At a time when multiple reports suggest a surge in online scams, the government may be planning a solution to curb these financial frauds. According to a report, the ministry of home affairs (MHA) may set up the Cyber Fraud Mitigation Centre under the Indian Cybercrime Coordination Centre that will deal with cyber frauds in real-time and prevent financial losses for victims.
The report also highlighted the need of bringing all the agencies responsible to bring together to work collectively without having to face delays in their efforts. This is one of the tasks that the government has included in a 100-day agenda after they come into power in June.
Earlier this month, The Economic Times reported that various banks have floated an idea of syncing systems with MHA’s cybercrime portal. Now, a new report has shed more light on the cybercrime portal and its working.
How will the Cyber Fraud Mitigation Centre will work
Citing a senior official, a report by News18 claimed that the government will bring all stakeholders working to combat cyber frauds under one roof.
All the agencies dealing with online fraud, such as the government, banks, telecom service providers, IT intermediaries and social media companies, work from their offices, so they rely on electronic communication for interaction. However, this delays a swift and coordinated response to stop financial fraud and suspicious transactions.
“To successfully prevent and mitigate cyber-enabled fraud, it was realised that there is an immediate requirement for seamless cooperation among organisations like banks and financial institutions, telecom service providers, IT intermediaries, social media platforms, and law enforcement agencies. The Cyber Fraud Mitigation Centre (CFMC) will fulfil this requirement as all will be working together, which will end delays. The project will be kickstarted within 100 days of the new Narendra Modi-led government,” an official was quoted as saying.
“This arrangement has its limitations in achieving the necessary coordination required for stopping the money syphoned off by cyber criminals in cyber financial fraud. Effective coordination can be achieved by establishing the Cyber Fraud Mitigation Centre (CFMC) and by co-locating representatives of the said organisations,” the sources told the publication.
The report notes that about two dozen major banks have decided to deploy their representatives who will join people from five telecom service providers, two representatives of the Haryana police and two from the Delhi police at CFMC.
The report also highlighted the need of bringing all the agencies responsible to bring together to work collectively without having to face delays in their efforts. This is one of the tasks that the government has included in a 100-day agenda after they come into power in June.
Earlier this month, The Economic Times reported that various banks have floated an idea of syncing systems with MHA’s cybercrime portal. Now, a new report has shed more light on the cybercrime portal and its working.
How will the Cyber Fraud Mitigation Centre will work
Citing a senior official, a report by News18 claimed that the government will bring all stakeholders working to combat cyber frauds under one roof.
All the agencies dealing with online fraud, such as the government, banks, telecom service providers, IT intermediaries and social media companies, work from their offices, so they rely on electronic communication for interaction. However, this delays a swift and coordinated response to stop financial fraud and suspicious transactions.
“To successfully prevent and mitigate cyber-enabled fraud, it was realised that there is an immediate requirement for seamless cooperation among organisations like banks and financial institutions, telecom service providers, IT intermediaries, social media platforms, and law enforcement agencies. The Cyber Fraud Mitigation Centre (CFMC) will fulfil this requirement as all will be working together, which will end delays. The project will be kickstarted within 100 days of the new Narendra Modi-led government,” an official was quoted as saying.
“This arrangement has its limitations in achieving the necessary coordination required for stopping the money syphoned off by cyber criminals in cyber financial fraud. Effective coordination can be achieved by establishing the Cyber Fraud Mitigation Centre (CFMC) and by co-locating representatives of the said organisations,” the sources told the publication.
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The report notes that about two dozen major banks have decided to deploy their representatives who will join people from five telecom service providers, two representatives of the Haryana police and two from the Delhi police at CFMC.