In its fight against online financial fraud, Indian government initiatives have helped prevent losses of $208 million in just 90 days since the launch of an online ‘suspect registry.’ The registry is part of the nationwide effort to tackle cybercrime, averting more than 600,000 fraudulent transactions. The initiative is an important step in enhancing India’s cyber defences and protecting its financial systems.
How India's 'suspect registry' works
The suspect registry was launched by Union Home Minister Amit Shah on 10 September 2024 and created by the Indian Cyber Crime Coordination Centre (I4C). It is accessible to both state and central agencies holding data on 1.4 million cybercriminals linked to financial fraud and other cybercrimes.
It has been integrated with the National Cybercrime Reporting Portal (NCRP) and works in close collaboration with banks and financial institutions to identify and prevent fraud.
The registry helps financial institutions spot potential threats and prevent cybercrimes in real time by bringing together the data on cybercrime suspects in one central database.
Reports citing Home Ministry sources said that around $7,054 fraudulent transactions were declined, which has resulted in saving around $208 million until December 1.
VIDEO | "If states establish cyber suspect registries, it will have its limitations, but there is no limit to the reach of cyber criminals. Therefore, there is a need for a national-level suspect registry that includes all states. This will help in preventing crimes in the… pic.twitter.com/1oRJxdagFt
— Press Trust of India (@PTI_News) September 10, 2024
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Key achievements:
> Banks have frozen 867,000 'mule accounts', blocked 700,000 SIM cards, and disabled 140,000 mobile phones used in cyber frauds.
> The Cyber Fraud Mitigation Centre (CFMC) has brought together representatives from major banks, telecom companies and law enforcement agencies.
> The CFMC aims to enhance cooperation in addressing online financial crimes, representing a model of "Cooperative Federalism."
Also Read: Indian police bust $0.7 million fake call centre scam in UP's Noida
RBI’s role
To make the country’s financial defences strong, the Reserve Bank of India (RBI) has instructed all banks to join this initiative and integrate the suspect registry into their systems.
This will help banks manage fraud risks more effectively and prevent financial losses.
Also Read: 'You are under digital arrest': The cyber scam that shook India in 2024
A national effort
The Citizen Financial Cyber Frauds Reporting and Management System, launched in 2021, has also contributed to the fight against cybercrime.
By 1 Dec 2024, it had received over 1.5 million complaints and helped prevent transactions amounting to $445 million.
Under the powers granted by the Information Technology Act 2000, the Indian government has also blocked 1,03,151 pieces of suspicious online content, further enhancing its cyber defences.
(With inputs from agencies)