Cyber fraud: awareness, accountability and a faster response
Opinion: this editorial reflects the editor's view.
Digital payments have made life easier for millions of Indians, and criminals have noticed. This week the State Bank of India assured customers that their funds were safe after a cyberattack, while experts warned that AI is helping scamsters create more convincing calls, messages and fake websites. The threat is growing as fast as the technology.
The first line of defence is a careful citizen: never share a PIN or OTP, do not click unknown links and report fraud immediately on the 1930 helpline. The second is accountable institutions. Banks and payment platforms should detect suspicious activity quickly, tell customers promptly when a breach occurs, and invest in security as seriously as they invest in growth. The RBI's rules already limit a customer's liability for unauthorised transactions that are reported promptly, and they should be applied without hassle.
The third is firm enforcement. Police need trained cyber units, quick coordination with banks to freeze stolen funds, and courts that treat online fraud as the serious crime it is. Regulation should target the criminals, not burden honest users and innovators with heavy-handed controls.
The other side
Consumer advocates say banks should take more responsibility and refund victims faster, rather than expect customers to prove they were careful. Digital literacy campaigns, they add, often miss the elderly and first-time users, who are the easiest targets.
