In a bid to curb digital frauds, the government has taken decisive action by blocking 1.4 lakh mobile numbers that were implicated in financial frauds, as per an official release. The move underscores the government’s commitment to safeguarding financial integrity and protecting citizens from fraudulent activities in the digital space.
Financial Services Secretary Vivek Joshi chaired a crucial meeting on cyber security in the financial services sector, where various issues were deliberated upon. One key focus was onboarding banks and financial institutions onto the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) platform through API integration—a step aimed at enhancing collaboration and enabling real-time monitoring and prevention of fraudulent activities.
The integration of the CFCFRMS platform with the National Cybercrime Reporting Portal (NCRP) was also discussed, with the objective of centralizing the platform to facilitate effective collaboration between law enforcement agencies, banks, and financial institutions. This collaborative approach is essential for bolstering cybersecurity measures and combating the increasing trend of digital payment frauds.
Furthermore, banks and financial institutions were urged to transition away from using regular 10-digit numbers for commercial or promotional activities and adopt specific number series, such as ‘140xxx’, as prescribed by the Telecom Regulatory Authority of India (TRAI). This measure aims to streamline communication channels and mitigate the risk of fraudulent activities.
The meeting served as a platform to review the action points identified during previous discussions and assess the preparedness of banks and financial institutions in addressing cybersecurity challenges. With the proliferation of digital payment platforms, the need for robust cybersecurity measures has become paramount, and the government is actively collaborating with stakeholders to ensure a secure and resilient financial ecosystem.
As digital transactions continue to soar, safeguarding the integrity of financial systems and protecting consumers from fraudulent activities remains a top priority for the government. Through proactive initiatives and strategic interventions, the government aims to instill confidence in digital transactions and foster a secure environment for financial transactions to thrive.
