Cyber crime in India: : ₹1,000 crore preserved amid 400,000 cyber crimes, says govt

The Lok Sabha received an update on Monday regarding the success of the Citizen Financial Cyber Fraud Reporting and Management System, revealing that it has thwarted over Rs 1,000 crore worth of cybercrime across more than 400,000 incidents. Minister of State for Finance, Bhagwat Karad, shared that this system swiftly detects financial fraud, preventing fraudsters from siphoning off funds.

In response to queries about UCO Bank's accounts and a significant digital fraud, Karad mentioned that the bank had recovered Rs 705.31 crore out of the Rs 820 crore mistakenly transferred. Additionally, an FIR was lodged with the CBI on November 11 regarding this transfer and deposit discrepancy.

Also read/watch - Edelweiss to divest up to 20% stake in Edelweiss Alternative Asset Management

The minister highlighted a meeting held by the Department of Financial Services on November 28, attended by multiple ministries, RBI, UIDAI, and other key stakeholders. This gathering focused on fortifying cyber security in the financial sector, especially in light of the surge in online financial frauds. The discussions revolved around evaluating the readiness of banks and financial institutions to tackle cyber threats and devising targeted strategies to mitigate such attacks and frauds.