[Resolved]  Federal Bank — unknown account linked to my authorised phone number

Address:

Thrissur, Kerala

Having opened an account on october 31, i accomplished a transaction through google pay following which i was informed, by the person who received the amount, that the account name held not my name, rather an unfamiliar name. I reconfirmed the issue verifying the account details which not just had an unknown name but also a unfamilar account number. Following i checked my account balance coming to the conclusion that no amount was deducted from my account, but the transaction has caused a loss of said amount from someone else's account. Approaching the bank, i was told that the issue might be due to similarity in phone numbers and my account was frozen to prevent more financial losses. Also let me add on that i have paid the deducted amount to that person's account at the bank, proof of which i hold. Rather than the mental trauma i had faced with concerns to the same, what shocks me more is such huge defects of the system that can cause financial losses to any person. How can such a ordered structure allow a person to deduct money from unknown peoples' account and what assurance does the security network provide in this case?