The infusion of technology in almost every aspect of banking, has given fraudsters additional avenues for to impact banking processes and financials. In the latest ‘Report On Trend And Progress of Banking In India 2011-12’ presented by the Reserve Bank of India (RBI) to the Finance Secretary, RBI categorically mentions “Ensuring efficiency of the banking sector by way of technology infusion while minimizing the occurrence of such fraudulent events has become one of the major objectives of the Reserve Bank in recent years. Going forward, there is a need for building up a robust mechanism to prevent incidents of fraud in areas of mobile/net banking and electronic fund transfer”
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