The Indian government has suspended 70 lakh mobile numbers due to suspicious transactions in an effort to stop digital fraud. According to Vivek Joshi, the secretary of financial services, banks have also been ordered to improve the policies and system in order to prevent rising instances of digital payment fraud.
He also mentioned that there will be further discussions on financial cyber security, with the next one set for January. Joshi also discussed the problems with fraud involving the Aadhaar Enabled Payment System (AEPS). He noted that nations have been requested to investigate and secure data security.
Indian Government Suspends 70 lakh Mobile Numbers To Raise People’s Consciousness
In order to prevent suspicious consumers from falling for scams, Joshi suggests that raising public knowledge of cybercrime is one strategy to combat it.
Senior representatives from the Department of Economic Affairs, Department of Revenue, Department of Telecom, Ministry of Electronics and Information Technology (MeitY), Telecom Regulatory Authority of India, and National Payments Corporation of India were present at this meeting, according to news agency PTI.
Nirmala Sitharaman, the minister of finance, said that in order to protect consumers and prevent scammers from abusing the system, people need to become more aware of cyber fraud.
Citizens are at risk unless we can instill in them the awareness that they shouldn’t depend solely on what they hear on their phones, Sitharaman said. “We are always doing what is necessary.
She was referring to the common scams in which cybercriminals trick victims via text messages or phone calls.
A “technical problem” at UCO Bank
The UCO Bank reported experiencing several lapses, which prompted the meeting. Public sector lender UCO Bank, situated in Kolkata, announced earlier this month that its Immediate Payment Service (IMPS) users had received an incorrect credit of Rs. 820 crore.
Due to technical difficulties with IMPS, the bank reported that between November 10–13, several transactions started by customers of other banks resulted in credit to UCO Bank account holders without any money actually coming from these institutions.
After blocking the receivers’ accounts, the bank was able to retrieve Rs 649 crore, or around 79%, of the Rs 820 crore total.