Academic MBA Question:
Q: Digital payments transaction value is growing 3,000 times to Rs. 1,638 lakh crore in just 15 years. Along with this the constantly nagging frauds threaten the Digital India initiative. India has consistently recorded thousands of digital transaction frauds worth Rs.1 lakh or more in each of the last three financial years. With regard to ATM / Debit card, Credit card and Internet banking transactions of over Rs.1 lakh, there were 1,367 frauds reported in FY 2016-17; 2,127 frauds in FY 2017-18; and 1,477 frauds in FY 2018-19. Digital payments frauds make up for a significant portion – up to half – of all bank fraud cases. You have been appointed as a Chief Security Officer (CSO) in a leading bank in India to help tackle the issue and inform customers on safety practices to follow during online transactions. What are the certain measures that you will undertake to prevent an online fraud in a bank?
Academic Assignment Answer: