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The Role of Technology In The Financial Sector In Combating With The Online Frauds

The technology has now begun to spread its reach in the global financial sectors, which includes the big data, artificial intelligence, internet, and block-chain technology. The intervention of the technology into the field of the financial sector has been known to provide the easy of financial transactions and the day to day banking facilities. And not just the technology is interfering with the financial sectors but also the financial institutions are welcoming the technology with open arms.

the gaming apps can prove to be a boost for the financial investments

Well there are various examples as to how and where the technology has been touching heights in the financial sector –

fintech industry now

The Spanish bank Caixa Bank is going to launch a mobile friendly banking app which will be accessed through Facebook and all the banking facilities will be provided to the customers via the mobile app. The name of the facility is given as imaginBank. It is mainly focused on to the customers with the age group in between 18 to 35 years old.

For an effortless, contactless and risk less mode of payment through the card is launched by the MasterCard in collaboration with the Norwegian startup Zwipe. They have merged the biometric security authorization with the contactless payment technology and with the fingerprint, transactions can be made easy and risk free.

Banks like HDFC Bank are planning to launch the automation in the banking sector with the help of the robotics.

The banking sectors have been very reliable on to the technology these days and it is very much evident in the financial sector. The electronic transactions have also seen a raise in their percentage contribution to the total transactions and it is seen that the people are also looking forward to the technology for the solution to all their financial queries. National electronic fund transfer (NEFT) has seen the highest amount of monthly transaction in the current year as compared to the previous year.

But along with the positives of the electronic transactions, there are some of the downfalls as well. The technology is also aiding the increment in the cyber crimes these days. Since the protection from these bugbears are necessary and thus the Reserve Bank of India (RBI) has directed the bank to place a security policy as a way to combat with the cyber crimes and online frauds taking place every day.

Apart from all of these plans, the central bank has also directed the individual banks to set up their own Security Operations Centres and the information about every cyber crime has to be reported to the crime officer so that the problem can be dealt as soon as possible.

With the help of the SMAC (social, media, analytics and cloud) format, the technology has been empowered to deal with such online and cyber crimes and to prevent any data leakage from the banks. The RBI have also launched its own organisation named Reserve Bank Information Technology (ReBIT) to combat with the cyber crimes and to set up high cyber security.

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