The government’s decision has benefited 3.5 lakh affected individuals so far. Banks have been instructed to strengthen their systems and processes in this regard.

Cases of cybercrime or financial fraud continue to persist. Keeping this in mind, the government has disconnected 70 lakh mobile phones involved in financial fraud so far. This step has saved approximately 900 crore rupees from falling into the hands of fraudsters. The Financial Services Secretary, Vivek Joshi, provided this information last Tuesday. According to PTI, Joshi stated that the government has taken this step to curb digital fraud.

Strengthening Bank Systems and Processes According to the news, stepping out of a meeting discussing issues related to financial cyber security and increasing digital payments fraud, Joshi mentioned that banks have been directed to strengthen their systems and processes in this regard. He mentioned that further meetings will be held, with the next one scheduled for January. The meeting noted that 70 lakh mobile connections involved in cybercrime/financial fraud have been disconnected through the Digital Intelligence Platform.

Benefit to 3.5 Lakh Affected Individuals In an official statement, it was mentioned that around 900 crore rupees have been saved from fraud, benefiting 3.5 lakh affected individuals. Regarding the Aadhaar Enabled Payment System (AEPS) related to fraud, he said that states have been advised to pay attention to this issue and ensure data security. The meeting also discussed the standardization of Know Your Customer (KYC) for customers.

Need for Creating Awareness Banks have blocked the accounts of recipients and successfully recovered 79% or about 649 crore rupees out of 820 crores rupees. Joshi stated that there is a need to create awareness in society about cyber fraud to protect unsuspecting customers from being deceived. Recently, with incidents of digital fraud in UCO Bank and Bank of Baroda, this meeting is considered crucial.

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