NRB urges vigilance in electronic transactions

The development of electronic payment infrastructure, incentives for e-transactions, and increased usage of contemporary technology by the general population have all contributed to a major growth in the use of electronic media in financial transactions.

According to the Nepal Rastra Bank’s latest figures, over Rs 4.845 trillion was transacted electronically in the last month of the current fiscal year alone.

More than Rs 3.477 trillion has been exchanged just through the RTGA. According to the bank, the electronic turnover in the month of Mangsir last fiscal year was greater than Rs 2.37 trillion.
While the use of electronic media in financial transactions is on the rise, fraud under many labels is on the rise as well.

The National Retail Federation (NRB) has urged the people to be attentive and secure, stating that the temptation to play the lottery, abuse mobile applications, and obtain passwords and OTP from strangers under various pretexts has intensified.
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The central bank published a public notice on Friday warning of the dangers of conducting financial transactions via electronic means, encouraging users to pay extra attention to electronic payments in light of reports that criminals are employing various electronic gadgets to scam consumers.

The central bank has advised individuals not to discuss their passwords, OTPs, or other sensitive information with others, to change their passwords on a regular basis, and to keep their passwords private.

Similarly, the bank has encouraged customers to avoid using illegal programmes since criminals might obtain important information by downloading needless and unauthorised software on mobile or other devices.

In the interim, the NRB has expressed that grumblings or complaints can be enrolled by reaching the banks, monetary foundations and the NRB assuming there is any doubt or objection about extortion while managing monetary exchanges through different channels.

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