The Reserve Bank of India (RBI), the central bank of the country, has initiated steps to increase public awareness on safe digital transactions.
The central bank has instructed payment systems operators to conduct campaigns to educate the users on frauds.
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The move comes at a time when there has been increasing reports on payment frauds in India despite several measures.
In a circular, RBI said: “Inspite of these initiatives, incidence of frauds continue to bedevil digital users, often using the same modus operandi users were cautioned about, such as luring them to disclose vital payment information, swapping sim cards, opening links received in messages and mails, etc.
“There are also cases of users being tricked into downloading spurious apps that access critical information stored on devices.
“It is, therefore, essential that all payment systems operators and participants – banks and non-banks – continue and reinforce efforts to spread awareness about digital safety.”
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By GlobalDataUnder the new initiative, all payment systems operators will carry out multi-lingual campaigns through text messages and advertisements to increase awareness.
Users are also advised not to share personal information such as PIN, OTP or passwords. RBI also noted that users should not use open or free wifi-networks for making financial transactions.
Earlier this month, RBI created a Payments Infrastructure Development Fund (PIDF). The $66.2m fund was set up to encourage acquirers to deploy physical and digital point of sale (PoS) infrastructure.
Recently, the central bank also decided to publish select payment systems data daily to support research and innovation.
