Banking News

Cyber Fraud India: FM Nirmala Sitharaman stresses building awareness among people to reduce cyber fraud


Finance Minister Nirmala Sitharaman on Thursday said that in order to prevent con artists from abusing the system, people must become more conscious of cyberfrauds and take control of technology. Speaking at the ‘DATE with Tech’ event, the minister stated that the government regularly examines public sector banks and the regulator RBI checks its own systems in order to prevent cyber frauds, in which victims are tricked via phone or SMS. Insurance firms assess their own systems as well.

“We are constantly doing what is required…. Unless awareness, unless we are able to build that alertness in the mind of people that I should not go by anything that is said on my phone is built, citizens are at risk,” Sitharaman said.

According to her, there is worry on a small scale about people receiving arbitrary calls that trap them and cause them to lose money.

“Those people who game the system probably are one notch ahead of us in terms of using and misusing technology. On that, there is a lot of work required. It is a never-ending game because technology is such an animal that keeps moving and racing much ahead of you. You have to be sure that you got the reins in your hand,” Sitharaman said.

According to the minister, sizable organisations with systemically sensitive information should have sufficient technology and staff that are properly educated to firewall on a daily basis and to continuously assess whether the firewall is still capable of doing its job.

“On the other hand, we have concerns about people calling you and asking you to transfer money and bringing some legitimacy in the conversation by knowing some details about you and you tend to believe that it could be a genuine thing,” she said. “India is in a transitional stage, we are at a stage where we are transforming from what was before to what is now which is completely digital,” Sitharaman added.In an announcement at the DATE 2023, Finance Minister Nirmala Sitharaman highlighted India’s achievement in developing a comprehensive digital infrastructure known as the “India Stack.”

This initiative, funded by public resources, integrates various digital elements, marking a significant leap in the nation’s digitization journey.

Sitharaman said, “In the recent G20 Digital Public Infrastructure that India has brought with public funds and which has bricks of so many different elements thus eventually be4ing projected as the India stack because it has something or the other the capsule of so many different layers if digitization of the country has been welcomed with the sense of ‘awe'”.

“People are really surprised that a country like India could not only utilise the talent which is available with public funds and be able to scale it up at the ground,” she said.


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