If you are in charge of approving transactions at your bank, you may occasionally encounter one that seems suspicious in nature. This can be especially true if the transaction has been sent to you from another branch or location within your Bank, or comes from a client whose account history isn’t so clear.
It’s important to know what steps to take when you suspect a transaction in order to protect both your bank and its customers. Here’s how to approve suspect transactions in the Union Bank of India (UBI).
What is a suspect transaction?
A suspect transaction is one that is flagged by a financial institution for review. Transactions can be flagged for a variety of reasons, such as being unusually large or small or being conducted in a foreign country. Once a transaction is flagged, it is sent to a financial institution for further review.
There are a few things that can make a transaction suspicious. Some of the most common include:
- Large or unusual transactions
- Transactions involving shell companies or other entities that are not easily traced
- Transactions that occur in close proximity to other suspicious transactions
- Transactions that lack a clear business purpose
How to approve a suspect transaction in Union Bank of India?
There are various ways to approve a suspect transaction in the Union Bank of India.
One way is to use the bank’s phone banking facility. Yet another way is to visit the bank branch where the account is held.
Approve a suspect transaction By Visiting Branch
When a customer’s Account is used to transfer money that seems suspicious, the bank will often place a hold on the funds until it can be confirmed that the transaction was made by you.
This can sometimes cause inconvenience to the customer if the funds are needed for an emergency.
One way to avoid this issue is to visit a branch and speak to a representative in person.
The representative can then approve the transaction immediately, without waiting for confirmation from the security team. This will help to avoid any delays in getting the customer’s funds released.
Approve a suspect transaction By Contacting Customer Care
Union Bank of India (UBI) has taken necessary steps to prevent its customers from making any suspicious transactions.
The bank has set up a separate Department and their helpdesk number 1800 22 22 44 / 1800 208 2244 which can be reached from Mondays through Sundays between 24*7. The procedure for approving or rejecting these suspicious transactions is given below
(i) If you are aware that you have made a transaction that was not instructed by you, then call on above-mentioned numbers.
(ii) After verification, your transaction was approved instantly or between 10 minutes to one hour. If it is discovered that it was not done by you, your transaction will be on hold.
If you have ever wondered how to approve a suspect transaction in Union Bank of India, this is the article for you. We walked through the process of how to mark a transaction as suspicious and then approving it.
Always be sure that you have a good reason for approving a suspicious transaction. Be honest with yourself and careful not to fall prey to greed or fear.
If there is enough evidence that one of your customers might be committing fraud, then it’s definitely worth your time to do some digging and bring those facts into play before approving or denying their transaction.
You can never tell when a seemingly innocuous decision could come back to haunt you! You can also report any fraudulent activity by calling customer care.
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