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Government cracks down on financial frauds, blocks 1.4 lakh mobile numbers – News18

To check digital frauds, the government has so far blocked 1.4 lakh mobile numbers that were involved in financial frauds, according to an official statement.

Financial Services Secretary Vivek Joshi on Friday chaired a meeting on cyber security in the financial services sector where various issues were discussed, including the incorporation of banks and financial institutions into the Citizen Financial Management and Reporting System platform. Cyber ​​Financial Fraud (CFCFRMS) through API integration.

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Deliberations were made on integrating the CFCFRMS platform with the National Cyber ​​Crime Reporting Portal (NCRP) to centralize the platform that will enable effective collaboration between police, banks and financial institutions, enabling real-time monitoring and prevention. of fraudulent activities, according to an official statement.

Banks and financial institutions should phase out the use of regular 10-digit numbers and use specific number series like ‘140xxx’ for commercial or promotional activities as prescribed by TRAI, the statement said.

The meeting took stock of the action points that emerged during the discussion at the last meeting in November and reviewed the readiness of banks and other financial institutions to address the challenges arising from cybersecurity in the financial services sector, the growing digital payments trend. frauds and the readiness of all interested parties in this regard.

During the deliberation, it was noted that the Department of Telecommunications (DoT) has developed ASTR, an artificial intelligence machine learning-based engine, to detect mobile connections made using fake or forged documents.

Around 1.40 lakh mobile phones linked to disconnected mobile connections or misused in cyber crimes or financial frauds have been blocked, it said.


“The DoT analyzed 35 lakh major entities sending bulk SMS. Of these, 19,776 major entities involved in sending malicious SMS are blacklisted and 30,700 SMS headers and 1,95,766 SMS templates have been taken offline,” he said.

Till date, more than 500 arrests have been made, around 3.08 lakh SIMS blocked, around 50,000 IMEIs blocked and 592 fake links/APKs and 2,194 URLs blocked since April 2023, it said.

The meeting also discussed ensuring round-the-clock availability of resources to promptly address complaints, improve fraud-retention ratio and formulate an action plan/SoP to return funds to the victim from fraudulent accounts, he said.

Banks and financial institutions should carry out additional customer awareness and sensitization programs in regional languages ​​on the security of digital payments and information sharing by financial institutions in a standardized format to facilitate analysis by of law enforcement agencies (LEAs), he said.

Besides officials from Department of Economic Affairs (DEA), Department of Revenue (DoR), Ministry of Home Affairs (MHA), Ministry of Electronics and Information Technology (MeitY), DoT, RBI, Telecom Regulatory Authority of India ( TRAI), Identification Authority of India (UIDAI), Indian Cybercrime Coordination Center (I4C), National Payments Corporation of India (NPCI), Punjab National Bank (PNB) and the Bank State of India (SBI) attended the meeting.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed. PTI)

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