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Collaborative Summit: Heads of 60 Fintech Companies Meet with Police Departments, CBI, ED , FIU, I4C and Government Agencies for Regulatory Dialogue | #cybercrime | #computerhacker


New Delhi: A significant workshop was held in New Delhi, hosted by the Department of Financial Services (DFS) and the Indian Cyber Crime Coordination Centre (I4C), part of the Ministry of Finance and Ministry of Home Affairs respectively. The half-day event marked a pivotal step toward strengthening the collaboration between government agencies, fintech startups, and law enforcement agencies (LEAs) to tackle the dual challenges of cybersecurity and digital financial frauds within the burgeoning fintech sector.

Broad Collaboration to Foster Economic Growth
The workshop was led by DFS Secretary Dr. Vivek Joshi and was a continuation of Union Finance Minister Smt. Nirmala Sitharaman’s prior engagements with the fintech community. Dr. Joshi emphasized the critical role of fintech companies in propelling India’s high and sustained economic growth and urged for an even greater collaboration across the board. The gathering saw the attendance of founders and heads of around 60 fintech companies, representatives from four fintech associations, and high-level officials from 23 state police departments, alongside central agencies such as the CBI, ED, FIU-Ind, and more. Regulatory bodies and other relevant government departments, including MeitY, DoT, DPIIT, RBI, PFRDA, CERSAI, NPCI, BCFI, and others, were also well-represented.

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Focused Discussions on Enhancing Security and Innovation
Throughout the workshop, there was a strong focus on enhancing the technological infrastructure to support fintech innovations while ensuring stringent compliance with the extant rules and regulations to safeguard against digital crimes and financial frauds. Discussions revolved around the need for an indigenous transaction monitoring and Anti-Money Laundering (AML) system specifically designed for the Indian financial landscape. This system would significantly aid in the detection and prevention of fraudulent activities.

Several strategic initiatives were proposed to strengthen the fintech ecosystem:
Appointment of Nodal Officers: Each fintech company is encouraged to appoint a key contact point or nodal officer to liaise directly with LEAs.
Real-Time Data Monitoring: There was a consensus on the need for fintech companies and LEAs to monitor data infringements in real-time to swiftly respond to potential threats.
Geotagging of Transactions: To track money trails effectively and trace the origins of fraudulent activities.
Regular Audits of Digital KYC: To enhance trust and accountability within the financial ecosystem.
Creation of a Suspicious Registry: To keep track of individuals and entities involved in financial frauds.

Outcomes and Next Steps
The workshop concluded with a robust panel discussion featuring law enforcement heads and fintech leaders, focusing on the practical measures needed to mitigate cybercrime and financial frauds. The panel highlighted the emerging trends in cybercrime and discussed the modernization of digital infrastructures, such as leveraging IPv6 and API integration, to bolster the security frameworks.

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