The Reserve Bank of India (RBI, the Central Bank) intends to allow the country's banks to temporarily block accounts that are used for fraudulent schemes by cybercriminals. As reported by Reuters, citing sources, the regulator is considering such measures due to the growth of online crime in the country.
The new rules will allow Indian banks to speed up the blocking of cybercriminal accounts, which currently requires a lengthy procedure, often taking several days. According to it, bank customers affected by ransomware must first register their complaint with the police, and only with their permission can banks freeze the accounts of cybercriminals. At the same time, a third of victims of fraud do not turn to law enforcement for help, which prevents banks from freezing suspicious accounts.
According to Reuters sources, over the past three months, Indian authorities have blocked 250 thousand accounts that were used by criminals to obtain funds from the accounts of defrauded bank clients. Despite these measures, tens of thousands of Indian citizens continue to receive phone calls every day from scammers seeking access to their bank accounts and e-wallets.
The losses of depositors of Indian banks from the activities of fraudsters since 2021 have amounted to almost $1.26 billion; every day, cybercriminals open 4 thousand accounts to which funds from defrauded clients are transferred.
The new rules will allow Indian banks to speed up the blocking of cybercriminal accounts, which currently requires a lengthy procedure, often taking several days. According to it, bank customers affected by ransomware must first register their complaint with the police, and only with their permission can banks freeze the accounts of cybercriminals. At the same time, a third of victims of fraud do not turn to law enforcement for help, which prevents banks from freezing suspicious accounts.
According to Reuters sources, over the past three months, Indian authorities have blocked 250 thousand accounts that were used by criminals to obtain funds from the accounts of defrauded bank clients. Despite these measures, tens of thousands of Indian citizens continue to receive phone calls every day from scammers seeking access to their bank accounts and e-wallets.
The losses of depositors of Indian banks from the activities of fraudsters since 2021 have amounted to almost $1.26 billion; every day, cybercriminals open 4 thousand accounts to which funds from defrauded clients are transferred.
