Public sector banks (PSBs) have been ordered by the finance ministry to organize yearly hackathons in collaboration with universities, scientific organizations, and the Indian Institutes of Technology (IITs). According to a government official, it is part of a plan to boost cybersecurity and foster new projects in the fintech sector. Each PSB will hold a hackathon in a different place each year, choosing a university or institute.
The hackathons will be structured around important concepts like security monitoring, behaviour-based user authentication, and sophisticated fraud detection systems. “These issues are the cornerstone of the hackathon series. Each bank will now prepare an individual action plan including problem statements and the timeline and construct of these events,” a bank executive said on condition of anonymity.
According to a different banker, several lenders have already implemented similar measures on their own.
Adding that banks are also seeking to form a committee to determine the problems in these areas, the executive said, “Bank of Baroda held an online hackathon on generative artificial intelligence (GenAI) in collaboration with Microsoft. State Bank of India has its own innovation hub, but now, as per the government suggestion, this will be a collaborative effort.”
To promote the creation of creative solutions to limit the usage of mule accounts, the RBI is already hosting a hackathon with the topic “Zero Financial Frauds,” which includes a specific issue statement on mule accounts.
To address the growing risks of digital financial crimes, including mule accounts, financial services secretary M Nagaraju met with banks and the Indian Cyber Crime Coordination Center last week.
In order to efficiently handle mule accounts, the finance ministry stated in a statement that banks should embrace best practices, make use of state-of-the-art tools, and encourage interbank cooperation.
“Banks were directed to adopt advanced technologies, including AI/ML solutions, for real-time detection of mule accounts, training & upskilling bank staff on fraud detection and prevention, and greater advocacy & awareness for common citizens not to fall prey to the fraudsters,” the finance ministry said.
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