Finance Minister Sitharaman prepares to curb cyber fraud, emphasizes creating awareness among people
Speaking at the Debt with Tech event, the Finance Minister said the government regularly audits public sector banks to prevent cyber frauds where people are defrauded through phone calls and SMS. Regulatory authority RBI is also examining its systems. Insurance companies will also check their systems.
Finance Minister Nirmala Sitharaman on Thursday said there is a need to take the reins of technology to create awareness among people about cyber fraud and stop scammers from gaming the system.
Speaking at the 'Date with Tech' event, the minister said that to prevent cyber frauds, where people are defrauded through phone calls or SMS, the government reviews public sector banks from time to time. Also, the regulator RBI reviews its own systems. Insurance companies also review their systems.
Sitharaman said that we are continuously doing what is necessary. Unless awareness comes, unless we can create awareness in the minds of people that they should not pay attention to anything said on their phones, citizens are at risk.
He also said that we are concerned about the fact that people are getting random calls, due to which they are getting stuck in such a situation, and as a result, they are losing money.
The minister also said that those who game the system are probably a notch ahead of us in terms of use and misuse of technology. A lot of work needs to be done on this. It is a never-ending game because technology is a beast that keeps moving and moving and moving far ahead of you.
The minister said larger institutions, systemically sensitive institutions should have adequate technology and teams should be adequately trained to man the firewalls on an everyday basis, and keep checking whether the firewalls are up and running.
