Government Urges Financial Institutions To Register With Cyber Fraud Prevention System

Context: Government Urges Financial Institutions to register with the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) platform, developed by the Indian Cyber Crime Coordination Centre (I4C).

Unregistered FIs Urged to Prioritize Registration with Cyber Fraud Prevention System

Strengthen Fraud Management and Due Diligence: FIs have received a directive from the central government to strengthen their fraud management systems and enhance due diligence.
- The move is aimed at improving cybersecurity in the financial sector.

Registration Status: Currently, out of 800 FIs, only 259 have registered with I4C. The remaining institutions are requested to expedite the registration process.

Cyber Fraud Prevention System

About the Indian Cyber Crime Coordination Centre (I4C):

It is an initiative of the Ministry of Home Affairs to deal with cybercrime in the country in a coordinated and comprehensive manner.
It was approved in October 2018.

About Financial Institution (FI)

A financial institution (FI) is a company that deals with financial and monetary transactions.
The FIs consist of retail and commercial banks, internet banks, credit unions, savings and loan associations, investment banks and companies, brokerage firms, insurance companies, and mortgage companies.

Objectives of I4C:

To act as a nodal point to curb Cybercrime in the country.
To strengthen the fight against Cybercrime committed against women and children.
Facilitate easy filing of cybercrime-related complaints and identify Cybercrime trends and patterns.
To act as an early warning system for Law Enforcement Agencies for proactive Cybercrime prevention and detection.
Create awareness among the public about preventing cybercrime.
Assist States/UTs in capacity building of Police Officers, Public Prosecutors and Judicial Officers in the area of cyber forensics, investigation, cyber hygiene, cyber-criminology, etc.