Cyber fraud rising, tech alone not enough to protect customers, says RBI Deputy Governor Swaminathan J

Reserve Bank of India’s (RBI) deputy Governor Swaminathan J said cyber fraud and digital scams have increased, and they can cause real hardship to ordinary customers. Banks have invested in systems to detect suspicious transactions, to send alerts and to strengthen authentication.

“But technology alone is not enough. Sharing of fraud typologies, coordinated efforts to take down mule accounts, and working with law enforcement agencies are all important,” Swaminathan said while addressing at an annual banking event organised by Standard Chartered Bank on November 28, 2025.

He added that customer trust is shaped most during moments of crisis and not through advertising or legal fine print. The coordinated action across banks, fintechs and law enforcement agencies is critical to tackling digital frauds.

Swaminathan said the banking risk landscape has become more complex with the emergence of cyber, climate and reputational risks alongside traditional credit and market risks. He stressed that risk management and governance must now be central to strategy and board oversight.