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Can RBI's new system be able to curb Internet banking fraud?

Thursday - August 8, 2019 2:17 pm , Category : WTN SPECIAL
'New initiative' of Reserve Bank of India to stop banking fraud
'New initiative' of Reserve Bank of India to stop banking fraud

RBI claims: its 'new system' to stop banking fraud incidents!
 
AUG 08 (WTN) - As you know that in this era of internet, digital payments methods like internet baking, debit card, credit card and UPI are used for money transactions and shopping. But it has been observed that even during the use of these modern methods, even a little carelessness poses a significant risk of banking fraud. Many times people face considerable financial losses due to banking fraud. Many times people have complained about this to the Reserve Bank of India and have also given suggestions, after which the Reserve Bank has taken necessary steps to deal with banking fraud.

After the increasing incidents and complaints of banking fraud, the Reserve Bank of India has decided that a Central Payment Fraud Information Registry will be created to prevent and monitor such incidents. For your information, let you know that currently such banking frauds are reported with the Central Fraud Monitoring Cell. In this regard, the Reserve Bank says that digital payments are increasing day by day, after which the payment infrastructure has increased. Due to this, fraud risk monitoring has become very important. Under the Reserve Bank's Payment System Vision-2021, the target is to collect fraud data in the payment system.

According to the Reserve Bank, this new registry will track fraud. At the same time, the participants of the payment system will have access to this registry; due to this they will be able to monitor the fraud. In this system, the data of frauds with customers will also be disclosed to them so that they can become aware. According to the information, the rules and other information about this will be issued by the Reserve Bank in the month of October.

After a day-to-day growth in digital banking, there has been a rapid increase in the cases of banking fraud. A recently released report by the Reserve Bank states that in the last 11 years, banking fraud worth Rs 2.05 lakh crore has been committed in the country. According to the report, there have been around 50,000 cases of banking frauds from FY 2009 to 2019.

Incidents of banking fraud have occurred in almost every bank, but the highest numbers of complaints have been reported in this type of fraud in private sector bank ICICI Bank. During this period, 6,811 cases of fraud occurred in ICICI Bank, in which fraud worth about 5,033 crores. At the same time, 6,793 cases of fraud have been reported in the last 10 years in the SBI, the largest public sector bank.

There was a long time waiting for any such infrastructure from the Reserve Bank. Online fraud has become common with people in the era of digital payments. While it is true that this type of fraud is due to the negligence of digital payment users, yet a system was needed to prevent, trace and collect data. Now it has to be seen whether after this step of the Reserve Bank, some improvement will be recorded in the incidence of banking fraud?