The Reserve
Bank of India has recently come up with Notification dated 21 April 2016 vide
ref. no.RBI/2015-16/378 DBR No.Leg.BC.93/09.07.005/2015-16 regarding Publicity
in Bank branches cautioning public against placing deposits in dubious schemes.
The Circular
says that RBI has noticed that customers receive telephone calls relating to
winning of lotteries/prizes etc. or various dubious schemes have been floated
where returns are higher than offered by banks on deposits. The customer
believing such messages/schemes remit the required amount apart from divulging
details of their accounts to the fraudsters.
Then
circular adds that absence of financial literacy and lack of alertness to fraudulent
schemes/calls are the main reasons behind innocent depositors falling prey to
such schemes.
There after
circular states that all Scheduled Commercial Banks including Regional rural
Banks and Local Area Banks may in their own interest and as customer education
effort in interest of public consider designing suitable posters or pamphlets
and notices consisting messages of awareness.
Cyber
Awareness Organisation suggests some additional measures which should be
implemented on priority basis for prevention of such frauds and protecting
public’s hard earned money.
1)
RBI
itself is sitting on huge fund known as Depositors Education and Awareness Fund
since last two years and should consider releasing same for benefit of customer
education and awareness as per old saying CHARITY BEGINS AT HOME!!!!
2)
RBI
should mandate all the banks to carry out Customer Cyber Awareness and Education
program in each branch on bi-monthly basis to impart security trainings to
customers.
3)
RBI
should create central helpline for speedy reporting and data analysis of such
frauds so as to act faster.
4)
RBI
should monitor AML reporting on weekly basis and more consistently.
5)
There
has to be synchronization of LEA, RBI AND TSP’s in investigations.
6)
The
payments gateways should be properly regulated.
7)
There
must be some cooling time for all transactions except few where additional security
or authentication measures are followed with prior approval of the customer.
8)
All
payment gateways must be compliant with section 43A of I T Act.
9)
RBI
should monitor KYC implementation more strictly and illiterate customers should
not be provided with any type of Credit/Debit cards.
There are
many more such suggestions like encouraging talk shows/power point
presentations for creating cyber awareness among users etc.
We congratulate
RBI for the issuance of this circular which is first step towards creating
Cyber Awareness and CYBER AWARENESS ORGANISATION feels proud that its cause is at
least endorsed by the Apex bank of India.
