Financial frauds on the rise! How government plans to check SIM cloning, QR code & digital payments fraud
The Indian government is looking to take measures to address the growing concern over digital financial frauds. Discussions have begun among key stakeholders, including the Ministry of Finance, Reserve Bank of India (RBI), Ministry of Electronics and Information Technology (MeitY), and National Payments Corporation (NPCI), to develop new filters and safeguards for digital transactions.One of the proposed measures is the implementation of mandatory filters for transactions above a certain monetary threshold, according to an ET report. This includes the use of one-time passwords (OTP) for digital payments. The aim is to enhance security and prevent fraudulent transactions. Additionally, the government is exploring the creation of intelligence within payment systems to identify and block sus...
