RBI asks people to follow safe digital banking practices amid rising cyber frauds

Worried over rising incidence of cyber frauds, the Reserve Bank of India (RBI) on Friday issued a public notice asking people to follow safe digital banking practices to prevent any possible financial loss.

Observing that unscrupulous elements are defrauding people by using innovative modus operandi, including social media techniques and mobile phone calls, the RBI urged the members of public to take all due precautions while carrying out digital financial transactions.

“… the Reserve Bank cautions members of public to be aware of fraudulent messages, spurious calls, unknown links, false notifications, unauthorised QR codes, etc. promising help in securing concessions/ expediting response from banks and financial service providers in any manner,” the central bank said.

Fraudsters attempt to get confidential details like user id, login/ transaction password, OTP (One Time Password) as well as debit/ credit card details and other personal information.

The RBI has highlighted some of the typical modus operandi being used by fraudsters like Vishing, Phishing, and Remote Access.

“RBI urges the members of public to practice safe digital banking by taking all due precautions while carrying out any digital (online/ mobile) banking/ payment transactions. These will help in preventing financial and/ or other loss to them,” the notice said.