Government shared data on online banking fraud and how many cases were resolved

“According to RBI data On frauds reported by Scheduled Commercial Banks (SCBs) under the category “Cards/Internet-ATMs/Debit Cards, Credit Cards and Internet Banking”, the amount involved in such fraud, depending on the year of occurrence, ranges from Rs.185 has decreased. Rs 160 crore in FY 2020-21 {YoY (YoY) decline by 15.2%} from Rs crore in FY 2019-20 and Rs 128 crore in FY 2021-22 (YoY decline by 17.5%) ,” the Minister of State for Finance said in the Lok Sabha.

He further said that as per the information received from National Crime Records Bureau (NCRB) in respect of cases registered in respect of such frauds, the latest published figures pertain to the year 2020, according to which ATM/Credit Card related frauds are For Debit Card, Online Banking and OTP from the year 2018 to 2020, 16450 cases were registered and 8981 cases settled.

He was responding to the opposition’s question whether the RBI has introduced cardless cash withdrawals at all banks and ATM networks using Unified Payments Interface (UPI), besides enhancing ease of transactions to help prevent frauds such as card skimming. facility is offered. , card cloning, etc.

“RBI has issued instructions on cyber security framework in banks and mandated SCBs to report all unusual cyber incidents within two to six hours of occurrence of such incidents. These incidents can be analyzed to determine attack patterns and exploits. vulnerabilities, and where required, advisories/alerts are issued to banks to avoid repeated attacks/exploitation of the same vulnerabilities: Minister informed the House.

Corrective Steps Taken by Government to Prevent Frauds and Frauds Through Online Transactions

1) A Comprehensive Circular on Cyber ​​Security Framework in Banks was issued by RBI on 2.6.2016, advising banks to put in place a Board-approved strategy outlining a suitable approach to deal with cyber threats. Create a cyber-security policy. of the complexity of the business and acceptable levels of risk.

2) Guidelines on Cyber ​​Security Control for Third Party ATM Switch Application Service Providers (ASPs) have been issued by RBI on 31.12.2019.

3) Master Directions on Digital Payment Security Control has been issued by Reserve Bank of India on 18.2.2021, asking banks to put in place necessary controls to protect the confidentiality and integrity of customer data and procedures for implementing digital products/services. have been advised to do. ,

4) A National Cyber ​​Crime Reporting Portal has been launched by the Ministry of Home Affairs to enable the public to report incidents related to all types of cyber crimes, and a toll-free one to get help in filing complaints online The number has also been activated.

5) The Financial Cyber ​​Fraud Reporting and Management System module has been commissioned by the Indian Cyber ​​Crime Coordination Center (I4C), functioning under the Ministry of Home Affairs, for immediate reporting of financial frauds and to prevent misappropriation of funds by fraudsters. ,

6) The Indian Computer Emergency Response Team (CERT-IN) under the Ministry of Electronics and Information Technology issues alerts and advisories on the latest cyber threats and countermeasures on a regular basis to ensure the safe use of digital technologies, and service Working in coordination with providers. Regulators and LEAs to track and disable phishing websites and facilitate investigation of fraudulent activities.

Several steps have been taken to enhance the security of digital payment transactions

• Converting Magnetic Stripe Cards to EMV Chip and PIN Cards;
• Mandatory to enable online alerts for all transactions;
• certification of merchant terminals;
• Making PIN entry mandatory for all ATM transactions
• Enabling all ATMs for processing of EMV Chip and PIN cards;
• Restricting international usage by default and enabling it only after a specific order from the customer;
• Limiting the value/mode of transactions/beneficiaries;
• setting daily limits; And
• Issuance of alerts on addition of beneficiaries.

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