The growing worry over digital financial frauds is causing the Indian government to consider taking action. To create new filters and security measures for digital transactions, talks have started amongst important players, such as the Ministry of Finance, Reserve Bank of India (RBI), Ministry of Electronics and Information Technology (MeitY), and National Payments Corporation (NPCI).
According to an ET report, one of the suggested solutions is to make filters required for transactions that exceed a specific amount. One-time passwords (OTPs) are used in conjunction with digital payments. Improving security and stopping fraudulent transactions are the goals. In order to spot and stop questionable activity, the government is also looking at developing intelligence within payment systems.
In order to prevent SIM cloning for mobile phones and the fraudulent usage of QR codes, multiple authentication modules and filters are being considered. These additional security measures will help protect users from potential financial fraud.
