NRB Directs Payment Service Providers to Strengthen Cyber Fraud Monitoring During Festive Holidays

Nepal Rastra Bank (NRB) has directed licensed Payment System Operators (PSOs) and Payment Service Providers (PSPs) to strengthen measures against cyber fraud and scams during the public holidays for Vijaya Dashami, Deepawali and Chhath 2083.

Through a notice issued by its Payment Systems Department, NRB said the risk of cyber fraud and scams could increase during the festive holiday period. It has therefore asked payment system operators and service providers to designate a responsible contact person to coordinate with the concerned authorities.

The designated officials will be responsible for ensuring that transaction details related to financial fraud carried out through electronic means are made available promptly during the holiday period.

NRB has also instructed PSOs and PSPs to identify suspicious wallets and transactions and immediately block or hold them when necessary to facilitate the investigation process.

The arrangement is aimed at enabling timely action against suspected electronic financial fraud and ensuring smooth coordination with law enforcement agencies even during public holidays.

Payment system operators and service providers have been asked to submit the name, designation, and mobile number of their designated focal person, along with a 24/7 monitored Duty/On-Call Email ID, to the Cyber Bureau of Nepal Police Headquarters. The details are to be sent to cbpillar2@nepalpolice.gov.np.

The NRB directive is intended to strengthen the rapid identification, blocking, and investigation of suspicious electronic transactions and wallets during the festive holiday period.