Finance ministry, RBI & NPCI tighten digital fraud safeguards
NEW DELHI: Union finance ministry, along with Reserve Bank of India and National Payments Corporation of India (NPCI), has rolled out several crucial measures to secure digital financial transactions and combat fraud, official sources said, rejecting allegations that frauds have soared.
The ministry of home affairs had set up Indian
Cyber Crime
Coordination Centre (I4C) in Jan 2020 as the national agency for a coordinated response to all cybercrimes.
The total number of digital payment frauds was 63,315, as reported by commercial banks and all India financial institutions under the specific category 'card/internet and digital payments' (for amounts involving Rs 1 lakh and above) between 2014-15 and Dec 2024 (covering a period of nearly 10 years), the sources said citing official data.
The total extent of financial loss attributed specifically to these digital payment frauds during this period amounted to Rs 733.26 crore, sources said.
Detailing steps taken by finance ministry, they said these included setting up of an online searchable database of frauds reported by banks - central fraud registry - by RBI to enable timely identification, control and mitigation of fraud risk. Credit discipline has been instilled through enactment of Insolvency & Bankruptcy Code, setting up of Central Repository of Information on Large Credits by RBI to collect, store, and disseminate credit data to lenders, sources added.
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