Government Suspends 70 Lakh Mobile Numbers Due to Suspicious Activities
Unprecedented Move in Digital Security
In a significant development, the Indian government has taken a drastic step to combat digital fraud by suspending approximately 70 lakh mobile numbers. This action, announced by Financial Services Secretary Vivek Joshi, comes in the wake of increasing concerns over financial cyber security and the rise in digital payment frauds.
Meeting to Combat Cyber Fraud
The decision was made following a high-level meeting chaired by the Financial Services Secretary, focusing on enhancing coordination among various agencies to effectively tackle cyber fraud. This meeting, which included senior officials from multiple departments, underscores the government’s commitment to safeguarding the digital financial ecosystem.
Banks Urged to Strengthen Systems
Banks have been specifically instructed to fortify their systems and processes to prevent such fraudulent activities. This directive indicates a proactive approach towards ensuring a secure digital transaction environment for customers.
Focus on Aadhaar Enabled Payment System (AEPS) Fraud
A significant part of the discussion revolved around the Aadhaar Enabled Payment System (AEPS) fraud. States have been urged to address this issue and ensure robust data protection measures are in place. The meeting also touched upon the standardization of KYC for merchants, highlighting the need for uniformity in verifying customer identities.
Awareness and Prevention of Cyber Fraud
The importance of creating public awareness about cyber fraud was emphasized, with a goal to protect customers, especially the more vulnerable sections of society, from falling prey to such scams.
Presentation by Indian Cyber Crime Co-ordination Centre
The Indian Cyber Crime Co-ordination Centre presented the latest statistics on digital payment frauds, as reported in the National Cyber Crime Reporting Portal (NCRP). This presentation included insights into the challenges and issues faced in countering digital payment frauds.
Significance Amid Recent Bank Frauds
This meeting and the subsequent actions gain additional significance in light of recent digital fraud incidents involving major banks like UCO Bank and Bank of Baroda. These incidents have raised serious questions about the existing safeguards in the digital banking sector.
Recovery Efforts by Banks
In a notable instance, UCO Bank reported an erroneous credit of Rs 820 crore through the Immediate Payment Service (IMPS) due to technical issues. The bank has since recovered a significant portion of this amount, showcasing the responsiveness and resilience of the banking system in dealing with such crises.
The suspension of 70 lakh mobile numbers is a bold and necessary step by the government to enhance the security of the digital payment landscape in India. It reflects a comprehensive approach, involving various stakeholders, to tackle the complex challenge of cyber fraud. This move is expected to act as a deterrent against fraudulent activities and reinforce the trust of the public in digital transactions.
This blog post is based on the latest developments as reported by ET Telecom. For more detailed information, you can read the full article here.