According to official sources, in order to control digital fraud, the government has so far blocked 140,000 mobile phone numbers involved in financial fraud.
Financial Services Minister Vivek Joshi on Friday chaired a meeting on cybersecurity in the financial services sector, where various issues, including banks and financial institutions joining the Citizens Financial Cyber Fraud Reporting and Management System (CFCFRMS) platform through API integration, were discussed.
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An official press release said that integration of the CFCFRMS platform with the National Cyber Crime Reporting Portal (NCRP) is being considered to centralize the platform to enable effective collaboration between police, banks and financial institutions to enable real-time monitoring and prevention of fraudulent activities .
The statement said that banks and financial institutions must gradually stop using regular 10-digit numbers and use specific number series such as “140xxx” for commercial or promotional activities in compliance with TRAI regulations.
The meeting summarized the action points raised during the discussions at the previous meeting held in November and reviewed the preparedness of banks and other financial institutions to address challenges such as cybersecurity in the financial services sector, the increasing trend of digital payment fraud, and all relevant stakeholders readiness in this regard.
During the deliberations, it was noted that the Department of Telecommunications (DoT) has developed ASTR, an artificial intelligence machine learning based engine for detecting forged/fake documents on mobile connections.
Around 140,000 mobile phones linked to broken mobile connections or misused for cybercrime or financial fraud have been blocked, the report said.
“DoT analyzed 3.5 million major entities sending bulk SMS. Out of these, 19,776 major entities involved in sending malicious SMS were blacklisted, 30,700 SMS headers and 1,95,766 SMS templates were disconnected.”
The report states that so far, more than 500 people have been arrested, approximately 308,000 SIMS blocked, approximately 50,000 IMEIs blocked, 592 fake links/APKs and 2,194 URLs blocked since April 2023.
The meeting also discussed that ensuring round-the-clock availability of resources to resolve complaints promptly would improve fraud retention rates and developing action plans/standard operating procedures to return funds from fraudulent accounts to victims.
Banks and financial institutions must conduct additional customer awareness and outreach programs in regional languages about the security of digital payments and share financial institutions’ information in a standardized format to facilitate analysis by law enforcement agencies (LEAs), the report said.
Apart from officials of Department of Economic Affairs (DEA), Department of Revenue (DoR), Ministry of Home Affairs (MHA), Ministry of Electronics and Information Technology (MeitY), Ministry of Transport, Reserve Bank of India, Telecom Regulatory Authority of India (TRAI), Unique Indian Identity The meeting was attended by the Identification Authority (UIDAI), India Cybercrime Coordination Center (I4C), National Payments Corporation of India (NPCI), Punjab National Bank (PNB) and State Bank of India (SBI).
(This story has not been edited by News18 staff and is published from associated news agency – PTI)
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