It has been discovered that 3.5 lakh people lost a total of Rs 900 crore. The main components of the plan to combat the threat were determined to be increased multi-agency coordination and broadened user awareness of cyber fraud.
Source: The420
It was emphasised that faster response times to internet fraud alerts and improved information sharing might give organisations the advantage over con artists. Cyber attacks are ever-changing, revealing gaps in the digital infrastructure. Increasing the effectiveness of preventive, detection, and response systems must be a top focus for banks and other financial institutions.
Dealing with mule accountsu2014which are usually taken over by scammers from their original users in order to deposit moneyu2014is the main area of concentration. Additionally, banks have been instructed to increase their vigilance regarding inactive accounts that unexpectedly start receiving money transfers.
Source: BQ Prime
One important recommendation is to designate nodal officials to handle law enforcement agencies’ needs. In light of the newly disclosed Aadhaar-enabled payment system fraud, states have been instructed to guarantee data safety. Stricter know-your-customer guidelines have been suggested for financial services.
Against the global average of 64%, it is projected that 87% of Indians have accepted financial technology. A strong cybersecurity infrastructure needs a significant financial and emotional commitment to be built. The Center must keep up its facilitation role by pressuring the public and commercial sectors to strengthen defences, increase detection capabilities, and enhance the response system.
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