Finance Minister Nirmala Sitharaman underscored the imperative for enhancing public awareness about cyber frauds and emphasized the need for individuals to take control of technology to thwart scammers. Speaking at the ‘DATE with Tech’ event, Sitharaman outlined the government’s ongoing efforts to combat cyber frauds, involving regular reviews of public sector banks and the RBI scrutinizing its own systems.
Insurance companies are also actively engaged in reviewing and fortifying their systems. To tackle cyber frauds, where individuals fall victim to phone call or SMS scams, Sitharaman stressed the importance of cultivating alertness and awareness among the public. She highlighted the micro-level concern of people receiving random calls, leading to potential traps and financial losses.
Sitharaman acknowledged the tech-savvy nature of those who exploit the system, emphasizing the continuous effort required to stay ahead in the ever-evolving landscape of technology.
Sitharaman emphasized the need for large institutions and systemically sensitive entities to possess robust technology and well-trained teams capable of implementing daily firewalls. She acknowledged the challenge of individuals receiving calls that seem legitimate due to the caller possessing personal details. The minister urged institutions to educate the public on not trusting any caller without independently verifying their identity.
India, Sitharaman noted, is in a transformative phase, transitioning from a predominantly non-digital era to a fully digital landscape. As such, she stressed the importance of individuals being proactive in understanding and securing their digital interactions to navigate this evolving technological terrain.