Government Highlights Cybersecurity Measures in Finance Sector

The Indian government is actively working to strengthen cybersecurity in the financial sector, ensuring safe digital transactions and protecting citizens from cyber fraud. Minister of State for Finance, Pankaj Chaudhary, shared key initiatives in a written reply in Rajya Sabha, outlining various measures taken by the government, Reserve Bank of India (RBI), and the National Payments Corporation of India (NPCI).

To improve cybercrime reporting and law enforcement coordination, the Ministry of Home Affairs (MHA) established the Indian Cyber Crime Coordination Centre (I4C). Additionally, the National Cyber Crime Reporting Portal (https://cybercrime.gov.in) allows citizens to report cybercrimes, with complaints automatically directed to the respective state or union territory law enforcement agencies.

The government has also launched the Citizen Financial Cyber Fraud Reporting and Management System, enabling quick reporting of fraudulent transactions. This system has helped save ₹4,386 crore across 13.36 lakh complaints. Further, a Suspect Registry of Cybercriminals has been created in collaboration with banks and financial institutions to track and prevent fraudulent activities.

To enhance digital payment security, RBI issued the Master Directions on Digital Payment Security Controls in 2021, setting strict security standards for online banking and card transactions. Additionally, RBI introduced MuleHunter, an AI-based tool to detect fraudulent money mule accounts, advising banks to implement it.

NPCI has strengthened UPI security by implementing device binding, two-factor authentication, and AI-powered fraud monitoring. Meanwhile, the government continues to raise public awareness through SMS alerts, radio campaigns, and cybersecurity education initiatives.

Source: PIB