on September 03, 2022)At the behest of Reserve Bank of India (reserve Bank of India) and the government, banks are making every effort to raise public awareness to prevent the rise of online fraudsters. With digital transactions becoming simpler and more mainstream, fraudsters are finding gullible account holders an easy target. Bankers say that digital transactions are safe. However, fraudsters use tricks of trust to trick customers into either revealing their credentials or responding to a collection request in the form of payment.
Senior Vice President and Chief Vigilance Officer Biju K said,
The private lender uses the 3P model to deal with it. “We are constantly engaging through digital/print/other media to educate our customers about cyber frauds and secure banking techniques. The common man advertisement in TOI will be an example. Procedures: We have followed industry best security practices We have implemented activities at a core system level that may contain fraudulent activities. Planning: Within the Proteus digital ecosystem that we operate, we must continually plan ahead for new vulnerabilities that may emerge. We have an expert The team, which is on their toes, is planning for any such contingency,” he said.
RBI has been at the forefront of a campaign involving Bollywood celebrities, sportspersons and even cartoon characters to raise awareness on issues like non-sharpening. OTP and fraud where customers are asked to update KYC Or that they have won a lottery that they have not participated in.
ICICI Bank, the second largest private lender, has extended support for seminars and workshops organized by the country’s law enforcement agencies. According to Anish Madhavan, Head of Financial Crime Prevention, the bank has also taken steps to ensure that even if customers are duped, there is another layer of protection. “Have secure and robust digital banking channels – internet banking platform and mobile banking app, iMobile Pay – which are protected within a firewall with state-of-the-art intrusion detection systems. In addition, we have leveraged technology to prevent cyber frauds. And for example, we have introduced a feature in iMobile Pay that blocks any screen sharing app from viewing its screen.” Chief Information Security Officer Sameer Ratolikar said, “Fraudsters are using social engineering tactics to steal money from customers’ bank accounts. and other confidential banking information with them. Hence, there is a need to educate the customers about safe banking habits and make them aware of the various modalities used by the fraudsters.”