New Delhi: In a bid to curb digital fraud, the government has taken decisive action by blocking 1.4 lakh mobile numbers associated with financial fraud. Financial Services Secretary Vivek Joshi chaired a meeting to address cyber security concerns in the financial services sector, focusing on integrating banks and financial institutions into the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) platform.
Integration For Enhanced Security
Discussions during the meeting centered on integrating the CFCFRMS platform with the National Cybercrime Reporting Portal (NCRP). (Also Read: Tech Layoffs Surges By 136% In 2024; Is AI To Blame? Check What Study Claims)
This integration aims to centralize the platform, fostering collaboration between law enforcement agencies, banks, and financial institutions. Real-time monitoring and preventing fraudulent activities are among the key objectives of this initiative. (Also Read: Apple iPhone 15 Gets Price Cut In India On Flipkart: Check Bank Offers And Discount Details)
Transition To Specific Number Series
To streamline communication and combat fraud, banks and financial institutions are mandated to transition from regular 10-digit numbers to specific number series, such as ‘140xxx,’ as prescribed by the Telecom Regulatory Authority of India (TRAI).
Government’s Technological Initiatives
The Department of Telecom (DoT) has developed the ASTR, an AI-machine learning-based engine, to detect mobile connections obtained through fake or forged documents. As a result, approximately 1.40 lakh mobile handsets linked to disconnected or misused connections have been blocked.
Enforcement Actions And Results
The government’s proactive measures have yielded significant results. Over 500 arrests have been made, and around 3.08 lakh SIM cards and 50,000 IMEIs have been blocked since April 2023. Numerous fake links, APKs, and URLs associated with cybercrimes have been blocked.
The meeting emphasized the importance of ensuring round-the-clock availability of resources to address complaints promptly. It also stressed the need for banks and financial institutions to conduct customer awareness programs in regional languages to enhance digital payment security.
Collaborative Efforts
Officials from various departments and organizations, including the Department of Economic Affairs, Ministry of Home Affairs, Reserve Bank of India, and National Payments Corporation of India, among others, attended the meeting, highlighting the collaborative effort to combat financial fraud effectively.
(With PTI Inputs)
