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Internet banking frauds rise more than double
By siliconindia
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Wednesday, 05 May 2010, 14:49 IST
2.51 crore, 5.53 crore and 5.90 crore, respectively, according to the Minister of State for Finance Namo Narain Meena, reports PTI.
"It may be observed that there has been an increase in the number of frauds perpetrated during the (previous) year as compared to 2007 and 2008," the Minister said. Also, according to the Minister, the RBI has already taken measures to check such frauds, such as making it mandatory for banks to put in place a system for providing additional authentication and validation, an online alert system for card holders in case of transactions of a value of over 5,000, redressal of grievances for wrongful billing and reporting of cases to police and ensuring follow-up action.
He also said the RBI has cited compromises on password and other safety measures as the main reason for the occurrence of such frauds.
