RBI workshop urges stronger governance and tech use to fight cyber frauds

At a two-day workshop with 60 banks, RBI called for stronger governance, better internal controls and greater tech adoption to counter rising cyber-enabled financial frauds

The Reserve Bank of India conducted a two-day workshop on cyber frauds with officials from 60 major banks where it was emphasised that strong governance, better internal controls, clear processes and advanced technology are needed to tackle cyber-enabled frauds.

 

The workshop, held in Mumbai on February 24 and 25, also called for better coordination among stakeholders and greater customer awareness to address the growing threat of digital frauds, the central bank said in a press release. 

The workshop was attended by executive directors and heads of fraud risk management from 60 major banks, RBI said in a statement. Senior officials from the Indian Cyber Crime Coordination Centre (I4C), the Ministry of Home Affairs, Maharashtra Cyber Police, as well as representatives from commercial banks and urban co-operative banks, participated in the deliberations. 

The initiative formed part of the RBI’s ongoing supervisory and developmental engagement with banks amid the rising incidence and growing sophistication of cyber-enabled financial frauds. Select banks shared best practices and technological interventions adopted to prevent and mitigate such frauds.

 

The workshop concluded with an open-house discussion, and participants provided feedback and suggestions, while the RBI reaffirmed its commitment to continued collaboration and further strengthening the resilience and integrity of the Indian banking system, the statement added.