Frauds in digital transactions declines

In a written reply to the question of ‘fraud in digital transactions’, the Ministry of Finance said that the digital transaction platform is a PAN Indian platform with banking facilities “anytime anytime”. Thus, data is only captured at the national level.

It is said that RBI has taken various steps to increase the security of digital payment transactions, including card transactions and to control fraud. This includes various benefits in terms of increasing transaction safety, efficiency in the mechanism of recovery of complaints, etc., given to customers.

To ensure that all active cards by them are EMV chips and PIN -based, RBI has issued a major direction on the security control of digital payment on February 18, 2021 where the bank has been determined security control, including the security of card payments such as regulated entities (Res) to follow various standard payment card recipe for comprehensive payment card security; securing their card payment infrastructure; and security control that will be implemented in Hardware Security Modules (HSM).

In addition, circulars on ‘control steps for ATMs -Schedule for Compliance’ dated June 21, 2018 has advised banks to apply various control steps in a bound time, including anti -symiming implementation, white list solutions, improvement of software and to Monitor compliance carefully.

In addition, the RBI has carried out awareness campaigns under the ‘RBI KEHTA HAI’ banner in safe digital banking that includes initiatives such as not sharing passwords/PIN/OTP received via SMS ‘; Act quickly on warnings received in transactions, which are not initiated by customers or not permitted; Practicing mobile banking that is safe, does not store important banking data on mobile and only use websites that are verified, safe, and trusted.

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Elara Gill

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