It is this sense of caution and precaution that has increasingly found a voice in RBI’s regulatory and supervisory guidance to banks for optimum use of technology to advise customers to not fall prey to fictitious offers for cheap funds, prevent on-line frauds and scams, advocate judicious use of debit, credit and ATM cards, not compromising security features such as passwords with a view to prevent phishing mishaps and deploy an adequate risk based transaction mechanism to serve the best interests of customers.
Banks also hugely benefit by adopting such precautionary steps.