ET Financial Inclusion Summit: United, we can fight the cyber enemy

With a rise in cyber frauds over the past year and a half, collaboration is the way forward to stay a step ahead of fraudsters, top banks and payment operators said at the ET Financial Inclusion Summit.

“While the digital segment has grown multifold it’s become easier for fraudsters to take advantage of lack of less tech-savvy consumers; for us it’s a fine balance between creating a great user experience versus compliance and authentication,” Madhivanan Balakrishnan, COO, IDFC FIRST Bank. Senior leaders engaged in the cyber security space also felt that it was tough to stay ahead of fraudsters as frauds have become more sophisticated.