On Friday, IT Minister Ravi Shankar said that the government is working with the Reserve Bank of India (RBI) to dig out financial fraud cases that are below Rs 1 lakh involving soft crimes like data theft and online frauds.
“The data of India cannot be stolen”, and that is why, the Centre and the RBI have teamed up and are currently tracking down online financial fraud cases of worth below Rs 1 lakh. During the ongoing Rajya Sabha gathering on Friday, Shankar said that fraud transaction incidents related to credit cards, debit cards and ATM cards as well as internet banking involving transactions of less than one lakh are currently being tracked down. He added that “RBI is already looking into cases and strict action will be taken against any kind of fraud”.
A Financial Data Protection Bill has been proposed, aiming to target the issues related with data theft, including those happening on social media. While claiming that supplementary steps are being taken to curb social media data thefts, Shankar mentioned about the government’s spontaneous steps taken to resolve the complaints against Facebook. And perhaps, the data protection bill is drafted in a way that it curbs this problem as, “India will not bow down to the new imperialism”.
For the data security drill to turn out successful, the government-RBI duo will require to resolve the 921 cases of TM/debit cards, credit cards and internet banking frauds amounting Rs 40.34 crore that were recorded since September 2018. Also, as many as 2,059 cases of fraud involving Rs 109.56 crore were reported during the previous fiscal year. Although the Bill can protect such data thefts from being happening, the cyber world is an uncertain place, so the “dynamic nature of information and technology and emerging cyber threats require continuous efforts and deployment of proper security controls”.