The infusion of technology in almost every aspect of banking, has given fraudsters additional avenues for to impact banking processes and financials. In the latest ‘Report On Trend And Progress of Banking In India 2011-12’ presented by the Reserve Bank of India (RBI) to the Finance Secretary, RBI categorically mentions “Ensuring efficiency of the banking sector by way of technology infusion while minimizing the occurrence of such fraudulent events has become one of the major objectives of the Reserve Bank in recent years. Going forward, there is a need for building up a robust mechanism to prevent incidents of fraud in areas of mobile/net banking and electronic fund transfer”
So why is the RBI so worried about fraud attacks through these alternate banking channels? Are these kind of frauds really something to be worried about and taken seriously? Well…the short answer to that is YES!! The infographic below will give you a much better idea of why alternate channel frauds are of high risk to banks
– By CustomerXPs
CustomerXPs offers real-time, intelligent products that empower banks with instant insights enabling influenced outcomes of deeper customer engagement and fraud-free transactions.