INSUBCONTINENT EXCLUSIVE:
Mumbai: The Reserve Bank of India (RBI) would set up a compliance and tracking system portal to tackle the proliferation of cyber-fraud and
seeks to establish a better redressal mechanism for consumers
customer service in banks by addressing existing inadequacies and the need to benchmark it against international standards in order to
in its Report on Trends and Progress.
RBI data showed the number of fraudulent cases rose to 5,917, amounting to Rs 41,160 crore in 2017-18,
up from 4,306 worth Rs 10,170 crore in 2013-14
Of the reported frauds, 22.7% were cyber related in 2013-14 while the percentage grew to 34.1% in 2017-18, indicating a hike in not just the
volume of fraudulent cases but also more cyber-related crimes.
Other than the registered banks and NBFCs, the proposed online portal would
also address cybersecurity complaints from all regulated entities including Prepaid Payment Instruments (PPIs) and mobile banking interfaces
liability in respect of unauthorised electronic transactions involving banks and credit card issuing NBFCs would be extended to the users of
customer in cases of fraudulent transfers by capping the customer liability at Rs 25,000 if the customer brings the discrepancy to the
notice of the financial institution concerned within seven working days.
