The RBI has called upon banks to enhance customer awareness and to make required investments in suitable technology for security risk mitigation to ensure optimal levels of banking security while delivering appropriate customer convenience. Although, the focus is on ensuring a secure online banking experience, the central bank has also expressed concern over the rising number of offline frauds. Speaking at the Annual Conference on Secure Banking 2011, G. Padmanabhan , Executive Director, RBI, said that in the IT enabled banking environment, it has to be recognized that fraud possibilities have assumed international dimensions and that the so called "Safety" must be continuously benchmarked against international standards. The threats which bother the banking sector range from password hacking, card copying/cloning to data and identity theft at various levels of transaction, information storage as well as transmission stage: - Online, Mobile Challenging: Managing security is more challenging in online and phone banking as compared to other delivery channels.Online threats in the form of phishing attacks, spyware, viruses, Trojans, key loggers are frequent. Threats from ATM take the form of ATM skimming, eavesdropping, spoofing, service denial. - Identity theft in the electronic transactions is a growing cyber crime. Innovative methods of hacking and stealing come to the fore regularly and the industry needs to take prompt action to safeguard business and customer interest. - Impact Of Two Factor Authentication: The introduction of Second Factor of Authentication for all Card Not Present transactions has ensured greater security in online card transactions and instances of online frauds…
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