NEW DELHI: The Ministry of Home Affairs is working on forming a new wing called Cyber Fraud Mitigation Centre under the Indian Cyber Crime Coordination Centre (I4C) to deal with cyber financial fraud in real-time to save the victim’s money, sources said on Wednesday.
Terming the move a real game-changer, the sources said that the FMC will onboard all the agencies dealing with such crimes, including the government, banks, telecom service providers, IT intermediaries and social media companies, who so far till now have been working from different locations and in silos.
The interaction among them mostly takes place through an electronic medium that leads to time lag in processing a complaint to counter and retrieve financial fraud or transactions, they added.
A source, while confirming that the move is part of the 100 days agenda of the MHA for the new government, said, “To prevent and mitigate an online financial fraud in real time, there has been a realisation in the government to work out a seamless synergy among organisations like banks and financial institutions, telecom service providers, IT intermediaries, and social media platforms.”
As there is a requirement of linking bank databases and deputing their representatives with the CFMC, not all banks have agreed so far, but major ones have agreed to deploy their representatives, the sources said.
“Almost two dozen representatives of major banks, five telecom service providers, two representatives of the Haryana police, and two from the Delhi police have already been positioned at CFMC for near real-time coordination to stop cyber-enabled fraud,” a source said.
Currently, the Citizen Financial Cyber Frauds Reporting and Management System (CFCFRMS) has been developed by the Indian Cyber Crime Coordination Centre (I4C) as part of the National Cybercrime Reporting Portal (NCRP) by integrating law enforcement agencies, major banks and financial intermediaries, they said, adding that the system is able to take instant action on complaints of financial cyber fraud reported by citizens to prevent the flow of money from the victim’s account to the fraudster’s account and to share online fraud-related information in near real-time.
The sources said that a national cyber crime helpline number ‘1930’ has been operationalised to report any financial cyber fraud case.