Government blocks about 1.4 lakh mobile handsets linked to financial frauds
Financial Services Secretary Vivek Joshi chaired a meeting on cyber security in the financial services sector, in which various topics were covered, including integrating banks and financial institutions into the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) platform through API integration.
The government said that it blocked about 1.4 lakh mobile numbers so far that were involved in cyber-crime or financial frauds. Financial Services Secretary Vivek Joshi chaired a meeting on cyber security in the financial services sector, in which various topics were covered, including integrating banks and financial institutions into the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) platform through API integration.
"About 1.40 lakh mobile handsets either linked to the disconnected mobile connections or misused in cyber-crime /financial frauds have been blocked," according to an official release.
"DoT (Department of Telecom) analysed 35 lakh Principal Entities sending bulk SMSs. Out of these, 19,776 Principal Entities involved in sending malicious SMSs blacklisted and 30,700 SMS Headers and 1,95,766 SMS templates have been disconnected," it added.
The meeting took stock of the action points which emerged during the discussion in the last meeting held in November last year and reviewed the preparedness of the banks and other financial institutions in tackling the challenges arising from cyber security in the financial services sector, increasing trend of digital payment frauds, and readiness of all the concerned stakeholders in this regard.
During the discussion, it was noted that DoT has developed ASTR, an AI-machine learning-based engine, to detect mobile connections taken on fake/ forged documents.
One of the issues discussed in the meeting includes -- banks and financial institutions are required to phase out the use of regular 10-digit numbers and use specific number series such as '140xxx' for commercial/ promotional activities as prescribed by TRAI.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
02:16 PM IST