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Measures initiated by RBI to prevent fraudulent use of debit cards

News and Press Release - Dated:- 29-11-2016 - Reserve Bank of India (RBI) has informed that number of debit cards outstanding at the end of August 2016 was 71.2 crore. RBI has informed that frauds related to ATM / Debit cards is 1328 and amount involved is ₹ 6 crore for the period April 2016 to June 2016. The measure initiated by RBI to prevent such frauds is given below: i. In order to focus more attention on IT related matters, Reserve Bank has set up a Cyber Security and IT Examination .....

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ecurity preparedness testing among banks on the basis of hypothetical scenarios with the help of CERT-In. RBI also has set up an IT Subsidiary, which would focus, among other things, on cyber security within RBI as well as in regulated entities. ii. The banks have taken measures including advising the customers to change PIN blocking payments at international locations, reducing the limit and number of withdrawals, monitoring unusual patterns, replacing the cards and re-crediting the accounts of .....

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