FRAUDS IN FINANCE

Abstract

Reserve Bank of India observes Financial Literacy week every year since its starting from 2016. The financial literacy week is been observed with an aim to literate the public financially across our country. Last year (2022) it was observed between 14th February to 18th February with the core motto “Go Digital, Go Secure”. Last year’s financial literacy weak gave stress on creating financial awareness on convenience and security of digital transactions and also protection of digital transactions. The highest bank of our country advised all other banks to disseminate information and create awareness to the general public. RBI has planned for a media campaign at a larger level to spread basic financial awareness messages to the common public. This initiative tells us the importance of financial literacy in our country. As the present government is keen on the development front through digitalisation, the literacy on financial transactions becomes more vital. General public may not involve in high number of transactions at a time in a day but the transactions collectively result to a huge amount in a day. So, being aware of each and every small transaction and the crimes connected to those transactions become more important for the mitigation and prevention of such frauds. In this context, this article tries to join hands with RBI to literate the public on the frauds and their mitigation.