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In a concerted effort to curb digital frauds, the government has taken decisive action by blocking 1.4 lakh mobile numbers associated with financial frauds. This measure comes as part of a broader strategy to enhance cybersecurity in the financial services sector, with significant steps already taken to thwart fraudulent activities.
According to an official release, Financial Services Secretary Vivek Joshi led a meeting on cybersecurity in the financial services sector, where the focus was on integrating banks and financial institutions into the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) platform through API integration. This integration aims to streamline collaboration between law enforcement agencies, banks, and financial institutions, enabling real-time monitoring and prevention of fraudulent activities.
Furthermore, it was emphasized that banks and financial institutions should transition from using regular 10-digit numbers to specific number series, such as ‘140xxx,’ for commercial or promotional activities, as prescribed by the Telecom Regulatory Authority of India (TRAI).
The meeting also addressed the development of ASTR, an AI-machine learning-based engine by the Department of Telecom (DoT), aimed at detecting mobile connections obtained through fake or forged documents. Additionally, measures such as blocking 1.40 lakh mobile handsets linked to disconnected connections or misused in cybercrimes were highlighted.
Since April 2023, significant progress has been made in combating digital frauds, with over 500 arrests made, around 3.08 lakh SIM cards blocked, approximately 50,000 IMEI numbers blocked, and numerous fake links and URLs blocked.
The importance of ensuring round-the-clock availability of resources to address complaints promptly was underscored, aiming to improve the fraud-to-hold ratio. Additionally, discussions revolved around formulating action plans for returning funds to victims from fraudulent accounts and conducting customer awareness programs in regional languages to enhance the security of digital payments.
The meeting, attended by officials from various departments including the Department of Economic Affairs, Ministry of Home Affairs, Reserve Bank of India (RBI), and Telecom Regulatory Authority of India (TRAI), signifies a collaborative effort to strengthen cybersecurity measures and combat financial frauds effectively.
As digital transactions continue to surge, bolstering cybersecurity measures becomes paramount to safeguarding the interests of consumers and maintaining the integrity of financial systems. The government’s proactive stance in this regard reflects its commitment to ensuring a secure digital environment for all stakeholders involved in financial transactions.
Sources By Agencies
