Nepal Rastra Bank Orders Banks to Bolster Cyber Fraud Monitoring Over Festive Holidays
Nepal Rastra Bank has directed banks and financial institutions to tighten defenses against cyber fraud during the Vijaya Dashami, Deepawali, and Chhath 2083 holidays. Institutions must appoint a focal person, flag and freeze suspicious accounts, and share 24/7 contact details with Nepal Police Headquarters.
Nepal Rastra Bank (NRB) has instructed banks and financial institutions to step up safeguards against cyber fraud and scams during the public holidays for Vijaya Dashami, Deepawali, and Chhath 2083.
In a notice issued ahead of the festive period, the central bank warned that the risk of cyber fraud and scams tends to rise during extended public holidays. It has therefore directed institutions to designate a responsible Focal Person to coordinate the handling of electronically related financial fraud cases.
The designated focal person must be able to:
- Provide transaction details linked to suspected electronic financial fraud incidents in a timely manner
- Facilitate coordination with the concerned authorities
Banks and financial institutions have also been instructed to identify suspicious accounts and transactions and immediately place them on hold where necessary to support further investigation.
NRB said the arrangement is intended to ensure that transaction details are made available promptly during the holiday period and that suspected fraudulent activities can be addressed without delay.
Institutions have been asked to provide the name, designation, and mobile number of their designated focal person, along with a 24/7 monitored duty/on-call email address, to the Nepal Police Headquarters.
The required details are to be submitted to the Nepal Police Headquarters at [email protected].
The measure is aimed at strengthening coordination between banks, financial institutions, and law enforcement agencies and ensuring a rapid response to cyber-enabled financial fraud during the festive holiday period.