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...benefiting 350,000 persons.
Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
Financial institutions that are yet to register with the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) platform, an in-house cyber crime prevention tool developed by I4C (Indian Cyber Crime Coordination Centre), have been asked by the central government to quickly do so.
They have been asked to strengthen the fraud management system and enhance due diligence.
"Of the 800-odd FIs, as of now, 259 have registered with the cyber crime watchdog I4C. The rest are being asked to expedite the process.
"More such meetings will take place, with the next one scheduled for January," Vivek Joshi, secretary, Department of Financial Services, told reporters after a meeting with senior officials of several ministries.
The FIs consist of retail and commercial banks, Internet banks, credit unions, savings and loan associations, investment banks and companies, brokerage firms, insurance companies, and mortgage companies.
The meeting was attended by senior officials of the department of economic affairs, department of revenue, department of telecom, ministry of electronics and information technology, Telecom Regulatory Authority of India and the National Payments Corporation of India.
Joshi said I4C had prevented frauds of Rs 900 crore (Rs 9 billion) till now, benefiting 350,000 persons.
Also, Trai had detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities till now.
"A plan is afoot to not only block the SIM card but the International Mobile Equipment Identity (IMEI) number, so as to disable the whole mobile phone from indulging in suspicious activities in the future," Joshi added.
During the meeting to discuss the rising digital payment frauds and issues related to financial cyber security, I4C made a presentation on the latest statistics of digital payment frauds as reported on the National Cyber Crime Reporting Portal, including challenges and issues faced in countering such issues.
Further, the meeting deliberated on the steps taken to ensure better coordination among various agencies.
"We have asked banks to appoint a nodal officer to coordinate with various agencies. Steps taken in the first half hour of consumer complaint greatly reduce chances of cyber frauds," Joshi said.
With regard to frauds relating to the Aadhaar-Enabled Payment System (AEPS), the secretary said states had been asked to look into the issue and ensure data protection.
Further, there was discussion on standardising know your customers (KYC) norms and streamlining merchants.
"It came to our notice that scamsters have cloned data from land title records being maintained by various state governments," said Joshi. "We have asked them to ensure data protection/"
Feature Presentation: Ashish Narsale/Rediff.com
