KOCHI: The lack of responsibility of banks in taking action against the financial fraudsters is the major reason for the increasing number of bank frauds, said cybersecurity experts in a panel discussion on ‘Align security and risk management strategies with enterprise objectives’ which was held on Saturday as part of Cocon 2019.
“If a customer deposits money in the bank, it is the bank’s responsibility to safeguard his money. If any financial fraud happens due to the mistake of the end-user, the bank should also be responsible. They can’t just get rid of them by citing the mistake. The bank should undertake the procedure to recover money from the fraudster. If it happens, financial fraud can be reduced to a great extent. The bank is not selling service alone. Instead, it also sells trust,” said Amit Dubey, a cyber expert with Tech Mahindra. He said banks were not investing time and technology to trace the fraudsters.
“Banks should have the technology to trace fraudsters. If Google and Facebook can trace fraudsters in the platform why can’t the banks do it? Banks are not focusing to end such crisis,” he said, adding that the OTP is not just an end solution to cyber threat.