Government Suspends 70 Lakh Mobile Numbers Linked to Financial Fraud in India
During a recent meeting focused on financial cyber security and digital payment fraud, Financial Services Secretary Vivek Joshi made an announcement that the government has suspended 70 lakh mobile numbers linked to cybercrime or financial fraud. In efforts to combat the rising threat, banks have been instructed to reinforce their systems and processes.
Joshi highlighted the success achieved so far, with 70 lakh mobile connections involved in cybercrime or financial fraud being disconnected based on reports from digital intelligence platforms. This proactive measure has resulted in saving approximately Rs 900 crore, benefiting 3.5 lakh victims.
The Financial Services Secretary emphasized the importance of ongoing efforts, with more meetings scheduled to address financial cyber security. The next meeting, slated for January, aims to continue discussions on strengthening the system. Joshi also stressed the need to create awareness about cyber fraud to protect vulnerable customers from falling victim to scams.
During the meeting, various aspects of financial cyber security were discussed, including the recent Aadhaar Enabled Payment System (AEPS) fraud. States have been urged to investigate and ensure data protection in response to these incidents. Additionally, the meeting focused on standardizing KYC processes for merchants.
These actions come as part of the government’s broader effort to address cyber fraud and financial crime in India. With the swift action taken to suspend mobile numbers and the ongoing discussions and future plans for enhancing cyber security, authorities are taking proactive steps to protect citizens from digital payment fraud.
I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.
