Banking · Risk Management and Cyber Security
What is the most significant Risk Concern Area for banks arising from the increasing use of social media banking and messaging platforms for customer service?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Non-compliance with the Integrated Ombudsman Scheme, 2021 by RBI due to slow response times.
- 2Violation of the Information Technology Act by not having enough employees for customer support.
- 3Increased risk of phishing, impersonation, and data leakage due to the lack of bank control over the third-party platforms' security.✓
- 4Difficulty in reducing physical branch operational costs due to lack of customer adoption.
Correct answer
Increased risk of phishing, impersonation, and data leakage due to the lack of bank control over the third-party platforms' security.
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