FLAME Newsletter - May 09, 2012


“I believe that banking institutions are more dangerous to our liberties than standing armies” - Thomas Jefferson.

While banks may be our safest bets to protect and grow our wealth, they too are out there to run a business. We need to understand this fact while taking banking decisions. When you want to decide on an investment plan, it is possible that a banker or a financial advisor might try to sway you from your decision for their vested interests. Do your homework well so that you do not get confused and make a decision you will regret. Be firm about your decision.


By end 2005, MasterCard and Visa generated sales volumes of over $190.6 bn, with 56.4mn credit cards in Canada. Credit card fraud statistics display that about $2.8mn was lost due to credit card fraud.


Tips to Handle a Bank Fraud

Becoming a victim of a bank fraud is common anywhere in the world. However, if we abandon banks, who will we trust with our hard earned money? Here are some tips to deal with bank fraud and preventing it in the first place. 

Be bank smart

Before you start dealing with a bank, it is important that you do a background check on it. Check the past record of the bank and peoples’ experience with it. Know a bank well before choosing it.

Online banking

Every bank offers an online banking service. Through the portal, you can monitor all your banking activities and keep a track of all your debits and credits. With its convenience, speed and accuracy, opt for it even if it requires some fee.

Keep a watch

Keep an eye on the transactions from your account, especially f you have opted for direct debits. Make a note of every important transaction. You will notice any discrepancy if your notes do not match your actual transactions. Keep a proof of all your transactions such as debit/credit card payments, deposit acknowledgements etc.  

Online shopping    

Whenever you shop online using your bank account’s debit card, ensure that you are using trusted shopping services. Do not divulge unnecessary information about yourself or your bank account.

Learn everything

If you feel that you have become a victim of a bank fraud, the very first thing you should do is to understand exactly what you can do. You will find this information online and can act accordingly. There might also be a helpline you can contact. 

Take actions

If you notice any discrepancy in your account or think that you have been victimized, take immediate action. The wait after the fraud will only make matters more difficult and expose you to further risks. Report the case to the bank immediately and ensure that they commence the investigation right away.


When you report the fraud and request an investigation from the bank, sign an affidavit and take a copy of it. This will work as a proof of your report. Ensure that the bank agrees to your request.

Police report

Bank frauds are nothing less than a theft, so, you must file a police report for the same. This will also create pressure on the bank and they will understand clearly that you will do anything to save your money.  

Hang on tight

Once the bank commits a fraud and you file a report, there might be a case of delay. You must not let this spoil your plans and must continue with your efforts to win justice.

Read more…

In case of bank failure...



Cheque kiting

Exploitation of a system where, when a cheque is deposited to a bank account, the money is made available immediately, even though it is not removed from the account on which the cheque is drawn until the cheque actually clears.


While Vodafone has been clearly told that there would be no reconsideration of the Union Budget proposal to retrospectively tax corporate deals, jewellers in the country have got some respite as Finance Minister Pranab Mukherjee withdrew the excise duty on gold jewellery. Well, in the end, you win some and you lose some.

Vodafone tax row...FM says India not a tax haven

FM withdraws excise duty on gold jewellery


FLAME (Financial Literacy Agenda for Mass Empowerment) is an IIFL initiative to promote financial literacy amongst the masses in order to make them an integral part of India's spectacular growth story.

In an era of accelerating GDP and rising per capita growth, financial literacy has become more critical than ever before such that we all reap the tangible benefits of the nation's economic prosperity. Financial inclusion has been quite high on the governmental agenda, given its emphasis on widening the Banking & Financial services network across the country. IIFL's FLAME initiative stands committed to complement this effort by helping common people gain financial growth and security though better awareness and education on the variety of financial products while avoiding the lure of and loss from unrealistic claims made by unscrupulous agents and ponzi schemes.

Our objective is to light a FLAME, as the name suggests, which will set ablaze a chain of FLAMEs across the country. The new-found light of knowledge will undoubtedly dispel the dark clouds of financial illiteracy and ensure the bright sunshine of financial growth and prosperity.

This portal is but one of the various IIFL initiatives that would be part of FLAME.

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