The Reserve Bank of India (RBI) has made great preparations to stop the digital fraud in the name of banks. The central bank exclusively for all banks & lsquo; .bank.in & rsquo; The Internet has announced to rollout the domain. This announcement has been made to stop digital financial fraud. Because of this, it will be easy for people to differentiate between the real and fake website of the bank. Let’s know the whole news.
Decision will be applicable from April
This announcement of RBI will come into effect from April this year. All banks have been ordered to come to this new domain by April. RBI Governor Sanjay Malhotra said that this step will make it easier for customers to identify the real website of the bank. He further said that the increasing matters of digital fraud are a matter of concern and all stakeholders need to take steps in this direction. RBI is also considering bringing ‘Fin.in’ domain for financial sector.
Appeal to banks to strengthen cyber security
In his first policy meeting, Malhotra said that all banks and non-banking financial institutions (NBFCs) need to improve security to reduce cyber security risk. He also informed that RBI is constantly taking steps to strengthen the digital security of payment and banking system. Bringing the Additional Factor of Authentication (AFA) in domestic digital payment is one such step. Now international digital payment can also be brought under its purview.
Caution is necessary to avoid cyber fraud
Nowadays there is a need to take precautions in view of the increasing cases of cyber fraud. Do not click on the link, email or message from any unknown or suspicious person. Apart from this, do not share sensitive information like OTP with any unknown person. This may cause you to suffer heavy losses.
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