New Delhi [India], Department of Financial Services (DFS), Ministry of Finance, in collaboration with Indian Cyber Crime Coordination Center (I4C), Ministry of Home Affairs, organized a half-day workshop aimed at promoting cooperation among law enforcement agencies. (LEAs) and start-ups and stakeholders in the fintech ecosystem According to a press release from the Finance Ministry, the workshop held in New Delhi brought together around 60 fintech companies, four fintech associations, heads of 23 state police departments. and various central government ministries and agencies related to financial technology and cyber security
The event aimed to address key challenges such as cyber security and digital financial fraud while fostering trust and confidence among ecosystem partners. Addressing the participants, Dr. Vivek Joshi, Secretary, DFS, highlighted the role of Fintech in India's economic growth. Highlighted the important contribution made by and stressed the need for the same. Greater collaboration between government, regulators and the private sector to fully harness the potential of the sector He emphasized that fintech companies, being technology-driven, require collaboration from regulators and LEAs as they run their operations. Let's expand. During the workshop, the FinTech Association presented operational modalities to face challenges.by fintech companies, while LEAs shared best practices to combat cyber crime and financial fraud. I4C highlighted various aspects of financial fraud through its Citizen Financia Cyber Fraud Reporting and Management System (CFCFRMS) during the workshop, Which includes mule accounts, ATM hotspots and fintech merchant abuse. Several key points were discussed to address the challenges faced by the FinTech sector and law enforcement agencies in combating cyber crime and financial fraud. Participants discussed the role of technology in providing access to financial services, emphasizing its potential to reach disadvantaged populations and improve financial inclusion strategies. Controlling the use of money mules, which facilitate illegal entertainment transfers, was also explored as an important aspect of fraud prevention. Another important topic of discussion was the appointment of key contact points or nodal officers by fintech companies to liaise with law enforcement agencies.The measure aims to enhance coordination and communication between the two parties for more effective cooperation in combating financial crimes. Real-time monitoring of data breaches emerged as a priority, with bot fintech companies and law enforcement agencies responding to security threats immediately. Highlighting the importance of addressing, geotagging of digital transactions was done. Proposed as a method of tracking money transactions and identifying suspicious activities more effectively. The participants also discussed the creation of a dubious registry of Business Correspondents (BCs) and fraudsters involved in financial frauds. This registry will aid in fraud detection and prevention efforts by providing a centralized database. Known Offenders Emphasis was placed on regular audits of digital Know Your Customer (KYC) processes as a means of promoting trust and accountability within the financial ecosystem.Additionally, it was discussed to put in place a mechanism for quick freezing and unfreezing of accounts to facilitate faster recovery of defrauded money. Ensuring data privacy and preventing data theft were identified as key challenges that require robust mechanisms, with participants exploring various strategies to protect sensitive financial information and prevent unauthorized access to data. Modernization of digital infrastructure through technologies such as IPv6 and API integration to enhance efficiency and security was discussed. Financial Transactions Leveraging these technologies can improve the overall resilience of the fintech sector against emerging cyber threats Workshop provided by Gujarat, Haryana and Uttarakhand State Police Departments with I4C Insights on Emerging Trends in Cyber Crime and Financial Fraud A The LEA workshop focusing on prevention and mitigation of cyber crime and financial fraud concluded with a panel discussion involving various stakeholders including Ministry of Electronics and Information Technology (MeitY), Department of Telecommunications (DoT), Department for Promotion of Industry and Internal Trade (DPIIT). Stakeholders participated. ), Reserve Bank of India (RBI), Pension Fund Regulatory and Development Authority (PFRDA), National Payments Corporation of India (NPCI), Business Correspondents Federation of India (BCFI), and I4C.
The event aimed to address key challenges such as cyber security and digital financial fraud while fostering trust and confidence among ecosystem partners. Addressing the participants, Dr. Vivek Joshi, Secretary, DFS, highlighted the role of Fintech in India's economic growth. Highlighted the important contribution made by and stressed the need for the same. Greater collaboration between government, regulators and the private sector to fully harness the potential of the sector He emphasized that fintech companies, being technology-driven, require collaboration from regulators and LEAs as they run their operations. Let's expand. During the workshop, the FinTech Association presented operational modalities to face challenges.by fintech companies, while LEAs shared best practices to combat cyber crime and financial fraud. I4C highlighted various aspects of financial fraud through its Citizen Financia Cyber Fraud Reporting and Management System (CFCFRMS) during the workshop, Which includes mule accounts, ATM hotspots and fintech merchant abuse. Several key points were discussed to address the challenges faced by the FinTech sector and law enforcement agencies in combating cyber crime and financial fraud. Participants discussed the role of technology in providing access to financial services, emphasizing its potential to reach disadvantaged populations and improve financial inclusion strategies. Controlling the use of money mules, which facilitate illegal entertainment transfers, was also explored as an important aspect of fraud prevention. Another important topic of discussion was the appointment of key contact points or nodal officers by fintech companies to liaise with law enforcement agencies.The measure aims to enhance coordination and communication between the two parties for more effective cooperation in combating financial crimes. Real-time monitoring of data breaches emerged as a priority, with bot fintech companies and law enforcement agencies responding to security threats immediately. Highlighting the importance of addressing, geotagging of digital transactions was done. Proposed as a method of tracking money transactions and identifying suspicious activities more effectively. The participants also discussed the creation of a dubious registry of Business Correspondents (BCs) and fraudsters involved in financial frauds. This registry will aid in fraud detection and prevention efforts by providing a centralized database. Known Offenders Emphasis was placed on regular audits of digital Know Your Customer (KYC) processes as a means of promoting trust and accountability within the financial ecosystem.Additionally, it was discussed to put in place a mechanism for quick freezing and unfreezing of accounts to facilitate faster recovery of defrauded money. Ensuring data privacy and preventing data theft were identified as key challenges that require robust mechanisms, with participants exploring various strategies to protect sensitive financial information and prevent unauthorized access to data. Modernization of digital infrastructure through technologies such as IPv6 and API integration to enhance efficiency and security was discussed. Financial Transactions Leveraging these technologies can improve the overall resilience of the fintech sector against emerging cyber threats Workshop provided by Gujarat, Haryana and Uttarakhand State Police Departments with I4C Insights on Emerging Trends in Cyber Crime and Financial Fraud A The LEA workshop focusing on prevention and mitigation of cyber crime and financial fraud concluded with a panel discussion involving various stakeholders including Ministry of Electronics and Information Technology (MeitY), Department of Telecommunications (DoT), Department for Promotion of Industry and Internal Trade (DPIIT). Stakeholders participated. ), Reserve Bank of India (RBI), Pension Fund Regulatory and Development Authority (PFRDA), National Payments Corporation of India (NPCI), Business Correspondents Federation of India (BCFI), and I4C.
