Recently, the Reserve Bank of India mentioned in its annual report that it is exploring the possibility of introducing a ‘Kill switch’ mechanism.
About Kill Switch:
It is a mechanism that allows a system, device, account, or service to be shut down, disabled or blocked immediately in an emergency or under specific conditions.
It allows users at the receiving end of a potential digital scam to immediately stop all financial transactions from their accounts.
It aims to help users instantly stop banking transactions during suspected digital frauds and improve security across payment systems.
How it Works?
If someone suspects request for transfer of funds is fraud or not genuine, they can activate the kill switch through the bank app on the mobile phone to stop money transfers instantly.
Once triggered, the feature could temporarily stop all outgoing financial transactions from the account.
Significance: It could give customers control over their digital payment usage and contribute towards controlling fraud in digital payment transactions.
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