General Manager of Reserve Bank of India (RBI), Raipur, Dr Sanjeev Sharma on Thursday said that greed is the prime cause of phishing frauds and to protect themselves, people should always bear in their mind that ‘nothing is free’.
Dr Sharma said this while delivering the keynote address at a seminar on “Protection from Fake and Fraud Financial Transactions & Phishing Mail” organized by PHD Chamber of Commerce and Industry (PHDCCI), Konrad Adenauer Stiftung (KAS) in association with Reserve Bank of India (RBI) here on Thursday.
He said that RBI has been regularly issuing alerts and advisories to safeguard public against such frauds. Apart from alerts against fictitious offers of remitting cheap funds from abroad, lottery winnings, RBI has also warned about fake website in the name of RBI and phishing mails sent on behalf of RBI seeking details of bank account.
Dr Sharma advised people to immediately register a complaint with the local police/cyber crime authorities when they receive fictitious offers of money from abroad or if they are victims of such offers. It has also placed, on its website, the list of nodal agencies with whom the public can register complaints.
Speaking about responsibilities and liabilities of banks in such matters, he referred to some of the important rules and guidelines which govern maintenance of reasonable security standards for banks include, Master Circular – Know your Customer (KYC) norms, Anti-Money laundering, Combating of financial terrorism, Obligations of banks under Protection of Money laundering Act, 2002 and by RBI and other international standards for information technology security (ISO standards).
He also spoke regarding recovering lost money through fraudulent bank transfers under Information Technology Act. He said that one can file an application before the Adjudicating Officer appointed under Section 46 of Information Technology Act, 2000 claiming breach of reasonable security procedures by the bank.
In his welcome address Chairman, PHDCCI , Chhattisgarh Committee Pradeep Tandon said that up-gradation and advancement of technology is a must to keep abreast in the present time. And in the process, the people who are not technology savvy often become victims of frauds.
Fraud encompasses a wide range of illicit practices and illegal acts involving intentional deception or misrepresentation. Fraud impacts organizations in several areas including financial, operational, and psychological. While the monetary loss owing to fraud is significant, the full impact of fraud on an organization can be staggering. The losses to reputation, goodwill, and customer relations can be devastating, said Tandon
Pitabasa Padhi from United Bank of India explained the types of frauds like bank fraud, cheque kitting, forgery and altered cheques, uninsured deposits, demand draft fraud, card skimming, credit card fraud, phishing etc.
Rajnish Chawla from HDFC Bank also explained how HDFC is educating people to protect them from these threats. He gave a power point presentation with Do’s and Dont’s. Regional Director of PHD Chamber (MP & CG) proposed the vote of thanks.