Nepal Rastra Bank Urges Banks to Strengthen Cyber Fraud Monitoring During Festive Holidays

Nepal Rastra Bank (NRB) has directed banks and financial institutions to strengthen measures against cyber fraud and scams during the public holidays for Vijaya Dashami, Deepawali and Chhath 2083.

In a notice issued ahead of the festive holiday period, NRB said the risk of cyber fraud and scams could increase during the extended public holidays. It has therefore asked banks and financial 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 related to suspected electronic financial fraud incidents in a timely manner and 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 facilitate 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.

The 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 cbpillar2@nepalpolice.gov.np.

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.