Close coordination among stakeholders necessary to prevent digital frauds, says RBI

Mumbai, Feb 26 (PTI) The Reserve Bank on Thursday said that close coordination among all the stakeholders is necessary to prevent or mitigate digital fraud.

A two-day workshop for executive directors and heads of fraud risk management of 60 major banks, conducted by the RBI, concluded on Wednesday.

The workshop was attended by officials from the Union Home Ministry's Indian Cyber Crime Coordination Centre (I4C) and the Maharashtra Police.

"The need for close coordination among all stakeholders to effectively address the growing concerns arising from such frauds was also highlighted (at the workshop)," the RBI said in a statement on Thursday.

Importance of robust governance and oversight arrangements, strong internal controls, well-laid-out processes and use of advanced technologies for the prevention and mitigation of cyber-enabled frauds were emphasised, it said.

The central bank also asked banks to conduct focused customer awareness drives as part of the efforts, it said.

Banks shared best practices and technological initiatives implemented by them for the prevention and mitigation of cyber-enabled frauds at the workshop, it said.

The workshop was a part of the Reserve Bank's ongoing supervisory and developmental engagement with banks to address the incidence and increasing sophistication of cyber-enabled frauds, it said. PTI AA HVA