Report Of The RBI Working Group On Securing Card Present Transaction

The Reserve Bank of India (RBI) is taking cyber security of banking industry very seriously. RBI has been stressing that banks in India are required to ensure cyber due diligence and cyber security due diligence. However, the banks in India have still not done the needful in this regard even though the first quarterly report in this regard is due on 30th June, 2011.

Perry4Law and Perry4Law Techno Legal Base (PTLB) welcome this initiative of RBI and congratulate the working group for coming out with good guidelines.

See ICTPS Blog for more.

ATM Frauds Prevention In India

IT frauds and cyber crimes in Indian companies are increasing at a rapid rate. To tackle the same, Indian government has declared that Serious Fraud Investigation Office (SFIO) 0f India would get more powers. Even regulation of fraudulent multi level marketing companies in India has been proposed.

Reserve Bank of India (RBI) has recently released the Report of its Working Group on Securing Card Present Transaction that covers ATM Security and Credit Card Security issues as well. RBI has also recommended Cyber Security Due Diligence for Banks of India. One chief reason for this growth is that Banks in India are not serious about Cyber Security and they are not following the Recommendations of RBI. ATM frauds can be tackled by using Techno Legal Methods alone and neither Legal nor Technical Measures is sufficient in itself.

See Cyber Crimes Investigation Centre Of India for more.

IT Frauds And Cyber Crimes In Indian Companies

Finally Indian government has taken the flourishing IT frauds and cyber crimes in Indian companies seriously. Some positive steps have been taken in this regard.

Companies in India are required to follow cyber law due diligence in India and cyber security due diligence in India. However, absence of techno legal cyber skills and cyber crimes investigation trainings in India, technology related crimes and cyber crimes have increased in India. Companies in India are facing growing threats from malware attacks, phishing attacks, ATM frauds, online banking threats, trading fraud, etc.

See Cyber Crimes Investigation Centre Of India for more.