“Looking at the scale of cyber fraud happening today, I think we, as a system, need to invest significantly more in addressing this issue,” , managing director and chief executive officer of Bank of Baroda, said at .
He added that there are broadly two types of vulnerabilities that lead to fraud. One is at the bank level, where there may be gaps in the banking system or its infrastructure. The other is at the customer level, where customers themselves become vulnerable to scams, such as digital arrest frauds and various other forms of cybercrime.
“Customer level can only be addressed through proper awareness, and there we need to invest heavily in both and ,” he said.
Chand said has been investing a portion of its operating profit in technological development, including cybersecurity. He also highlighted the role of bank employees in preventing customer-level frauds. Recently, the lender felicitated employees who had helped prevent digital frauds.
He also said will be critical to serving such a large customer base, as physical branches may not be able to handle the scale of demand. The bank is also using to assess customers without a conventional credit history, he said.
The lender is also increasingly moving towards cash-flow-based financing, particularly for MSMEs and lower segments, instead of relying primarily on asset-based lending. “Asset is only a comfort; the cash flows are important,” he said.
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