The Finance Ministry takes major step to prevent Cyber Fraud, cracks down on Banking Fraud


The Ministry of Finance has taken strict measures to curb the rising cyber fraud, especially in rural areas where many individuals lack awareness about banking services and are targeted for fraud. The Ministry has directed banks to tighten their Know Your Customer (KYC) process to verify the authenticity of customers, especially those in remote areas. By strengthening KYC procedures, the Ministry aims to prevent fraud in the banking sector.

In a recent inter-ministerial meeting, it was revealed that a total of 1,128,265 financial cyber frauds were reported in 2023, amounting to Rs 7,488.63 crore. To address this growing concern, the Ministry has established the Cyber Crime Coordination Centre to combat cyber crimes effectively. Additionally, measures are being considered to regulate unauthorized financial apps to prevent fraudulent activities.

Furthermore, the establishment of a Digital India Trust Agency is being contemplated to verify loan-providing apps. Once verified, these apps will be recommended for public use, ensuring the safety and security of users’ financial transactions.

By taking proactive steps to tackle cyber fraud, the Ministry of Finance aims to safeguard the financial interests of individuals and enhance the security of digital transactions. Stay updated on this issue by following on Telegram, Facebook, Twitter, LinkedIn, Instagram, and YouTube.

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