Nirmala Sitharaman Emphasizes awareness Raising in Combating Cyber Fraud
During the 'DATE with Tech' event, Finance Minister Nirmala Sitharaman stressed the importance of raising public awareness about cyber fraud. She highlighted the need to take control of technology to prevent scam artists from exploiting the system. Sitharaman also emphasized the government's proactive measures, including periodic reviews by public sector banks, RBI's assessments of its systems, and similar actions by insurance companies, to combat cyber fraud.
Sitharaman expressed concern about the vulnerability of individuals receiving unsolicited calls and falling prey to scams, resulting in financial losses. Emphasizing the need for heightened alertness among citizens. She said, “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. 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".
She highlighted the necessity for large institutions to maintain robust technological infrastructures and adequately trained teams capable of safeguarding against cyber threats daily. Moreover, Sitharaman addressed the issue of fraudulent callers, stating, “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.
In addition, Sitharaman highlighted the continuous efforts of government institutions, banks, and insurance companies to increase awareness and cautioned individuals against blindly trusting phone callers. She emphasized the importance of personal verification protocols. Finally, she discussed India's ongoing transition to a fully digital era, stressing the criticality of this transformative phase and the need for heightened vigilance during this digital evolution.
