Tag: security

India’s financial sector banks on IDRBT for security, BFSI News, ET BFSI

Banking & Finance

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With emerging technologies changing the way we bank, cyber security has emerged as a key area of concern. Prof D Janakiram, director of Hyderabad-based Institute for Development and Research in Banking Technology (IDRBT) this year, speaks to Swati Rathor about the threats facing our banking systems and the work IDRBT is doing to beef up their security.

How can banks strengthen security infrastructure?

Banks have to be ahead of the hacker so, we are trying to create a change in the mindset of people managing these entities. For instance, many banks are innovating on AI/ML products by getting data from social media, where it is easy to manipulate data that leads to models being fed with wrong data. Hence, the whole system can be compromised. So, data integrity as well as security becomes a very critical part of the AI/ML system and that is an active research we are pursuing. The second thing we are trying to look at is how to reduce the impact of cyberattacks. For instance, if the digital transactions are on mobile platforms, one can use geo-fencing to reduce the chances of such attacks. Apart from this, cyber drills that we conduct regularly help banks spot vulnerabilities in their systems. We also have a threat intelligence platform that gathers information across banks and multiple sources and shares it with banks.

Which technologies will impact the financial inclusion mandate in future?

Technologies like 5G are likely to provide many opportunities as they will boost the number of internet users. When you add somebody to the financial system, that person would expect more facilities such as access to credit. Now, if you want to make credit accessible, one of the key things is the profile of the person, which means we collect data. Here the usage of the AI/ML models to be able to provide both, risk models as well as prediction models, will become necessary.

What new research areas is IDRBT focusing on?

We are focusing on next-generation digital financial infrastructure. The pandemic has made it imperative that we should have a next-generation video KYC platform. Currently there are many pain points for customers as every bank and financial services entity is trying to do its own video KYC. So, we are looking at a new platform, where, if the customer does a video KYC once, it will be available for other entities to verify. We would like to make this platform a part of the India Stack so that there is a quality enhancement in terms of the digital identity platforms.

But what about new age skills in the banking sector?

IDRBT is focusing on creating a cyber security skilled workforce because it is an extremely critical need. Besides, in the financial sector, skills pertaining to AI/ML and Cloud are also very important and we are working on that along with skilling on the 5G front.



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India’s financial sector banks on IDRBT for security, BFSI News, ET BFSI

Banking & Finance

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Read More/Less


With emerging technologies changing the way we bank, cyber security has emerged as a key area of concern. Prof D Janakiram, director of Hyderabad-based Institute for Development and Research in Banking Technology (IDRBT) this year, speaks to Swati Rathor about the threats facing our banking systems and the work IDRBT is doing to beef up their security.

How can banks strengthen security infrastructure?

Banks have to be ahead of the hacker so, we are trying to create a change in the mindset of people managing these entities. For instance, many banks are innovating on AI/ML products by getting data from social media, where it is easy to manipulate data that leads to models being fed with wrong data. Hence, the whole system can be compromised. So, data integrity as well as security becomes a very critical part of the AI/ML system and that is an active research we are pursuing. The second thing we are trying to look at is how to reduce the impact of cyberattacks. For instance, if the digital transactions are on mobile platforms, one can use geo-fencing to reduce the chances of such attacks. Apart from this, cyber drills that we conduct regularly help banks spot vulnerabilities in their systems. We also have a threat intelligence platform that gathers information across banks and multiple sources and shares it with banks.

Which technologies will impact the financial inclusion mandate in future?

Technologies like 5G are likely to provide many opportunities as they will boost the number of internet users. When you add somebody to the financial system, that person would expect more facilities such as access to credit. Now, if you want to make credit accessible, one of the key things is the profile of the person, which means we collect data. Here the usage of the AI/ML models to be able to provide both, risk models as well as prediction models, will become necessary.

What new research areas is IDRBT focusing on?

We are focusing on next-generation digital financial infrastructure. The pandemic has made it imperative that we should have a next-generation video KYC platform. Currently there are many pain points for customers as every bank and financial services entity is trying to do its own video KYC. So, we are looking at a new platform, where, if the customer does a video KYC once, it will be available for other entities to verify. We would like to make this platform a part of the India Stack so that there is a quality enhancement in terms of the digital identity platforms.

But what about new age skills in the banking sector?

IDRBT is focusing on creating a cyber security skilled workforce because it is an extremely critical need. Besides, in the financial sector, skills pertaining to AI/ML and Cloud are also very important and we are working on that along with skilling on the 5G front.



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Banks need to beef up on the ground security at ATMs : AIBOC

Banking & Finance

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The All India Bank Officers’Confederation (AIBOC) has requested the Department of Financial Services (DFS) to take up with Banks as well as State Governments the need to beef up on the ground security at ATM sites as criminals are increasingly manipulating bank software to siphon cash out of unguarded ATMs.

The Association expressed deep concern over the spate of ingenuous ATM frauds — Man in the Middle (MiTM) model ATM hackings — that have surfaced in several cities of the country by accessing the server of the bank.

MiTM ATM hacking involves bypassing of systems, whereby cyber fraudsters secretly intercept the two-way encrypted messaging and data transfer between an ATM and its bank servers, and manipulate it to prompt ATMs to spew cash from unguarded ATMs, AIBOC said in a statement.

“It is pertinent to mention that all such frauds are taking place in unguarded ATMs in spite of having e-surveillance installed therein. The lacunae being that such surveillance are not real-time and the fraudsters are taking advantage of the vulnerability of the unguarded ATM kiosks,” said Soumya Datta, General Secretary, AIBOC.

Sacking of guards backfired

The move of almost all banks to withdraw security guards/caretakers at their ATM Kiosks in an effort to reduce overheads has backfired, Datta said.

Also read: HDFC Bank deploys mobile ATMs

“Such decision of the bank management has drained out crores of rupees through sophisticated cyber-attacks on ATMs that far outweigh the so-called savings from withdrawal of guards/caretakers. At this point of time, it appears that the banks and the vendors are sustaining substantial financial loss. The quantum of loss sustained could be a staggering amount if all banks undertake an immediate reconciliation of the accounts,” cautioned Datta.

AIBOC underscored that the need to deploy caretakers to prevent the perpetration of such fraudulent acts as well as to instil confidence amongst the banking personnel and customers. “The immediate challenge confronting the banks is to fortify the safety and security arrangements by deploying caretakers and to bolster internal security system. All stake holders are required to upgrade their ATM security to thwart such MiTM attacks,” said Datta.

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