HDFC Bank and Zumigo join hands to fight ATM frauds

          Majority of ATM cash withdrawals are through Debit Cards. The CNP (Card Not Present) alternate modes are not still popular in India.

          It is observed that majority of the frauds at ATM happen through compromised cards\information.

          The key feedback received from customers affected through ATM fraud is that they were not present in the ATM cabin at the time of the cash withdrawal.

          To minimise such instances, HDFC Bank with over 12,000 ATMs has decided to deploy Zumigo’s Assure Radius™ solution to detect suspicious transactions at its ATMs.

          Zumigo released the Assure Radius™ solution in India in August, 2015 .

          Since then couple of Banks and other organisations were beta-testing the product.          

          HDFC Bank is the first bank in India to announce deployment of  Zumigo’s Assure Radius™ solution at its ATMs.

          HDFC Bank in association with National Payments Corporation of India (NPCI) will roll out the pilot project at select ATMs.

          According to this technology, the Solution will be able to map a customer’s location using that person's smartphone.

If the ATM card is being used at a location which is at a different location from the phone, then it will raise an alert.

The major assumption that the customer’s Smartphone and the associated Debit Card are carried by the same person.

There are no statistics available with regard to Non-Account holders withdrawing cash with genuine ATM cards.

The bank is yet to lay down rules about the distance between the ATM where the transaction is taking place to classify as a Safe Transaction and the mobile phone or whether it will be available to all debit card holders etc.

Based on customers, call-centre, branch team feedback fine-tuning will be carried out.

An awareness campaign on the benefits of carrying the Registered Mobile Number Smartphone and Debit card is in the pipeline.

HDFC Bank offers Chillr – The new APP for Instant LessCash Transactions

IMPS ecosystem enables HDFC Bank to offer “Chillr APP” for Instant LessCash Transfers.

            NPCIs IMPS (Immediate Payment Service) has spawned a new breed of entrepreneurs. These new breeds of entrepreneurs are focusing on the USP of IMPS to promote Safe CashLess transactions.

            The latest launch is the “Chillr” Mobile App by HDFC Bank.

            “Chillr”, has been developed by a Kerala startup company with the same name i.e “Chillr”. This startup company is a subsidiary of MobWE Wirless.  

            The ‘Chillr” is currently available for HDFC Bank customers only.  It is being promoted as a LessCash transaction tool amongst friends. In the coming months, merchants too will be onboarded on the “Chillr” platform.

            As it is merchants holding accounts in HDFC Bank can straight away receive funds through the “Chillr” APP. Just the sender has to add the merchants’ phone number in his/her smart phone. The funds transfer can commence straight away. However such a mode is not viable for a large number of transactions in the merchants’ bank accounts due to accounting norms. Merchants require each credit entry to be tagged to a receipt, which enable easy reconciliation.

            The channel for the funds transfer is NPCIs IMPS channel. This carrier agnostic funds transfer channel eliminates the need for expensive charges too. As IMPS works 24*7, 365 days a year, there is no fear of delayed settlement. A dispute resolution mechanism too is in place.

            Read the complete FAQs here

            The only prerequisite is that the receiver too should have a bank account. The bank account need not be in HDFC Bank but in any Bank which is on IMPS network.

              "Chillr", can be a great tool in Nashik Kumbh Mela 2015 to promote LessCash transactions. The only obstacle could be issues with network connectivity. 

             

           

              

HFDC Bank ATM’s – 40% faster

 

HFDC Bank ATM’s – 40% faster

The race to retain the ATM Transactions on their network has begun amongst the banks.

An ATM transaction of its customers on its own network is cheaper than the same transaction on another bank’s ATM Network. This is because the Bank need not pay Interchange Fees for transactions on its own Networks. Plus, the more number of transactions, the lesser will be the average ATM maintenance cost.

At the same time, with more and more features being added to ATM’s, it makes sense for Banks to encourage customers to use their own ATM Network, instead of other banks ATM’s.

Hence, a differentiator is vital, to attract its own customers to its ATM Network.

In this regard, Corporation Banks, facilities viz:NEFT Transfer, Tax Payments at its ATM, is a pioneer.

HDFC bank has taken a different route, and is focusing on the primary purpose of an ATM i.e to dispense Cash.

The readers are familiar with the ‘Myfavourite’, jargon in PC’s/Mobiles/TV’s/Ac’s/Washing machines/Web browsing.

HDFC has extended the ‘Myfavourite’ theme to its ATM’s too.

It has reduced the steps necessary to withdraw Cash from its ATMs, by inserting a ‘Myfavourite’ option.

More details can be accessed at http://www.hdfcbank.com/personal/Access/ATM/atm_faster.htm

The ‘Myfavourite’, option apart from speeding up the transaction time, also aids HDFC Bank in reducing the Electricity cost at its ATM’s and also aids in t

the increase of average number of transactions.

To make this new option, HDFC Bank has unveiled a TV Advertisement campaign.

I am wondering whether the ‘Myfavourite’, option is open only for HDFC Bank Account Holders or is it accessible to other Bank Account holders too?

Ok, folks, I am an optimist!!