Cyber Fraud Mitigation Center (CFMC) Will Be Setup After This Lok Sabha Elections 2024 to Control Cyber Crimes
Cyber Fraud Mitigation Center (CFMC) Will Be Setup After This Lok Sabha Elections 2024 to Control Cyber Crimes
Action will be taken in real-time against cyber fraud, A new center with the name, Cyber Fraud Mitigation Center (CFMC) will be launched after this Lok Sabha Elections 2024.
New Delhi: The Home Ministry is planning to set up a dedicated center to deal with the growing threat of cyber fraud in real-time. This new wing called the Cyber Fraud Mitigation Center (CFMC) will be set up under the Indian Cyber Crime Coordination Center (I4C) after the Lok Sabha elections. Currently, various stakeholders involved in combating online fraud, including banks, telecom service providers, IT companies, social media platforms, and law enforcement agencies, work from different offices.
This delays information sharing and hinders the process of preventing and investigating financial fraud. “The CFMC aims to address this issue by bringing all these stakeholders under one roof,” a senior official said.
“About two dozen representatives of major banks, five telecom service providers, law enforcement officials, and representatives of IT and social media companies will be deployed at the CFMC.” This will help in real-time coordination. Immediate steps will be taken against cyber financial crimes.
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The official stressed the importance of seamless collaboration between various organizations. “CFMC will address this need by bringing everyone together, eliminating delays in the process,” he said. This is expected to significantly reduce financial losses due to cyber fraud.
Estimates have shown that agencies could potentially recover approximately 11% more of stolen funds once CFMC becomes operational. Additionally, victims can get a faster refund of their stolen funds.
The CFMC is an extension of the government’s ongoing efforts to combat cybercrime. I4C is already developing the Citizen Financial Cyberfraud Reporting and Management System (CFCFRMS) as part of the National Cyber Crime Reporting Portal (NCRP). This system allows citizens to report financial fraud directly online.
This helps law enforcement agencies and financial institutions take quick action and stop the transfer of potentially stolen funds. The establishment of CFMC reflects the government’s commitment to tackle the growing threats of online financial fraud.
About The Author:
Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space. Besides writing for the News4Hackers blog, he’s also written for brands including CollegeDunia, Utsav Fashion, and NASSCOM. Naager entered the field of content in an unusual way. He began his career as an insurance sales executive, where he developed an interest in simplifying difficult concepts. He also combines this interest with a love of narrative, which makes him a good writer in the cybersecurity field. In the bottom line, he frequently writes for Craw Security.
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