Banking and Financial Cybersecurity

By pjain      Published Jan. 19, 2020, 3:29 a.m. in blog Invest   

Banking and Transactional Security in Core Fintech Transactions

How password only Authentication fails

Multi-factor Authentication complex

Too many banks still rely on passwords as the top form of authentication.

KYC

Adhaar-based ID and Financial Networks

PAN Card

PCI DSS

ISO 27001

GDPR

Credit Card Fraud

Payments fraud in India

Payments: Argument Sep 2018 PRB

In September, an inter-ministerial committee appointed by the government recommended that payments, or transactions done through e-wallets and cards, should be governed by an independent regulator—payments regulatory board (PRB)—and not the Reserve Bank of India (RBI). The committee was headed by Subhash Chandra Garg, the economic affairs secretary.

This, the panel said, will foster competition and ensure consumer protection, systemic stability, and resilience.

sprouting of payment companies in the country, especially in the digital space. The sector is now a battleground of sorts with foreign players like Google (which operates the Google Pay e-wallet) and WhatsApp competing with Alibaba-backed Paytm and the government’s own Unified Payments Interface (UPI).

The ecosystem is estimated to grow over five times to $1 trillion by 2023, according to Credit Suisse.

RBI Opposes mobile Payments?

However, payments in India are still dominated by banks, which have launched their own e-wallets besides enabling payments through the more traditional plastic money, or cards. As the banking regulator, the RBI believes payments are inseparable from other banking operations. The RBI has stressed that the PRB can only be headed by the central bank governor. Since banks are the major providers of payments services, having a common regulator ensures synergy and inspires public confidence in the payment instruments, it says.

EC Fraud

Banking and Insurance Fraud Technology

Personal Property and Auto

Insurance Fraud - Health Claims

Bank Fraud, CRM Analytics

!dn BANK CRM Analytics farquad2012.pdf

  • IDRB Institute for Development and Research in Banking Technology, Castle Hills Road #1, Masab Tank, Hyderabad, AP, India
  • V. Ravi

  • Department of Computer and Information Sciences, University of Hyderabad, Hyderabad – 500 046 (AP), India

  • S. Bapi Raju

Banking Tx Consumer fraud Review

RBI, in a statement to the ministry of electronics and information technology, or MeitY, noted that online transaction fraud for last year through Dec. 21 involved totalled over Rs. 16, 789 crore, which is a substantial increase compared to the previous year.

The rise [in fraud] is because of India's drive towards a cashless economy without necessary preparation by banking institutions for establishing the right security controls and increasing awareness. Security experts say Indian banks need to take a more agile risk management approach and make adequate security investments in real-time monitoring tools for better visibility.

Fraud associated with online, ATM, credit card and debit card transactions in India increased in every quarter last year, with 40 percent of the cases occurring in the final quarter of the year, says Ravi Shankar Prasad, India's IT minister. For the full year, there were over 22,700 cases of fraud, according to the Reserve Bank of India. Prasad says: "RBI and various ministries or departments of the government will review cybersecurity developments and threats on an ongoing basis and take measures necessary to strengthen cyber resilience."

  • Dr. Onkar Nath , the former CISO of Central Bank, now a banking consultant
  • Y. V. Ramana Murthy , GM and group CISO of State Bank of India
  • Sriram Natarajan , COO and former chief risk officer at Quattro, a BPO

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