1. Your bank account becomes Aadhaar enabled allowing AEPS to transfer money into or from your account as soon as you link it to Aadhaar. This means all money transfers through the AEPS to or from your bank account will be un-traceable and therefore, also irreversible.
2. Money transfers to your account can now be hijacked by a “phishing” account that links itself to your Aadhaar number to receive money meant for you. Such money transfers may become impossible to track and reverse, as they do not leave any money trail.
3. Crime committed using duplicate accounts opened with your Aadhaar number will point to you, not the fraudster. This will also leave you defenseless and deprive you of recourse to justice.
Read more at http://www.moneylife.in/article/linking-aadhaar-to-mobile-and-bank-accounts-is-illegal-here-is-what-you-can-do-if-you-are-forced/51786.html
(Dr Anupam Saraph is a renowned expert in governance of complex systems and advises governments and businesses across the world. He can be reached @anupamsaraph)
2. Money transfers to your account can now be hijacked by a “phishing” account that links itself to your Aadhaar number to receive money meant for you. Such money transfers may become impossible to track and reverse, as they do not leave any money trail.
3. Crime committed using duplicate accounts opened with your Aadhaar number will point to you, not the fraudster. This will also leave you defenseless and deprive you of recourse to justice.
Read more at http://www.moneylife.in/article/linking-aadhaar-to-mobile-and-bank-accounts-is-illegal-here-is-what-you-can-do-if-you-are-forced/51786.html
(Dr Anupam Saraph is a renowned expert in governance of complex systems and advises governments and businesses across the world. He can be reached @anupamsaraph)
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