The government’s efforts to prevent cyber fraud have successfully protected around Rs 4,386 crore from being lost to financial scams, as indicated by 13.36 lakh complaints submitted through the ‘Citizen Financial Cyber Fraud Reporting and Management System.’
To bolster cybersecurity in the financial sector, the Ministry of Home Affairs (MHA) has introduced several initiatives, such as the Indian Cyber Crime Coordination Centre (I4C) and the National Cyber Crime Reporting Portal, which enables citizens to report cybercrimes. In partnership with banks and financial institutions, the MHA has also established a suspect registry to monitor cybercriminal identifiers.
Additionally, the Reserve Bank of India (RBI) has developed an AI-driven tool called ‘MuleHunter’ to detect money mules involved in fraudulent activities. The RBI has also implemented strict security protocols for digital payments, mandating that banks adhere to minimum security standards for internet and mobile banking, card transactions, and other financial operations.
Likewise, the National Payments Corporation of India (NPCI) has introduced device binding linking a customer’s mobile number to their device, two-factor authentication via PIN, daily transaction limits, and restrictions on certain use cases to enhance the security of UPI transactions. NPCI also offers a fraud monitoring solution to banks, enabling them to generate alerts and block transactions using AI/ML-based models.
The RBI, along with banks and financial institutions, is actively promoting awareness through SMS alerts, radio campaigns, and cybersecurity education initiatives to combat cyber fraud.
This information was shared by Minister of State for Finance, Pankaj Chaudhary, in a written response to the Rajya Sabha.
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