Last week all of a sudden, I got a notification from my bank which said,
Your a/c xyz is credited with Rs. 1.00 by a/c linked to mobile XXXXX00000.
I was alarmed as to who would credit Rs. 1 to my bank account without my
knowledge?
I wondered if it was any trap SMS to make the person login to their bank account
so that
fraudsters can sniff bank credentials via network packets to perform malicious
activities later.
I did little more research and found that the depositor was "CAMS" as mentioned
in the
bank statement ledger. Is this Legit?
I found Yes, it was a Legit transaction!
CAMS stands for Computer Age Management Services. It is a registrar and transfer
agent
of Mutual funds in India.
It usually credits One rupee to your bank account to verify the bank account
registered
against your name as per the details provided by you as KYC for Mutual Fund
Purchase.
Bank account verification is done to reduce any future payment failure cases
which might
occur to bounce in transfer.
Should you be worried now?
No, CAMS is a legit and verified source and hence you can be rest assured and
be at
Peace!