With reference to Nupur Anand's report, "RBI steps up focus on cyber security and fraud prevention" (October 5), various large-sized frauds and cyber security-related issues have been getting the Reserve Bank of India's (RBI) attention along with that of government agencies concerned.
It is encouraging that the RBI is focusing on curbing cyber security risks and preventing the frequent occurrence of fraud, which may have its root in the reliance on digital transactions in the banking sector.
More importantly, the RBI's dedicated team is said to be making efforts to ensure the occurrence of such frauds are curtailed and also how to resolve them more efficiently.
One of the key fraud-prone areas is fake telebanking, where customers are lured into revealing their secret personal information to fraudulent callers. This results in unauthorised withdrawal of money from the accounts of the customers in no time.
The other worrisome area is the ATM network. Customers are usually most negligent while keying in their PIN while withdrawing money from ATMs. Despite repeated attempts by banks to sensitise customers, there is no perceptible change in their attitude. It is incumbent on customers to be vigilant always.
Kumar Gupt, Panchkula
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It is encouraging that the RBI is focusing on curbing cyber security risks and preventing the frequent occurrence of fraud, which may have its root in the reliance on digital transactions in the banking sector.
More importantly, the RBI's dedicated team is said to be making efforts to ensure the occurrence of such frauds are curtailed and also how to resolve them more efficiently.
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The RBI's concern can be gauged from the fact that it had earlier directed banks to formulate policies on cyber security apart from strengthening the mechanism to ensure a resilient framework.
One of the key fraud-prone areas is fake telebanking, where customers are lured into revealing their secret personal information to fraudulent callers. This results in unauthorised withdrawal of money from the accounts of the customers in no time.
The other worrisome area is the ATM network. Customers are usually most negligent while keying in their PIN while withdrawing money from ATMs. Despite repeated attempts by banks to sensitise customers, there is no perceptible change in their attitude. It is incumbent on customers to be vigilant always.
Kumar Gupt, Panchkula
Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201 · E-mail: letters@bsmail.in
All letters must have a postal address and telephone number