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RBI Alerts Citizens About Online Fraud Transactions

by CIOAXIS Bureau

The general manager of the Reserve Bank of India (RBI), Goa, urged individuals to follow safe digital banking practises to avoid financial loss, while also pushing banks to ensure the security of digital transactions.

The RBI said that while digital banking has benefited customers greatly, it has also allowed online anti-social elements to exploit unsuspecting people through fraudulent transactions.

RBI general manager-Goa, N J Nampoothiri said at a function to mark the Financial Literacy Week, “Digital banking is beneficial to both banks and customers, however, banks must also ensure security of digital transactions by putting in place robust systems, in order to bolster customer confidence,”

The RBI’s theme for this year’s Financial Literacy Week, ‘Go Digital, Go Secure,’ aligns with the strategic objectives of the National Strategy for Financial Education 2020-2025.

RBI wants to raise awareness about the convenience of digital transactions as well as the security of transactions and customer protection from fraudulent transactions.

Nampoothiri said “The rise of digitalisation in formal financial services, increased accessibility to technology enabled gadgets by the citizens, has a tremendous potential to support financial inclusion measures,”

However, given the RBI’s observation that unscrupulous elements are defrauding people using novel methods such as social media techniques and phone calls, Nampoothiri emphasised the role of banks in raising awareness among customers and the public, and urged banks to make significant efforts to prevent financial losses.

To combat phishing and fraudulent transactions, public and private sector banks in Goa have been advised to raise awareness about digital banking services and security guidelines.

Several Goans have lost their hard-earned money as a result of bank frauds and digital transactions involving UPI platforms, wallets, and spoofed SMSes.

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