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).
More on News:
- 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.
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.
| Citizen Financial Cyber Frauds Reporting and Management System has been developed for quick reporting of financial cyber frauds and monetary losses suffered due to the use of digital banking/credit/debit cards, payment intermediaries, UPI, etc. |
- 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.
It has seven components:
- National Cyber Crime Threat Analytics Unit
- National Cyber Crime Reporting Portal
- National Cyber Crime Training Centre
- Cyber Crime Ecosystem Management Unit
- National Cyber Crime Research and Innovation Centre
- National Cyber Crime Forensic Laboratory Ecosystem
- Platform for Joint Cyber Crime Investigation Team.
News Source: Business Standard
29 Nov 2023
