........Banks should also move towards real-time fraud monitoring system at the earliest, the RBI circular said. Nayak says that Visa already has such a system in place, but that has not yet been used by many banks here. “This is a risk management facility that has real-time fraud monitoring. We have data of customers and their spending habits. With this we would be able to detect fraud.” It may work better if banks also implement the other safety features that RBI has mandated, such as dynamic PIN, having real-time fraud monitoring systems in place and allowing customers to block their cards via SMS.
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