Fight Against Cyber Crime: Large Banks in India Take a Stand Against Online Fraud

NEW DELHI: In the wake of the surge in online frauds, large banks in India are taking extra steps to raise awareness among customers and employees. According to a report in the Financial Express, lenders are aggressively working to eliminate the threats of online fraud.

One such example is HDFC Bank, which has sent more than 8.5 million emails and 20 million messages to customers in the past year alone, spreading awareness on how to avoid scamsters. The bank has also carried out over 5,900 training programmes on fraud awareness and secure banking, covering more than 62,500 customers. HDFC is using all available channels, from newspaper advertisements and digital media to bank applications, to increase the reach of awareness campaigns.

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ICICI Bank, on the other hand, is asking customers to check every transaction via SMS or email alerts and report any irregularities to the bank. The bank is also sending reminders to customers to stay vigilant and warning them not to share OTP, URN, password, or CVV with anyone. The bank has introduced a new feature in its iMobile Pay app that does not allow any screen-sharing application.

Many big lenders are collaborating with influencers and actors to spread awareness regarding online banking frauds. These frauds have become increasingly challenging, with scamsters bringing in newer techniques like impersonating an employer, using dark web for cyberattacks, and using social engineering techniques.

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According to the Financial Stability Report released in December 2022 by the Reserve Bank of India (RBI), the amount lost to banking frauds decreased from Rs 36,316 crore in H1FY22 to Rs 19,485 crore in H1FY23. However, fraud from card and internet banking increased from Rs 60 crore in H1FY22 to Rs 87 crore in H1FY23. The report highlighted that the overall number of online banking frauds and card frauds increased from 1,532 in H1FY22 to 2,321 in H1FY23.

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Quoting V Vaidyanathan, MD & CEO at IDFC First Bank, the report said that these online frauds are a “very serious issue” and the bank is spreading awareness among customers via website, mobile application, and other means to insist on an OTP (one-time password) for certain transactions and SIM-binding. The bank has also introduced a penalty for employees for clicking on a phishing link.

The efforts of these banks in spreading awareness about online frauds are commendable, and customers are urged to be vigilant and take necessary precautions while carrying out online transactions.

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