Banking on awareness to tackle cyber fraud


MUMBAI: Nudged by the Reserve Bank of India (RBI) and the government, banks are making an all-out effort to increase public awareness to check the rise of online fraudsters. With digital transactions becoming simpler and mainstream, fraudsters are finding gullible accountholders a soft target. Bankers say that digital transactions are secure. However, fraudsters use confidence tricks to get customers to either reveal their credentials or respond to a collect request by passing it off as payment.
According to Biju K, senior vice-president and chief vigilance officer, Federal Bank, the private lender uses a 3P model to combat this. “We are constantly engaging with our clients via digital/print/other media to educate them about cyber frauds and safe banking techniques. The common man ad in TOI would be an example. Procedures: We have implemented industry best safety practices that can contain fraudulent activities at a core system level. Planning: Within the protean digital ecosystem that we operate, we have to constantly plan ahead for new vulnerabilities that may emerge. We have an expert team, on their toes, planning for any such contingencies,” he said.
The RBI has been at the forefront of the campaign having roped in Bollywood celebrities, sportspersons and even cartoon characters to raise awareness on issues such as not sharping OTP and the frauds where customers are asked to update KYC or told they have won a lottery which they have not participated in.
ICICI Bank, the second largest private lender has stepped up support for seminars and workshops that are organised by the law enforcing agencies of the country. According to Anish Madhavan, head, financial crime prevention, the bank has also taken steps to ensure that even if customers are duped there is a second level of protection. “ICICI Bank has safe and robust digital banking channels – internet banking platform and the mobile banking app, iMobile Pay – which are secured within a firewall with state-of-the-art intrusion detection systems. Further, we have leveraged technology to prevent cyber frauds and scams. For instance, we have introduced a feature in iMobile Pay that disallows any screen sharing app from viewing its screens,” he said.
HDFC Bank chief information security officer Sameer Ratolikar said, “Fraudsters are increasingly adopting social engineering tactics to steal money from customers’ bank accounts. On the pretext of offering certain services or promising help, the fraudsters are luring customers into sharing their PINs, OTPs, passwords, and other confidential banking information with them. Hence, there is a need to educate customers on safe banking habits and make them aware of the various modus operandi used by fraudsters.”





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