In today’s era, where making payments through smartphones has become our daily habit, the fear of cyber fraud also haunts us all the time. To address this concern of yours, the Reserve Bank of India (RBI) is going to take a big step. The central bank is preparing to soon introduce a ‘kill switch’ feature for digital transactions. In its annual report on May 29, RBI has made it clear that under this new system, if any customer senses any suspicious activity or fraud in his bank account, then in one stroke he will be able to completely stop all the withdrawal (debit) transactions from his account.
Account will be locked in the blink of an eye
At present, if any cyber thug gets hold of your account information, the money disappears within a few seconds. To prevent this loss, RBI is considering providing the facility of ‘switch on’ along with ‘switch off’ on all digital payment platforms. The ‘kill switch’ attached to it will act as a perfect safety shield in case of emergency. You can activate it as soon as you suspect any fraud. At present such facility is limited only to debit or credit cards, where customers can start or stop their card transactions as per their convenience through the mobile app.
Big UPI payments will be controlled
This circle of security is not limited to switches only. The central bank is also very cautious about big transactions done through UPI. Recently, an important proposal was made that when a person transfers a large amount of money through UPI for the first time to another person (P2P), there should be a deliberate time-lag in the process. Its direct benefit will be that if any transaction is being done fraudulently, it can be blocked by the system even before it is completed. This minor delay will foil the big fraud before it can reach its conclusion.
AI will monitor your money
To stay two steps ahead of cyber criminals in this age of technology, RBI is also going to launch ‘Digital Payments Intelligence Platform’ (DPIP) this year. This state-of-the-art system will be equipped with Artificial Intelligence (AI). Real-time monitoring of every digital transaction taking place in India will be done through this system. This platform will give a risk score to every transaction, which will immediately identify any technical or financial irregularities. According to the bank’s survey, 52 percent of the people of the country are using digital mediums due to convenience and speed. At the same time, the business of 67 percent traders has also increased through this.
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