Banks should fortify cyber security as fraud cases rise: RBI ...Middle East

Mumbai: The RBI on Thursday said that the banks should focus on fortifying cyber security and prevention of cyber frauds to safeguard their customers from rising incidents of fraud and data breaches. RBI Deputy Governor Rajeshwar Rao, in his address at the FIBAC 2023 conference, on Thursday said that the banking landscape is fast evolving with increase in financial inclusion, customer access, product choices, and convenience. “However, the risks to the consumer have also increased with increasing instances of frauds and data breaches,” he said. He said that bank customers today are facing a threat from technology induced frauds such as fraudulent apps, breach of privacy and deep fakes. “Eve

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