Sitharaman calls for building awareness to curb cyber fraud
The finance minister said there was concern about people getting random phone calls, putting them in a situation where they get trapped and end up losing money
There is a strong need to build awareness among people on cyber fraud and use technology to stop scamsters from gaming the system, Finance Minister Nirmala Sitharaman said on Thursday (November 23).
Speaking at a 'DATE with Tech' event, she said the government periodically reviewed public sector banks while the RBI reviewed its own systems in a bid to stop cyber fraud.
People, she said, were often duped by way of a phone call or SMS.
"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,” she said.
Sitharaman said at the micro level there was concern about people getting random telephone calls, putting them in a situation where they get trapped and end up losing 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,” she said.
“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."
Use technology
The minister said large institutions should have enough technology and teams adequately trained to firewall on an everyday basis and keep checking whether the firewall was effective or not.
"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.
The government institutions, banks and insurance companies were trying to build awareness by asking people not to trust any caller unless there were ways to establish his or her authenticity, 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 said.
(With agency inputs)