Ministry of Finance’s Big Step To Stop Cyber Fraud, Crack Down on Banking Fraud

Big Step To Stop Cyber Fraud

Ministry of Finance’s Big Step To Stop Cyber Fraud, Crack Down on Banking Fraud

The Ministry of Finance took a giant step to curb cyber fraud in the country, especially in the rural areas of India.  Read more in this newsletter.

New Delhi:  In view of increasing cyber fraud, strict steps have been taken by the Ministry of Finance. This can prevent banking fraud.  In fact, there are many people living in rural areas who do not have much knowledge about banking and they are targeted due to banking fraud.  Seeing such an increasing threat, the Finance Ministry has given strict instructions to the banks. Let us know what is the whole matter.

Strictness in the KYC Process

In view of cyber fraud, the Ministry of Finance has given strict instructions to banks to be strict and careful in their KYC process.  The Finance Ministry has said that merchants and banking agents providing banking services in rural areas as well as remote areas should be thoroughly investigated before adding them to their branches so that their credibility can be tested.

This will prevent fraud in the banking sector. In fact, most frauds occur at this level because their data is compromised.  If any fraud has taken place then its Debit Card should also be blocked so that further fraud can be prevented.

Recently an inter-ministerial meeting was organized to prevent cyber fraud.  During this meeting, it came to light that according to NCRB data for the year 2023, a total of 11,28,265 financial cyber frauds were committed.

Under this, a fraud of ₹7,488.63 crore was committed.  The Cyber Crime Coordination Center (Indian Cyber Crime Coordination Centre) has been established by the Finance Ministry to stop cybercrime in India.  Through this, this problem can be dealt with firmly.

Apart from this, consideration is also being given to banning illegal financial apps.  For this, the Digital India Trust Agency can be established soon.  This agency will verify those apps that provide loans. Only those apps which get verified will be released to the people.

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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