This situation warrants huge investments in IT security and I would urge the banks and the IT companies to work together in this regard. Another angle to this issue is the protection that a customer has to be assured in the electronic banking scenario.
The Reserve Bank expects banks to put in place checks and balances that provide confidence and protection to a genuine customer against frauds. Otherwise, the credibility of the entire system will come under scrutiny. The customer should be afforded the same kind of protection in an electronic transaction that he now gets in a paper-based transaction.