To control digital frauds, the government has blocked 1.4 lakh mobile numbers so far that were involved in financial frauds, according to an official release.
Financial services secretary Vivek Joshi on Friday chaired a meeting on cyber security in the financial services sector in which various issues including onboarding of banks and financial institutions on the Citizen Financial Cyber Fraud Reporting and Management System platform through API integration were discussed.
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Sat 21 Dec. 2024
Integration of CFCFRMS platform with the National Cybercrime Reporting Portal to centralise the platform that will enable effective collaboration between police, banks, and financial institutions, allowing for real-time monitoring and prevention of fraudulent activities was deliberated, an official release said.
The banks and financial institutions are required to phase out the use of regular 10-digit numbers and use specific number series such as ‘140xxx’ for commercial or promotional activities as prescribed by TRAI, the statement said.
The meeting took stock of the action points which emerged during the discussion in the last meeting held in November and reviewed the preparedness of the banks and other financial institutions in tackling the challenges arising from cyber security in the financial services sector, increasing trend of digital payment frauds, and readiness of all the concerned stakeholders in this regard.
