India Disconnects 70 Lakh Mobiles in Battle Against Financial Frauds

In a significant development, the Secretary of the Department of Financial Services (DFS), Ministry of Finance, chaired a high-profile meeting Tuesday in New Delhi, focusing on cyber security issues plaguing the financial services sector and the surge in online financial fraud incidents.

The meeting witnessed the presence of top officials from various government departments and key players in the financial and telecom sectors, including the Reserve Bank of India (RBI), Telecom Regulatory Authority of India (TRAI), State Bank of India (SBI), leading private banks, and major telecom service providers like Airtel, among others.

A presentation by the Indian Cyber Crime Co-ordination Center (I4C), Ministry of Home Affairs, shed light on the alarming rise in digital payment frauds, as reported in the National Cyber Crime Reporting Portal (NCRP). The meeting participants discussed the modus operandi employed by fraudsters and the challenges faced in countering financial cybercrimes.

An eye-catching revelation during the meeting was the disconnection of a staggering 70 lakh mobile connections linked to cybercrime and financial frauds. This move, reported through digital intelligence platforms, marks a substantial step in the ongoing battle against illicit financial activities. Additionally, it was disclosed that a substantial sum of Rs. 900 crore, slated for fraudulent transactions, has been successfully prevented, benefiting around 3.5 lakh victims.

Representatives from major financial institutions such as State Bank of India (SBI), PayTM, and Razorpay shared insights into their strategies for proactive risk monitoring and the best practices that have proven effective in mitigating fraud incidents.

The meeting concluded with an acknowledgment of the collective preparedness of banks and financial institutions to tackle the escalating challenges posed by cyber threats in the financial services sector. The focus now is on adopting a targeted approach to further mitigate cyber-attacks and frauds, ensuring the continued security of digital financial transactions in the country.