Reserve Bank of India (RBI) Governor Sanjay Malhotra has called on the Institute for Development and Research in Banking Technology (IDRBT) to shape strong strategies to fight rising digital fraud in India. He said improving online payment safety and reducing cyber threats must be top priorities for the financial sector. Malhotra highlighted that as digital payments grow fast, fraud risks also rise from fake sites, phishing, and scams. He asked IDRBT to work closely with banks, fintech firms, and technology partners to build reliable tools and systems for fraud detection.
The Governor pointed out that advanced technology, clear plans, and better collaboration can help protect users and financial businesses from loss. RBI is also exploring safer internet domains, stronger cybersecurity, and digital identity standards to reduce fake websites and online scams. Banks and tech groups will be encouraged to adopt proactive systems that can spot fraud early and prevent losses.
Malhotra stressed that enhancing digital security will boost confidence in online banking and payments. With more Indians using mobile wallets and online platforms, robust anti-fraud strategies are needed now more than ever. The RBI wants all stakeholders to work together to stop fraud and make digital finance safer.
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