Now UPI and net banking will be locked with the press of a button, RBI is introducing kill switch rules for digital security

RBI's masterstroke to curb online fraud! Now, kill switch control will be available not only on cards but also on UPI and net banking. Furthermore, banks will no longer be able to shirk responsibility in case of a transaction error. Learn how your money will be protected in this news.

The Reserve Bank of India (RBI) has laid out a roadmap for making the country's digital payments ecosystem completely secure through its Payments Vision 2028 document. A key highlight of this vision is the kill switch feature, which will soon be available across all digital platforms. The central bank believes that consumer confidence will only increase when they have direct control over the security of their accounts.

What is a kill switch and how does it work?

It's worth noting that a kill switch is a kind of emergency button. Currently, many banks offer the ability to turn debit or credit cards on/off through their mobile apps. The RBI is now expanding this feature to all modes of banking, including UPI, internet banking, and mobile banking. This means that if a customer suspects suspicious activity on their account, they can immediately disable all digital services with a single click, preventing fraudsters from withdrawing funds.

Accountability of banks will increase

Until now, customers often had to scramble to prove their innocence when they were involved in digital fraud. However, under these new proposed rules, responsibility will be shared. In the event of fraud, both the customer's bank and the bank to which the money was deposited will share responsibility. This will encourage banks to further strengthen their fraud detection systems and better coordinate with each other.

Immediate action on digital fraud

The RBI has also introduced draft norms to address the growing risks of sharing OTPs. The central bank's goal is to develop a system that can intervene quickly in the event of fraud and provide relief to victims. Measures like kill switches and shared liability will not only increase the system's efficiency but also alleviate the common public's fear of digital transactions.