NRB orders banks, wallets to designate round-the-clock contact officers to curb cyber fraud

Nepal Rastra Bank (NRB) has directed development banks, finance companies and payment service providers to designate contact officers available round the clock to help control cyber fraud.

A notice issued by NRB's Payment Systems Department gives the same instruction to payment system operators. The central bank said the arrangement follows the guidelines for the Integrated Cyber Scam Response Centre, approved by a Home Ministry decision.

The designated officers will coordinate and cooperate with Nepal Police's Cyber Bureau in cyber fraud cases. Representatives of commercial banks and digital wallets eSewa and Khalti are already physically present at the centre to coordinate.

That is why development banks, finance companies and other payment service providers outside this group have been asked to provide contact officers. Concerned institutions must immediately send the officer's full name, phone number and office email address to the department through an official email.

These officers will be required to assist in the investigation and immediate response to cyber crimes. With the expansion of digital payments, incidents of online fraud, account hacking and illegal money transfers have increased.

NRB said this mechanism has been created between the police and the financial sector to take swift action in such cases and to make it easier to freeze and return victims' money.