News Brief
Home Ministry To Set Up Cyber Fraud Mitigation Centre To Tackle Financial Crimes In Real-Time: All About It
Cyber security (Representative Image)
The Ministry of Home Affairs (MHA) is working on setting up a new division called the Cyber Fraud Mitigation Centre (CFMC) under the Indian Cyber Crime Coordination Centre (I4C) to tackle cyber financial frauds more efficiently.
This initiative is designed to protect victims’ money by addressing fraudulent transactions in real-time.
The CFMC will bring together various agencies dealing with such crimes, including the government bodies, banks, telecom service providers, IT intermediaries, and social media companies.
Currently, these entities work independently, which can cause delays in resolving fraud cases due to the time needed for electronic communications.
This new effort is part of the Ministry’s 100 days agenda for the new government, The New Indian Express reported citing sources.
“To prevent and mitigate an online financial fraud in real time, there has been a realisation in the government to work out a seamless synergy among organisations like banks and financial institutions, telecom service providers, IT intermediaries, and social media platforms," the source said.
To support this initiative, banks are being asked to link their databases and assign representatives to the CFMC.
While not all banks have complied, many major ones have, and representatives from these banks, along with those from five telecom companies and police representatives from Haryana and Delhi, are already working with the CFMC.
Additionally, the I4C has developed the Citizen Financial Cyber Frauds Reporting and Management System (CFCFRMS) as part of the National Cybercrime Reporting Portal.
This system allows for instant action on financial cyber fraud complaints to block the flow of funds to fraudsters.
A national helpline, ‘1930’, has also been set up to help citizens report any financial cyber fraud directly.
