NEW DELHI: In a proactive move to curb digital financial frauds, the government has announced the blocking of 1.4 lakh mobile numbers associated with such illicit activities, as revealed by an official release.
The meeting chaired by Financial Services Secretary Vivek Joshi on Friday delved into various aspects of cybersecurity within the financial services sector. One significant topic of discussion was the onboarding of banks and financial institutions onto the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) platform through Application Programming Interface (API) integration.
Of notable importance was the proposal for the integration of the CFCFRMS platform with the National Cybercrime Reporting Portal. This integration aims to centralize the platform, facilitating seamless collaboration between law enforcement agencies, banks, and financial institutions. Real-time monitoring and prevention of fraudulent activities stand as primary objectives of this integration.
According to the official release, banks and financial institutions are mandated to transition from using regular 10-digit numbers to specific number series, such as '140xxx,' for commercial or promotional activities, as per the directives laid out by the Telecom Regulatory Authority of India (TRAI).
The meeting also assessed the action points derived from previous discussions, particularly from the November meeting, and evaluated the readiness of banks and financial institutions in addressing challenges related to cybersecurity. It specifically addressed the increasing trend of digital payment frauds and the preparedness of stakeholders involved.
This proactive stance by the government underscores its commitment to safeguarding the integrity of financial transactions and protecting citizens from cyber threats in an increasingly digital-centric environment. The concerted efforts aimed at enhancing cybersecurity measures reflect the government's determination to foster a secure and resilient financial ecosystem for all stakeholders involved.