Measures to check cyber crimes in Banking System

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....easures to check cyber crimes in Banking System <br>News and Press Release<br>Dated:- 1-8-2017<br><BR>As per data reported by the Reserve Bank of India (RBI), the number of cyber crime pertaining to credit card, ATM, debit card and Internet banking shows a marginal increase of 4.4% from 13,083 in 2014-15, to 13,653 in 2016-17. RBI has issued Cyber Security Framework in Banks, mandating banks to p....

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....ut in place a Board-approved cyber-security policy, which covers the risks from cyber threats and the measures to address/ mitigate these risks. RBI has issued instructions to banks for reversal of erroneous debits arising from fraudulent or other transactions, and for Board-approved bank policy to cover customer protection, the mechanism of compensating the customer for the unauthorised electron....

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....ic banking transactions, and display of the same on the bank's website, along with the details of grievance-handling / escalation procedure. Under the Banking Ombudsman Scheme, if a customer does not receive any reply within a period of one month after receipt of representation by the bank or is not satisfied with the reply given, he can file a complaint before the Ombudsman, who can ask the bank ....

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....to pay compensation of up to &#8377; 20 lakh to the customer for loss, suffered by the customer due to an act of omission of the bank, and also compensation of up to &#8377; 1 lakh for mental agony and harassment. This was stated by Shri Santosh Kumar Gangwar, Minister of State for Finance in written reply to a question in Rajya Sabha today.<BR> News - Press release - PIB....