The RBI kill switch might be similar to how credit cards are secured from fraudulent transactions. (Express Archives) The Reserve Bank of India is exploring the possibility of introducing a ‘Kill switch’ mechanism that would allow users at the receiving end of a potential digital scam to immediately stop all financial transactions from their accounts. Besides, it has also proposed a ‘switch on’ and ‘switch off’ facility for all digital payment modes. This facility would help bolster consumer confidence and contribute towards controlling frauds in digital payment transactions, the RBI Annual Report said. What’s a ‘kill switch’ facility? A ‘kill switch facility ’ 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.…