Finance Minister Nirmala Sitharaman emphasized the pressing need to enhance public awareness regarding cyber fraud during the ‘DATE with Tech’ event. She highlighted the imperative of seizing control of technology to thwart scam artists from manipulating the system. Sitharaman underscored the government’s proactive measures, including periodic reviews by public sector banks, RBI’s assessments of its systems, and similar actions by insurance companies, to combat cyber fraud.
Sitharaman expressed concern about the vulnerability of individuals receiving unsolicited calls and falling prey to scams, resulting in financial losses. Emphasizing the need for heightened alertness among citizens. She said, “Those people who game the system probably are one notch ahead of us in terms of using and misusing technology. On that, there is a lot of work required. It is a never-ending game because technology is such an animal that keeps moving and racing much ahead of you. You have to be sure that you got the reins in your hand.”
She highlighted the necessity for large institutions to maintain robust technological infrastructures and adequately trained teams capable of safeguarding against cyber threats daily. Moreover, Sitharaman addressed the issue of fraudulent callers, stating, “On the other hand, we have concerns about people calling you and asking you to transfer money and bringing some legitimacy in the conversation by knowing some details about you and you tend to believe that it could be a genuine thing,” she said.”
Furthermore, Sitharaman outlined ongoing efforts by government institutions, banks, and insurance companies to promote awareness, cautioning individuals against blindly trusting callers and emphasizing the need for personal verification protocols. Lastly, she described India’s ongoing transition into a completely digital era, emphasizing the criticality of this transformative phase and the need for heightened vigilance amid this digital evolution.
