These steps, along with advanced encryption, authentication technologies, second channel notifications, and risk-based transaction monitoring, aim to foster a secure and reliable digital payments ecosystem.

RBI uses various channels like digital, print, and audio-visual media through the “RBI Kehta Hai” program to create customer awareness. The central bank issues master directions on digital payment security controls to banks and regulated entities to safeguard customer data confidentiality and integrity.

Also Read: RBI Takes 8 Steps for Secure Digital Payments

Shikhar Aggarwal, Chairman of BLS E-Services, advises users not to share sensitive information like card details, passwords, PINs, OTPs, CVVs, UPI-PIN, and to avoid financial transactions on public Wi-Fi networks. Additionally, users are urged not to store crucial banking data on their mobiles, emails, electronic wallets, or purses.

RBI Takes 8 Steps for Secure Digital Payments: List

1. Specific OTPs required from a secondary channel for adding new payees.
2. New OTPs mandated for high-value transactions.
3. Managed time limits for OTPs to minimize misuse.
4. Use of digital signatures and Key-based Message Authentication Codes (KMAC) to prevent unauthorized transactions.
5. Customer education on rights, responsibilities, and risks under the Consumer Protection Act and internet banking.
6. Alternate notification method for transactions exceeding a specified value.
7. Guidance on responding to SSL or EV-SSL certificate alerts to prevent phishing.
8. Implementation of systems to assess transaction patterns and highlight unusual activities, ensuring alignment with customer behavior.

Also Read: RBI Takes 8 Steps for Secure Digital Payments

Disclaimer: The views and recommendations made above are those of individual analysts, and not of TheNewsay. We advise investors to check with certified experts before taking any investment decisions..

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Inflation vigilance is crucial said Das warns on MPC 2024

Among the six members, five voted to maintain the repo rate at 6.5%, keeping the policy stance unchanged. However, member Jayanth Varma advocated for a 25% reduction in the repo rate and a shift to a neutral stance.

“We must remain committed to successfully navigating the ‘last mile’ of disinflation which can be sticky. As markets are front-running central banks in anticipation of policy pivots, any premature move may undermine the success achieved so far,” he wrote in the minutes.

Also Read: Inflation vigilance is crucial said Das warns on MPC 2024

“Food price uncertainty remains a major source of volatility for headline inflation outlook. Growing geo-political tensions and supply chain disruptions due to new flash points also pose further risks to the inflation outlook,” Das wrote.

The policy imperative at the current juncture, wrote Das, is to remain focused on achieving the 4 per cent inflation target on a durable basis, keeping in mind the objective of growth, he wrote.

Das expressed optimism that the current monetary policy is progressing well, with steady growth and inflation moving towards the target. Despite a rise in headline inflation to 5.1% in January, above the RBI’s 4% target, Das outlined expectations of a softening trend to an average of 4.5% in 2024-25.

Also Read: Inflation vigilance is crucial said Das warns on MPC 2024

“Monetary policy must remain restrictive and maintain downward pressure on inflation while minimising the output costs of disinflation. It is only when inflation subsides and stays close to the target lastingly that policy restraint can be eased,” Patra wrote.

Deputy Governor Michael Patra highlighted persistent food supply pressures hindering disinflation, while external member Varma projected an average inflation of 4.5% in 2024-25. MPC member Ashima Goyal suggested that commodity price shocks might be short-lived, and the expected rise in food prices remains uncertain.

“I do not believe that such a high real rate is required at this stage to drive inflation down to the target of 4 per cent. It is true that economic growth is holding up well, but there is no evidence at all that the economy is overheating,” Varma wrote.

Also Read: Inflation vigilance is crucial said Das warns on MPC 2024

“Then it would not be necessary to keep rates high just because supply shocks are expected in the future. But we can wait to test this for some more time. So, I vote for status quo on rates though headline inflation FY25 projections of 4.5 per cent gives room to cut,” she wrote.

“Avoiding any premature move will help us guard against the biggest challenge to credibility, i.e., having to backpedal later if faced with upside surprises to inflation,” Ranjan wrote.

MPC member Rajiv Ranjan acknowledged the challenges in managing the final phase of inflation’s descent, noting historical tendencies for inflation shocks to persist. External member Shashanka Bhide emphasized the need to focus on achieving the inflation target consistently, given the current elevated food inflation levels and strong overall economic growth.

Also Read: Inflation vigilance is crucial said Das warns on MPC 2024

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11 Common Scams That Target Seniors: Protecting Seniors

Here are the 11 Common Scams That Target Seniors, Now let’s break down how these scams work and what you can do to avoid becoming a victim.

1. AI-Powered Scams

Some bad people use advanced technology, like artificial intelligence, to write emails that pretend to be from someone else or a company. They study your online activities and create messages that sound real. They can even generate voices that sound real and ask you for personal information. Be careful because these messages may seem convincing.

2. Funeral Scams

If you put an announcement in the newspaper when a loved one passes away, a thief might contact you, saying your relative left a debt. Another trick is that the thief might attend the funeral to learn about you and later ask for money to cover a made-up debt. If someone from the funeral home calls and claims you owe extra charges, don’t send money right away. Ask for written proof.

Also Read: 11 Common Scams That Target Seniors

3. Tech Support Scams

Someone might call or email you, pretending to be from a tech company. They may say your computer has a virus and offer to fix it. Once they start, they can access your personal files. Be cautious about giving out information to unknown tech support.

4. Government Imposter Scams

People might call, pretending to be from the IRS or Social Security Administration, demanding immediate payment or personal information. They might even use a trick called spoofing to make their number look real. Remember, the real IRS and SSA won’t call you. If someone does, they’re likely trying to scam you.

Also Read: 11 Common Scams That Target Seniors

5. Grandparent Scams

Someone might call, pretending to be your grandchild, and ask for money, claiming to be in an emergency. Scammers often get information from obituaries and social media. Consider setting up a secret word with your grandchild for real emergencies.

6. Internet Scams

Be careful about sharing too much personal information online. Scammers can use it to trick you into giving them money or more information. If someone famous or unfamiliar contacts you on social media, asking for personal details or money, delete the message.

7. Investment Scams

If someone promises big returns on an investment, be cautious. Verify their credentials with a trusted financial advisor before making any decisions.

8. Check Fraud

Thieves might steal your checks, alter them, or take pictures to make fake ones. Protect your checks and report any suspicious activity to your bank.

Also Read: 11 Common Scams That Target Seniors

9. Reverse Mortgage Scams

If someone offers to help you access the equity in your home with a reverse mortgage, be skeptical. Consult a reputable mortgage lender or advisor before sharing any details or making payments.

10. Caregiver Scams

Be cautious about caregivers who may misuse your personal information or take money without your knowledge. Research and check the background of health aides or caregivers before letting them into your home.

11. Sweepstakes Scams

If someone contacts you about winning a lottery, be careful. Fake checks may look real but could get rejected by the bank, leaving you responsible for fees. Investigate carefully and don’t forward money to anyone.

Also Read: 11 Common Scams That Target Seniors

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