Bank Employee Scams Customers of ₹4.58 Crore: Six Ways to Safeguard Your Finances

In a troubling reminder of growing financial fraud, a major case has emerged from Kota, Rajasthan, where a bank employee allegedly misused her authority to siphon off funds worth crores from customer accounts. The incident has sparked concerns about internal security lapses and the need for better personal vigilance in banking practices.

Sakshi Gupta, a relationship manager at ICICI Bank, is accused of withdrawing approximately ₹4.58 crore from 110 accounts held by 43 customers. Authorities say she tampered with internal systems by changing the registered mobile numbers of account holders, effectively disabling SMS alerts and leaving customers unaware of the unauthorized transactions. The funds were reportedly invested in the stock market, where they were eventually lost.

This case is far from isolated. With rising cases of cyber fraud, SIM swapping, and insider manipulation, protecting one’s savings requires more than just passive monitoring. Bank alerts alone no longer offer sufficient security.

To help customers stay ahead of such threats, here are six smart steps every bank user in India should follow:

Don’t Rely Only on SMS Alerts

If your number is changed or compromised, you won’t receive transaction updates. Instead, use multiple platforms to track your account regularly.

Use Your Bank’s Mobile App

Bank apps provide real-time transaction updates, FD/RD status, and balance checks. Logging in frequently can help you catch suspicious activity early.

Monitor FD and RD Accounts

Fixed and recurring deposits can also be targets. Use digital tools to regularly check these balances and transaction activity.

Try Missed Call Banking

Many banks allow balance and mini-statement updates via a simple missed call from your registered number — a handy backup if digital access is unavailable.

Enable Internet Banking

Set up secure access and routinely log in to review statements, check balances, and ensure no unauthorized changes have been made.

Use ATMs or UPI Apps

If you’re not comfortable with full internet banking, UPI apps like PhonePe and Google Pay still let you check balances and transactions. ATMs also offer balance inquiry features.

The Kota scam serves as a serious wake-up call — financial threats can originate from both outside and within trusted institutions. Staying proactive with your banking habits is the best defense. By using available tools wisely and monitoring all accounts regularly, you can significantly reduce the risk of falling victim to fraud.