Nepal’s skyrocketed electronic money transaction is worrying authorities about its vigilance

Country has seen significant increase in use of electronic media in financial transaction in the last couple of years mainly due to the development of electronic payment infrastructure, incentives for e-transactions and increasing use of modern equipment by the general public.

According to the latest data released by the Nepal Rastra Bank, more than Rs. 4.845 trillion has been transacted electronically in the last month of the current fiscal year alone. Of this, more than Rs 3.477 trillion has been transacted through Real Time Gross  Settlement (RTGS) alone. According to the bank, the electronic turnover was more than Rs 2.37 trillion in the month of Mangsir in last fiscal year.

While the rise in the use of electronic media the financial transactions is increasing significantly, thus fraud in various names is also on the rise. The NRB has advised the public to be vigilant and safe, saying that the temptation to cast lottery, misuse of mobile applications, solicitation of passwords and OTP from strangers on various pretexts has increased.

The central bank on Friday issued a notice to the public regarding the risks involved in conducting financial transactions through electronic means, urging users to pay special attention to electronic payments as complaints are being raised that criminal individuals and groups are using various electronic devices to defraud customers.

The central bank has asked people not to share their passwords, OTP or any other sensitive information, to change their passwords from time to time and to keep such passwords confidential. Similarly, if an unknown person requests the public to send money by sending a message through social media or any electronic medium, caution should be observed before responding to such requests.

Similarly, the bank has advised not to use unauthorized applications as the criminal group can find out its sensitive information while downloading unnecessary and unauthorized applications on mobile or other devices.

Meanwhile, the NRB has stated that complaints or grievances can be registered by contacting the banks and financial institutions and the NRB if there is any suspicion or complaint about fraud while conducting financial transactions through various channels.