The Centre’s online “suspect registry” has been a game-changer in the fight against financial cybercrime in only three months after it was launched, stopping over six lakh fraudulent transactions and saving Rs 1,800 crore, according to a source in the Ministry of Home Affairs (MHA).
Data on 1.4 million cybercriminals connected to financial fraud and other cyberoffenses is now available in the register, which was created under the National Cybercrime Reporting Portal (NCRP).
The system was developed by the Indian Cyber Crime Coordination Centre (I4C) in partnership with banks and financial institutions to centralize data on cybercrime suspects, and it was formally introduced by Union Home Minister Amit Shah on September 10, 2024.
“To enhance the fraud risk management capabilities of the country’s financial system, they are now using data from the National Cybercrime Reporting Portal (NCRP), the registry makes it possible to identify cybercriminals as potential threats,” an official said.
Approximately 6.10 lakh fraudulent transactions have been prevented by the register by December 1, 2024, saving Rs 1,800 crore.
“A few days ago, the Reserve Bank of India has asked all banks to be a part of this initiative and use the suspect registry in their system,” the source added.
On the same day, the government also established the Cyber Fraud Mitigation Centre (CFMC), which unites law enforcement, telecom providers, and financial institutions to combat financial cybercrimes.
As of December 1, 2024, CFMC has made it possible to prohibit 1.4 lakh mobile devices, 7 lakh SIM cards, and 8.67 lakh mule accounts. Additionally, the Information Technology Act of 2000 has been used to prohibit 1.03 lakh pieces of dubious internet content.
Since the Citizen Financial Cyber Frauds Reporting and Management System was introduced in 2021, the program has saved a total of Rs 3,850 crore and demonstrates the Center’s dedication to cooperative federalism in law enforcement.
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