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RBI Comes to Aid Commercial Banks Suffering Massive Debit Card Fraud

The Reserve Bank of India has issued a confirmatory statement that hackers had compromised the details in debit/credit cards, which some banks distributed, as well as that the apex bank has directed all banking institutions must fast enforce their cyber-security measures towards mitigating such incidents.

A meeting at RBI involving some select banks' senior officials, the MasterCard and Visa card network companies, and the National Payments Corp. of India reviewed the measures adopted towards controlling the negative after effect of card information leakage.

With the latest breach into the country's banking system which impacted 3.2m debit cards, people are avoiding using the plastic cards alternatively even performing e-transactions. According to them, the many blessings of technology arrive with risks.

Such absence of confidence within banks' capability towards safeguarding account-holders from fraud on the Internet could deter the RBI's and Government of India's ambition for making a cashless economy which minimizes expenses as also makes transactions' tracking followed with imposing taxes on them easier thereby annihilating the parallel economy. Economictimes.indiatimes.com posted this, October 24, 2016.

According to CEO and country head Sanjay Kedia of Marsh India Insurance Brokers, only some large banks that are holders of 'Cyber Insurance' are able to conduct card replacement, information provision to affected account-holders along with forensic investigation for analyzing the main cause as also scope/size of the hazard without bearing the associated risks. However, other banks and financial institutions are actively considering taking up cyber insurance. The latest circular by the central bank regarding cyber-security has mandated banks towards immediately disclosing such incidences as well as empanelling crisis and forensics advisors, Mr. Kedia notes.

Bottom-line, users should maintain separate passwords for separate Internet sites. Commonly, it's difficult keeping in mind too many passwords. So the use of password manager is helpful that constructs distinct, lengthy and hard to crack passwords for every site. The repository stores the passwords safely while auto-fills on each and every site the person reaches.

As banks weren't ecstatically wary of the concerted assault, monitoring and protection providing organizations too couldn't detect the hack. Undoubtedly, this must be reversed should banks require readying themselves for coming times.

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