New Delhi, Financial Services Secretary Vivek Joshi on Tuesday stressed that there is a need for greater collaboration between the government, regulatory public and private sector to harness the full potential of start-ups in the fintech sector.
Speaking at a half-day workshop here, Joshi said fintechs are more technology and innovation oriented, and when they grow their business over a certain period they attract the attention of regulators and enforcement agencies (LEAs).
While the fintech associations presented the operational modalities and challenges faced by the fintech companies, the LEAs of the states shared their best practices to prevent cyber crimes and financial frauds, the Finance Ministry said in a statement.
During the workshop, the Indian Cyber Crime Coordination Center (I4C) highlighted issues such as mule accounts, ATM hotspots, hotspot branches and fintech merchant abuses. I4C also talked about its Citizen Financia cyber fraud reporting and management system.It was emphasized that an indigenous transaction monitoring and anti-money laundering (AML) system can be developed by fintech companies to meet the Indian fraud and crime scenario, the statement said.
Department of Financial Services (DFS), Ministry of Finance and I4C, Ministry of Home Affairs jointly organized the workshop with LEAs, a start-up and fintech ecosystem partners.
This workshop was organized in continuation of Finance Minister Nirmala Sitharaman's last conversation with start-ups and fintech companies on February 26.
Some of the issues discussed during the workshop included the role of technology in providing access to financial services, strategies to control money mules, real-time monitoring of data breaches by both fintech companies and LEAs and digital tools to track money. Geo-tagging of transactions was involved. Trails.
Further, conducting regular audits of digital KYC to promote reliability and accountability, putting in place a mechanism to freeze and unfreeze accounts for faster recovery of fraudulent money and ensuring data confidentiality and prevention of data theft. Preparation of a mechanism for this was also discussed.The statement said the insights focused on emerging trends of cyber crime and financial fraud were provided by the Gujarat, Haryana and Uttarakhand police departments as well as I4C.
The workshop was attended by around 60 fintech companies, four fintech associations, 23 state police departments, CBI, ED, FIU-Industry and heads of central government ministries and departments.
Regulators and other related agencies such as the Ministry of Electronics and Information Technology (MeitY), Department for Promotion of Industry and Internal Trade (DPIIT), Reserve Bank of India (RBI), and National Payments Corporation of India (NPCI) were also part of it. Workshop.,
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Speaking at a half-day workshop here, Joshi said fintechs are more technology and innovation oriented, and when they grow their business over a certain period they attract the attention of regulators and enforcement agencies (LEAs).
While the fintech associations presented the operational modalities and challenges faced by the fintech companies, the LEAs of the states shared their best practices to prevent cyber crimes and financial frauds, the Finance Ministry said in a statement.
During the workshop, the Indian Cyber Crime Coordination Center (I4C) highlighted issues such as mule accounts, ATM hotspots, hotspot branches and fintech merchant abuses. I4C also talked about its Citizen Financia cyber fraud reporting and management system.It was emphasized that an indigenous transaction monitoring and anti-money laundering (AML) system can be developed by fintech companies to meet the Indian fraud and crime scenario, the statement said.
Department of Financial Services (DFS), Ministry of Finance and I4C, Ministry of Home Affairs jointly organized the workshop with LEAs, a start-up and fintech ecosystem partners.
This workshop was organized in continuation of Finance Minister Nirmala Sitharaman's last conversation with start-ups and fintech companies on February 26.
Some of the issues discussed during the workshop included the role of technology in providing access to financial services, strategies to control money mules, real-time monitoring of data breaches by both fintech companies and LEAs and digital tools to track money. Geo-tagging of transactions was involved. Trails.
Further, conducting regular audits of digital KYC to promote reliability and accountability, putting in place a mechanism to freeze and unfreeze accounts for faster recovery of fraudulent money and ensuring data confidentiality and prevention of data theft. Preparation of a mechanism for this was also discussed.The statement said the insights focused on emerging trends of cyber crime and financial fraud were provided by the Gujarat, Haryana and Uttarakhand police departments as well as I4C.
The workshop was attended by around 60 fintech companies, four fintech associations, 23 state police departments, CBI, ED, FIU-Industry and heads of central government ministries and departments.
Regulators and other related agencies such as the Ministry of Electronics and Information Technology (MeitY), Department for Promotion of Industry and Internal Trade (DPIIT), Reserve Bank of India (RBI), and National Payments Corporation of India (NPCI) were also part of it. Workshop.,
ANB
ANB
