Combating Digital Payment Fraud: Critical Precautions Against Cyber Threats and Digital Payment Fraud in India

Combating Digital Payment Fraud Critical

Combating Digital Payment Fraud: Critical Precautions Against Cyber Threats and Digital Payment Fraud in India

Critical Precautions Against Cyber Threats and Digital Payment Fraud in India

New Delhi:  To address the increasing number of cyber threats and online financial scams, the Secretary of the Department of Financial Services (DFS), under the Ministry of Finance, presided over an important meeting in New Delhi.   The summit convened important players from several departments, banks, and financial institutions to deliberate on methods to tackle the escalating problems pertaining to cyber security in the financial sector.

cyber threads

Tackling Digital Payment Frauds: A Collaborative Effort

The meeting focused on the increasing prevalence of digital payment frauds, highlighting the necessity of a unified strategy to protect the financial security of individuals.   A huge achievement was made by disconnecting 7 million cellphone connections linked to cybercrimes and financial scams, which were found using digital intelligence platforms.   This proactive measure has protected 350,000 individuals from potential monetary damages, totaling 900 million rupees.

cyber alert

Key Takeaways from the Meeting

Strengthened Coordination

The significance of efficient cooperation among financial institutions, law enforcement agencies, and banks in order to promptly detect and obstruct fraudulent transactions was underscored during the meeting.

cyber security

Expanded CFCFRMS Platform

It was proposed that all financial institutions, including significant cooperative banks and non-banking financial companies (NBFCs), adopt the “Citizen Financial Cyber Fraud Reporting and Management System” (CFCFRMS) platform. At this time, 259 financial intermediaries have been officially incorporated.

cyber awareness

Combating Mule Accounts

Financial institutions were strongly encouraged to develop efficacious approaches in order to combat the peril posed by mule accounts, which are frequently employed for the purpose of money laundering.


Enhanced Response Time

Banks were mandated to enhance their responsiveness in managing notifications regarding online financial frauds that were obtained from diverse agencies.


Nodal Officers for Law Enforcement

It was suggested that banks and financial institutions appoint nodal administrators at the regional or state level in order to facilitate effective coordination with law enforcement agencies.

scam alert

Centralized Merchant Registry

The prioritization of implementing a centralized registry for merchant enrollment and standardizing Know Your Customer (KYC) procedures was underscored.


Whitelisting Digital Lending Apps

To ensure compliance with regulatory guidelines and establish a whitelist for digital lending applications, a consultative approach was suggested.

cyber security training

Digital Lending Working Group Recommendations

The meeting examined the advancements made in the execution of the Digital Lending Working Group’s suggestions, which encompass the establishment of the Digital India Trust Agency (DIGITA) and the enactment of the “Banning of Unregulated Lending Activities (BULA) Act.”

cyber scam alert

Customer Awareness and Sensitization

It was strongly recommended that all relevant parties implement thorough consumer awareness and sensitization initiatives in order to safeguard digital payment systems.

scam alert warning

Insights from Stakeholders

The Indian Cyber Crime Coordination Center (I4C), under the Ministry of Home Affairs, provided a comprehensive analysis of digital payment scams based on data collected from the National Cyber Crime Reporting Portal (NCRP).   They provide insight into the methods used by fraudsters, the different origins of these financial scams, and the difficulties encountered in combating cybercrimes.

SBI representatives discussed their experiences with the Proactive Risk Monitoring (PRM) technique, emphasizing its efficacy in detecting and managing potential fraudulent risks.

Representatives from PayTM and Razorpay also shared their best practices, demonstrating their tactics for avoiding and detecting online financial fraud.

The discussion ended with a reaffirmed dedication from all parties involved to collaborate in order to protect the financial system and individuals against cyber-attacks and online financial fraud.   The discussion discussed the coordinated efforts that are anticipated to greatly improve cyber security measures and bolster the banking sector’s ability to withstand upcoming threats.

Enhance Your Cyber Security Awareness Quotient with Craw Security

You may even establish contact with a cyber security training provider in your acquaintance in order to enhance your knowledge parameters of cyber security to stay one step ahead of these cyber fraudsters and attempts to hijack your databases with self-functioning malware.

cybersecurity trainigs

Moreover, if you do not have any known cyber security professional, then you may contact Craw Security, the leading cybersecurity training provider in India that delivers quality training of cyber security training programs in the shape of 1 Year Cyber Security Diploma Training by highly quality training professionals.  Here at Craw Security, you will obtain highly scrutinized training materials in both soft and hard copies to assist you better in your learning journey.  Later, if you develop a keen interest in becoming a cyber security analyst in the future, you may with this authentic piece of training.

To know more about the same, you can give us a call at our hotline mobile number +91-9513805401 and talk to our sincere group of educational counselors.


Leave your thought here

Your email address will not be published. Required fields are marked *

Book a Trial Demo Class

Training Available 24*7 Call at +91 9513805401

Enroll Now!

Craw Cyber Security Private Limited