Fight Against Cyber Crime: Large Banks in India Take a Stand Against Online Fraud

Fight Against Cyber Crime: Large Banks in India Take a Stand Against Online Fraud

As cyber frauds continue to rise, large banks in India are taking extra measures to educate their customers and employees on how to avoid falling prey to scams. The Financial Express reported that these lenders are aggressively working to eliminate the threats of online fraud by spreading awareness and implementing new security features.

One such bank is HDFC Bank, which has sent over 8.5 million emails and 20 million messages to its customers in the past year alone to raise awareness on how to avoid scamsters. The bank has also conducted more than 5,900 training programs on fraud awareness and secure banking, which have covered over 62,500 customers. HDFC Bank is using all available channels, from newspaper advertisements and digital media to bank applications, to increase the reach of their awareness campaigns.

Also Read: Kashmiri Brother-in-Law could not show Kamal, and pressure on Nagpur police failed

Similarly, ICICI Bank is asking its customers to check every transaction via SMS or email alerts and report any irregularities to the bank. The bank is also sending reminders to customers to stay vigilant and warning them not to share their OTP, URN, password, or CVV with anyone. The bank has introduced a new feature in its iMobile Pay app that does not allow any screen-sharing application.

Many other large lenders in India are collaborating with influencers and actors to spread awareness regarding online banking frauds. These frauds have become increasingly challenging, with scamsters bringing in newer techniques like impersonating an employer, using the dark web for cyberattacks, and using social engineering techniques.

According to the Financial Stability Report released in December 2022 by the Reserve Bank of India (RBI), the amount lost to banking frauds decreased from Rs 36,316 crore in H1FY22 to Rs 19,485 crore in H1FY23. However, fraud from card and internet banking increased from Rs 60 crore in H1FY22 to Rs 87 crore in H1FY23. The report highlighted that the overall number of online banking frauds and card frauds increased from 1,532 in H1FY22 to 2,321 in H1FY23.

V Vaidyanathan, MD & CEO at IDFC First Bank, stated in the report that online frauds are a “very serious issue” and the bank is spreading awareness among customers via their website, mobile application, and other means. They insist on using an OTP (one-time password) for certain transactions and SIM-binding. Additionally, the bank has introduced a penalty for employees who click on a phishing link.

Also Read: Cybercrime in Nagpur - Cyber Blackmailer Couple Arrested in Pune for Extorting Money

Overall, the efforts of these banks to spread awareness about online frauds are commendable. Customers are urged to be vigilant and take necessary precautions while carrying out online transactions, such as never sharing their sensitive information with anyone and reporting any suspicious activity to their bank immediately. It is crucial to stay informed and updated on the latest online scams and to always prioritize security when conducting any financial transactions online.

Source: https://www.the420.in/fight-against-cyber-crime-large-banks-in-india-take-a-stand-against-online-fraud/




 

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