SC: Confirmation of an Auction Sale Does Not Bar Judicial Scrutiny of Reserve Price Valuation  ||  Supreme Court Sets Aside Conviction of Four Men in a 1998 Gang Rape Case  ||  Supreme Court: Privy Purse Privileges of Princely Rulers are Not Enforceable Legal Rights  ||  Delhi HC: Repeated Court Summons May Distress and Re-Traumatize Child Sexual Assault Victims  ||  Jammu and Kashmir High Court: Labeling Someone as a Terrorist Associate Amounts to Defamation  ||  Delhi HC: Setting Aside or Altering a Judge’s Order by a Higher Court Doesn’t Affect Their Integrity  ||  Delhi High Court: Accused Cannot be Faulted For Smart Replies; Interrogator Must be Sharper  ||  Supreme Court: Belated Jurisdictional Challenge Impermissible After Participation in Arbitration  ||  Supreme Court: Failure to Prove Specific Overt Acts of Each Unlawful Assembly Member Not Fatal  ||  Supreme Court: Parental Salary Alone Cannot Determine OBC Creamy Layer Status    

Measures initiated by RBI to prevent fraudulent use of debit cards- (Press Information Bureau) (29 Nov 2016)

MANU/PIBU/0952/2016

Banking

Reserve Bank of India (RBI) has informed that number of debit cards outstanding at the end of August 2016 was 71.2 crore. RBI has informed that frauds related to ATM / Debit cards is 1328 and amount involved is Rs. 6 crore for the period April 2016 to June 2016. The measure initiated by RBI to prevent such frauds is given below:

i. In order to focus more attention on IT related matters, Reserve Bank has set up a Cyber Security and IT Examination (CSITE) Cell within its Department of Banking Supervision in 2015. RBI has issued a comprehensive circular on Cyber Security Framework in Banks on June 2, 2016 covering best practices pertaining to various aspects of cyber security. The progress of banks in scaling up their cyber security preparedness is also monitored by setting up a Cyber Crisis Management Group to address any major incidents reported including suggesting ways to respond. Department of Banking Supervision also conducts cyber security preparedness testing among banks on the basis of hypothetical scenarios with the help of CERT-In. RBI also has set up an IT Subsidiary, which would focus, among other things, on cyber security within RBI as well as in regulated entities.

ii. The banks have taken measures including advising the customers to change PIN blocking payments at international locations, reducing the limit and number of withdrawals, monitoring unusual patterns, replacing the cards and re-crediting the accounts of cardholders for amounts wrongly debited.

iii. RBI has issued circular on 'Skimming of ATM/Debit/Credit Cards', dated June 26, 2006, advising banks to take various preventive measures to combat frauds relating to skimming or duplicating of credit cards. The banks, inter alia, were also advised to inform to customers not to reveal PIN in response to requests received through e-mail, to periodically verify the transaction history to ensure its correctness and if any unauthorized transaction observed it should be immediately reported to the bank and inform the bank if the card is lost or stolen.

iv. In January 2016, Central Fraud Registry (CFR) has been operationised as searchable online central data base for use by the banks for frauds above Rs. 1 lakh. This data base is helpful to the banks not only during credit decisions but also to know about fraud in other areas of the banking including cyber frauds, ATM/debit/ credit card and internet banking.

v. Caution advices are also issued as and when necessary for preventing and controlling the frauds.

Tags : FRAUDULENT USE   DEBIT CARD   PREVENTION  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved