February 21, 2024

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Strengthening Cybersecurity in India’s Financial Landscape

In a gathering in New Delhi that reflected the significance of the issue, the Secretary of the Department of Financial Services (DFS), under the Ministry of Finance, spearheaded a comprehensive discourse. The focus was on unveiling the challenges and strategising against the burgeoning threats of cybercrime in the financial services sector, particularly the surge in online financial fraud incidents.

Critical issues discussed encompassed the imperative need for enhanced coordination among police, banks, and financial entities for real-time tracking and blocking of defrauded funds. Additionally, strategies to tackle the proliferation of mule accounts, augment response times to handle alerts on online financial frauds, and establish regional/state-level nodal officers were highlighted.

Image credits: Press Information Bureau

The meeting also emphasised the necessity of a central registry for merchant onboarding and KYC standardisation, as well as the importance of whitelisting digital lending apps through stakeholder consultation. Progress updates on implementing recommendations, such as setting up the Digital India Trust Agency (DIGITA) and the proposed legislation known as the ‘Banning of Unregulated Lending Activities (BULA) Act,’ were also on the agenda.

Lastly, an overarching consensus emerged: all stakeholders, including banks and financial institutions, must prioritise customer awareness and sensitisation programs to bolster digital payment security.

Attendees, including the Secretary of Telecom and high-ranking officials from multiple sectors such as DFS, Department of Economic Affairs (DEA), Department of Revenue (DoR), Ministry of Electronics & Information Technology (MeitY), Department of Telecom (DoT), Reserve Bank of India (RBI), Telecom Regulatory Authority of India (TRAI), Unique Identification Authority of India (UIDAI), Indian Cyber Crime Co-ordination Centre (I4C), National Payments Corporation of India (NPCI), as well as leading banks and financial institutions like State Bank of India (SBI), Bank of Baroda, Canara Bank, and others, converged for this pivotal discussion.

The Indian Cyber Crime Coordination Centre (I4C) from the Ministry of Home Affairs shared a concerning presentation. They highlighted the escalating statistics of digital payment frauds culled from the National Cyber Crime Reporting Portal (NCRP), shedding light on the diverse sources of financial frauds and the intricate modus operandi adopted by cybercriminals. This included exploring the challenges impeding efforts to counter these financial cybercrimes.

The meeting was not just a gathering of minds, but it explored preparedness. Participants assessed the readiness of banks and financial institutions to confront the escalating challenges posed by cyber threats in the financial domain. They delved into the rising trend of digital payment frauds and crafted a focused strategy to combat these attacks and scams head-on.

Moreover, key players like the State Bank of India (SBI), PayTM, and Razorpay showcased their distinct strategies for mitigating such fraudulent activities. SBI presented its Proactive Risk Monitoring (PRM) strategy, while representatives from PayTM and Razorpay shared their successful best practices.

Key takeaways from the deliberations included noteworthy statistics: 70 lakh mobile connections implicated in cybercrime/financial frauds were disconnected via digital intelligence platforms. Furthermore, a staggering Rs. 900 crore of defrauded money was safeguarded, benefiting approximately 3.5 lakh victims.

The meeting chaired by the DFS Secretary served as a pivotal juncture to fortify India’s financial sector against cyber threats. Collaboration among various agencies unveiled potent measures, disconnecting implicated mobile connections and safeguarding substantial defrauded funds. The discussions culminated in a roadmap to shield citizens from the insidious web of financial frauds, showcasing a unified resolve to combat cyber threats in the country’s financial ecosystem.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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