RBI Calls for Unified Efforts to Combat Digital Fraud

The Reserve Bank of India emphasizes the need for collaboration among stakeholders to tackle digital fraud. A two-day workshop highlighted robust governance, internal controls, and advanced tech as key measures. Banks shared best practices and stressed customer awareness drives to control cyber frauds.

The Reserve Bank of India underscored the necessity of unified action among stakeholders to tackle the menace of digital fraud effectively. In a two-day workshop convened by the RBI, key figures including executive directors and heads of fraud risk management from 60 major banks participated.

Officials from the Union Home Ministry's Indian Cyber Crime Coordination Centre (I4C) and the Maharashtra Police contributed insights during the discussions. The workshop emphasized the vital role of robust governance, strong internal controls, and the latest technological tools in preventing cyber fraud.

Additionally, the RBI encouraged banks to conduct focused customer awareness initiatives. Participants shared successful practices and technological strategies they have employed to mitigate cyber threats. This workshop is part of the RBI's continuous efforts to enhance supervisory and developmental relationships with banks.

(With inputs from agencies.)