Federal Bank independent director and former National Payments Corporation of India (NPCI) MD and CEO AP Hota said many digital banking frauds have taken place after Jamtara. During a panel discussion at the BT Banking & Economy Summit, Hota said on banking-related online frauds, “After Jamtara, many mini Jamtaras have taken place.”
Hota also highlighted the many fraud management tools that are already in place. He further said that people tend to share passwords, knowingly or unknowingly. Hota stated, “All steps are taken but people are people, they share passwords. Which bank has not put measures to protect passwords? There are many fraud management tools in place.”
He added, “We have a lot of measures in place but the percentage is less than in other countries.” During the course of this discussion, TamilNad Mercantile Bank MD and CEO S Krishnan said that a good tie-up between the banks and fintech players can play an important role in ensuring last-mile connectivity as well as consumer awareness.
Krishnan categorically stated, “Educating customers, assuring them digital transactions are safe is important. Good tie-up with fintechs has to be there to deliver last-mile connectivity.”
This issue assumes importance since millennials of today are core banking customers of the future. MD and CEO of CSB Bank Pralay Mondal mentioned that millennials of today are moving into their 30s and will eventually become the core customers of tomorrow.
Mondal noted, “Banking is not just payments. It is much more. Omnichannel is something that is creating a lot of changes in the global space. Customers demand everything. But millennials are moving into their 30s and eventually they will become the core customers.”
But why the Jamtara reference? Located in Jharkhand, Jamtara is also known as the phishing capital of India due to numerous incidents of phishing across the country that were linked to this place. Police from around 12 states made 23 journeys to the city within a span of two years from 2015-2017.
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