Home Ministry Ties Up With SBI Card To Combat Rising Cyber Threats - All You Need To Know

home ministry ties up with sbi card to combat rising cyber threats – all you need to know

India’s Ministry of Home Affairs, in partnership with SBI Cards and Payment Services Ltd (SBI Card) and telecom operators, is spearheading an innovative solution to tackle the rising threat of cyber fraud and phishing attacks within the banking sector. This collaborative effort aims to provide customers with real-time alerts regarding stolen one-time passwords (OTPs), a crucial step in safeguarding digital transactions.

The proposed solution involves leveraging telecom databases to track customers’ geolocations and ensure that OTPs are being sent to the correct recipients. According to The Times of India report, by cross-referencing the customer’s location with the intended delivery location of the OTP, any discrepancies can raise red flags, indicating a potential phishing attempt.

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Recognising the evolving tactics of cybercriminals, the Reserve Bank of India (RBI) has advocated for additional authentication factors in digital payment transactions to mitigate fraud risks. Despite existing security measures, fraudsters have exploited vulnerabilities to steal OTPs and redirect them to unauthorized devices, undermining the effectiveness of traditional authentication methods.

The report added that to address concerns regarding OTP delivery discrepancies, the collaborative initiative proposes two potential solutions: displaying alerts on the customer’s device or blocking OTPs entirely. By harnessing real-time data from telecom providers and banks, the system aims to verify the authenticity of OTP delivery locations and identify suspicious activities promptly.

With cybercrime on the rise, it is imperative to implement robust measures to safeguard digital transactions and protect customers’ financial assets. By leveraging technological innovations and strategic partnerships, stakeholders aim to create a more secure banking environment, thereby instilling confidence among consumers and mitigating the risks associated with cyber fraud.

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According to the Indian Cyber Crime Coordination Centre (i4C), cybercriminals have siphoned off significant sums of money through fraudulent activities. To address this growing threat, the government has established the ‘Citizen Financial Cyber Fraud Reporting and Management System’ under i4C. This initiative has successfully prevented fraudulent transfers amounting to approximately Rs 1,200 crore.