Saturday, August 13, 2022

Frauds in digital transactions declines

The number of digital transactions frauds under the category ‘Card/Internet – ATM/Debit Cards, Credit Cards and Internet Banking’ as per the occurrence of frauds has declined from 70,283 in 2020-21 to 58,111 in 2021-22. In a written reply to a question on ‘frauds in digital transactions’, the Finance ministry said that the digital transaction platform is a pan India platform with a facility of “anytime anywhere” banking. Accordingly, the data is captured only at the National level. It said that RBI has taken various steps to enhance security of digital payments transactions, including card transactions and to control frauds. These include various benefits in terms of increased safety of transaction, efficiency in grievance redressal mechanism, etc., being provided to customers.
To ensure all active cards by them are EMV Chip and Pin-based, RBI has issued Master Direction on Digital Payment Security Controls on February 18, 2021 wherein banks have been prescribed security controls, including card payment security such as regulated entities (REs) to follow various payment card standards prescriptions for comprehensive payment card security; secure their card payment infrastructure; and security controls to be implemented at hardware security modules (HSM).
Moreover, the Circular on ‘Control measures for ATMs – Timelines for compliance’ dated June 21, 2018 has advised banks to implement various control measures within a time bound manner, including implementation of anti-skimming, white listing solution, upgradation of software and to closely monitor the compliance.
Moreover, RBI has been running the awareness campaign under the banner of ‘RBI Kehta Hai’ on safe digital banking which include initiatives like not to share password/pin/OTP received through SMS’; act swiftly on alerts received on transactions, which customer have not initiated or not authorised; practicing safe mobile banking, not storing important banking data in mobile and using verified, secure and trusted website only.

SourceIANS

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