The Computer Emergency Response Team (CERT-In), the nodal cyber security agency of the government, is working with the Reserve Bank of India (RBI) and banks to track and disable phishing websites in an effort to thwart online frauds, Anurag Thakur, the Minister of State for Finance said in response to Parliamentary questions on Wednesday. The question on digital financial transactions was raised by three Members of Parliament (MPs) from the Shiv Sena party: Rahul Shewale, Hemant Patil and Omprakash Rajenimbalkar. They asked the government if online frauds were on the rise as digital financial transactions are growing, the reasons for the rise in frauds and what laws and regulations existed to combat these issues. The MPs also sought information on addition steps taken by the government to make digital financial transactions safer. "Online or Digital payments have been on a rise especially after the spread of COVID-19 pandemic in the country. Based on the fraud reporting done by Banks, it is observed that frauds in online banking are primarily on account of Social engineering techniques like Vishing and Phishing"—Anurag Thakur, the Minister of State for Finance He said CERT-In has issued 37 advisories for users and institutions related to digital financial transactions. In his response, Thakur listed a number of regulatory measures taken by RBI such as the limited liability framework for unauthorised or fraudulent transactions, the Ombudsman Scheme for Digital Transactions, cyber security regulations for banks, cards, ATMs, the recent Digital Payments Security Controls framework and various other measures…
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