KATHMANDU, Feb 5: The significant increase in the use of electronic media in financial transactions is 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 was transacted electronically in the last month of the current fiscal year alone. Of this, more than Rs 3.477 trillion was transacted through RTGA alone. According to the central bank, the electronic turnover was more than Rs 2.37 trillion in the mid-November last fiscal year.
Number of electronic transaction increases, while transaction a...
While the use of electronic media in financial transactions is increasing significantly, fraud 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, and solicitation of passwords and OTP from strangers on various pretexts have 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 individual 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, change their passwords from time to time and 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 users not to use unauthorized applications as the criminal groups can find out their 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.
