In 90 Days, India Saves Rs 1,800 Crore From Cyber Fraudsters - Report

In the three months since its launch, the online suspect registry has helped the government prevent over 6 lakh fraudulent transactions, saving approximately Rs 1,800 crore, The Indian Express reported citing a source in the Ministry of Home Affairs (MHA).

The registry, part of the National Cybercrime Reporting Portal (NCRP), contains data on 1.4 million cybercriminals involved in financial fraud and other cybercrimes. It was launched on September 10 by Union Home Minister Amit Shah and developed by the Indian Cyber Crime Coordination Centre (I4C).

Accessible to states, Union Territories, and central investigation and intelligence agencies, the registry acts as a consolidated database to detect and deter cyber threats. The registry was created with inputs from banks, financial institutions, and law enforcement agencies.

The Reserve Bank of India (RBI) has now mandated all banks to integrate the suspect registry into their fraud management systems. "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," the English daily quoted an official as saying.

Key Points

As of December 1, 2024, the registry has made significant strides:

• 6.1 lakh fraudulent transactions were prevented.
• ₹1,800 crore in financial losses were averted.
• 8.67 lakh mule accounts were frozen.
• Over 7 lakh SIM cards and 1.4 lakh mobile devices were blocked.

Cyber Fraud Mitigation Centre

Alongside the registry, the Cyber Fraud Mitigation Centre (CFMC) was also launched on September 10. This platform brings together banks, financial institutions, telecom service providers, and law enforcement agencies to ensure swift action against cybercrimes. The initiative is seen as a model of "Cooperative Federalism" in law enforcement.

Since the launch of the Citizen Financial Cyber Frauds Reporting and Management System in 2021, the government has saved ₹3,850 crore from fraudulent transactions based on 11.51 lakh complaints. Additionally, under the Information Technology Act 2000, 1.03 lakh pieces of suspicious online content have been blocked, the report said.

In a similar news, the Kerala Police has removed 28,724 fraudulent websites and 21,000 social media accounts from cyberspace in 2024, according to official records.

The websites taken down included a variety of platforms used for scams, such as: E-commerce sites involved in fraudulent transactions, trading websites promoting fake investment opportunities, fake job portals designed to deceive job seekers and sites hosting malicious applications used to steal login credentials and personal data.