan websites and digital apps. •           Part A and B of the booklet detail the commonly observed modus operandi and precautions to be taken against fraudulent transactions relating to banks and non-banking financial companies (NBFCs), respectively. •           Part C of the booklet explains the general precautions and digital hygiene to be followed by the public. The final section contains a glossary of commonly used terminologies in the performance of financial transactions with banks and other regulated entities of RBI to improve understanding thereof among the public.