Money & Banking

RBI to payments players: Raise the level of public awareness on digital frauds

Our Bureau Mumbai | Updated on June 22, 2020

In view of the increasing instances of payment frauds, the Reserve Bank of India (RBI) has asked all authorised payment systems operators and participants of payment systems to enhance public awareness through multiple channels.

It has advised these entities to undertake targeted multi-lingual campaigns through SMSs as well as advertisements in print and visual media to educate users on safe and secure use of digital payments.

Referring to the measures it has been taking to improve awareness on safe use of digital payment modes, the RBI said inspite of these initiatives, incidence of frauds continues to bedevil digital users.

The central bank emphasised that fraudsters were often using the same modus operandi users were cautioned about, such as luring them to disclose vital payment information, swapping SIM cards, and opening links received in messages and mails.

There are also cases of users being tricked into downloading spurious apps that access critical information stored on devices, the regulator said in a statement.

“It is, therefore, essential that all payment systems operators and participants – banks and non-banks – continue and reinforce efforts to spread awareness about digital safety,” the RBI said.

The RBI said it has been taking measures to improve awareness through its e-BAAT (Electronic Banking Awareness And Training) programmes and organising campaigns on safe use of digital payment modes to avoid sharing critical personal information such as PIN, OTP and passwords.

Published on June 22, 2020

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