Sitharaman: Boost cybersecurity, check bank frauds

Finance minister Nirmala Sitharaman urges public sector bank chiefs to prioritize cybersecurity and fraud prevention, including raising consumer awareness on malicious calls. Recent incidents at UCO Bank’s Instant Money Payment Service (IMPS) and Bank of Baroda highlight the need for action. Sitharaman emphasizes the critical threat that frauds pose to customers and banks, leading to losses and eroding public trust. Banks must remain vigilant in fraud prevention, educate customers on safe banking, and identify fraudulent accounts.