“RBI in the past one year has come across banks reporting several instances of frauds pertaining to mis-use of cash retraction facility at the ATMs.  The typical modus operandi has been to hold on to a few pieces of notes in ATM machines that have cash retraction system, while allowing one or two pieces of notes to be retracted and then claiming non-receipt of cash.  Since retracted transactions are credited back to the customer’s account, the balance in the fraudster’s account remains unaffected even after collecting bulk of the delivered cash.  The ATMs do not have the capability to count the pieces of retracted notes, thus leaving a loophole for committing such frauds.”

http://businesstoday.intoday.in/story/bank-atms-stop-sucking-in-cash-after-rbi-direction/1/188335.html

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