KATHMANDU: Nepal Rastra Bank (NRB) has directed banks and payment service providers to be in touch with them 24 hours a day in order to control financial crimes taking place through digital means and to respond immediately to such incidents.
Nepal Rastra Bank’s Payment Systems Department has asked development banks, finance companies, payment system operators and payment service providers to appoint contact officers to coordinate cyber fraud cases.
According to the Rastra Bank, this provision is being made in course of the implementation of the ‘Directive on the Establishment and Operation of Integrated Cyber Scam Response Center’ approved by the Ministry of Home Affairs. For this, necessary coordination and cooperation will be made with the Cyber Bureau of Nepal Police.
Since commercial banks, e-sewa and Khalti would be directly coordinated in the center, other development banks, finance companies and payment service providers have been asked to appoint contact officers.
According to the directive, the concerned organization should immediately provide the name, surname, contact number and email address of the designated officer to the payment systems department of the Rastra Bank. These officers should be available at any time for cybercrime investigation and emergency response.
With the increase in the scope of digital transactions, incidents of online fraud, bank account hacking, and illegal transfer of money have also been seen as challenges. This provision has been introduced to expedite information exchange and coordination between the police and financial institutions in such cases.
This is expected to help identify suspicious transactions immediately, freeze the amount used in fraudulent accounts and facilitate the process of refunding the money to the victims.
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