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Banking frauds - prevent or lament!

The primary responsibility for preventing frauds lies with individual banks; however, the Reserve Bank of India (“RBI”) routinely advises banks1 about major fraud prone areas and the safeguards necessary for prevention of frauds. This is done so that banks can introduce necessary safeguards by way of appropriate procedures and internal checks. With growing usage and dependency on electronic forms of transaction, banks have employed more secured means and platform separate from the normal channels of communication. The authenticity and integrity of such a platform is ensured through usage of specific software, which ensures the validity of the bank’s electronic documents. But has such processes ensured safe and secure banking? Or, are frauds still prevalent? Is online mode secure? In this bulletin, we will discuss these crucial aspects and find out the current state of e-banking transactions, reporting requirements to be followed by banks and how secure ebanking is for the consumers.

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