Framework Actively Operating To Verify Financial Frauds

Putting to rest the security issues over payment gateways in India at the back of rapid digitization of fiscal services, G Nagendra Nath, the Deputy Director General of DoT (Department of Telecommunication), this week claimed that there is a framework vigorously operating to verify financial frauds. Speaking to reporters at the FIGI (Financial Inclusion Global Initiative) here, he claimed that financial fraud results in trust shortage.

Framework Actively Operating To Verify Financial Frauds

Taking in consideration the volume of payments on the digital platform, a swing of orders has been rolled out by the RBI (Reserve Bank of India) to make the transaction gateways secure, he claimed. Nath claimed that a committee of Chief Ministers seeking into the systems of digital payment has suggested that India have a different body to study the aspect of safety. There, on the other hand, are 2 sub-groups operating on the safety of these transactions. One to watch over how to make the operation robust and to look that the safety aspect is watching over, and the other one seeing at the core technology.

“These 2 groups are actively operating on that and soon they will emerge with reports. After testing those reports, a blended report will be presented in front of government. He claimed that RBI had come out with complete regulations on safeties in 2016 to make sure safe payments. In the same way, DoT via the license circumstances integrated security associated clauses, which discussed about measures to be taken to verify financial frauds, the officer claimed.

“There is a structure in the nation that is actively operating and we also have these rigorous examination and companies due to evolution of tech that is taking place. New financial items are emerging in. There is nonstop assessment of situation at any specific time,” claimed Nath to the media in a statement while addressing the issue.

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