HYDERABAD: Lack of awareness among consumers about cyber threats is a big concern and, hence, banks should work with fintech firms to ensure safety in digital financial transactions, said S Ganesh Kumar, executive director, Reserve Bank of India.
“As smart phones and internet speeds are rising, more and more consumers will prefer digital transactions, thereby bringing not only convenience and comfort but also opening up a huge scope for cyber security threats in financial transactions... But, banks are not taking enough efforts in case of creating awareness among consumers about cyber threats,” said Kumar, speaking at the Banking Technology Excellence Awards presentation programme held at Institute of Development and Research in Banking Technology in Hyderabad on Friday.
He noted that today, fintech companies are coming up with various solutions to address cyber security problems faced by banks and financial institutions.
“Banks should make efforts to use the products and services of these fintech companies and integrate them into operations. With newer threats set to emerge in the future and customer awareness initiatives being inadequate, this is an urgent necessity,” Kumar added.