The Secretary of Department of Financial Services (DFS) chaired a meeting in New Delhi to discuss cyber security in financial services sector and increasing online financial frauds.
Key Highlights:
– The meeting was attended by officials from various ministries, banks, financial institutions, payment gateways, and telecom service providers.
– Indian Cyber Crime Co-ordination Center (I4C) presented statistics on digital payment frauds reported on National Cyber Crime Reporting Portal.
– SBI shared details on its Proactive Risk Monitoring (PRM) strategy to mitigate frauds.
– 70 lakh mobile connections involved in financial cybercrimes have been disconnected.
– Rs 900 crore defrauded money saved, benefitting 3.5 lakh victims.
Key Action Points:
– Improve coordination between police, banks for tracking defrauded money.
– Onboard all banks, NBFCs on Citizen Financial Cyber Fraud Reporting System.
– Banks to reduce response time to fraud alerts.
– Appoint nodal officers for law enforcement agencies.
– Maintain central KYC registry of merchants.
– Whitelist digital lending apps & enact Banning of Unregulated Lending Activities Act.
– Increase customer awareness on digital payment security.
The meeting identified various measures to tackle cyber threats and safeguard citizens from financial frauds. A focused approach is required by all stakeholders to mitigate cyber attacks in the financial sector.