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In 90 Days, India Saves ₹1,800 Crore from Cyber Fraudsters with Online Suspect Registry

Cybersecurity by 2025

In just three months since its launch, the online suspect registry has been instrumental in preventing over 6 lakh fraudulent transactions, saving approximately ₹1,800 crore, as reported by the Ministry of Home Affairs (MHA). Part of the National Cybercrime Reporting Portal (NCRP), the registry, which contains data on 1.4 million cybercriminals involved in financial fraud and other cybercrimes, was inaugurated on September 10 by Union Home Minister Amit Shah. Developed by the Indian Cyber Crime Coordination Centre (I4C), the registry serves as a consolidated database accessible to state and Union Territory authorities, as well as central investigation and intelligence agencies, enabling more effective detection and deterrence of cyber threats.

To enhance the fraud risk management capabilities of India’s financial system, the Reserve Bank of India (RBI) has mandated that all banks integrate the suspect registry into their fraud management systems. An official from the RBI noted that this integration will help identify cybercriminals as potential threats, further fortifying the financial sector’s defenses against cybercrime. The registry’s data is compiled with inputs from banks, financial institutions, and law enforcement agencies, making it a valuable resource for combatting digital fraud.

As of December 1, 2024, the online suspect registry has made notable progress in its fight against cybercrime. The registry has helped prevent 6.1 lakh fraudulent transactions, averting ₹1,800 crore in financial losses. Additionally, 8.67 lakh mule accounts have been frozen, and over 7 lakh SIM cards and 1.4 lakh mobile devices have been blocked in an effort to curb the reach of cybercriminals. These significant milestones reflect the effectiveness of the registry in safeguarding the financial ecosystem from cyber threats.

Alongside the registry, the Cyber Fraud Mitigation Centre (CFMC) was launched on September 10, aimed at ensuring swift action against cybercrimes. The CFMC brings together banks, financial institutions, telecom service providers, and law enforcement agencies to coordinate efforts in combating cyber fraud. This initiative is seen as an example of “Cooperative Federalism” in law enforcement, streamlining the collaboration between various stakeholders to address the growing issue of cybercrime.

Since the establishment of the Citizen Financial Cyber Frauds Reporting and Management System in 2021, the government has successfully saved ₹3,850 crore by preventing fraudulent transactions based on over 11.5 lakh complaints. In addition, the government has blocked 1.03 lakh pieces of suspicious online content under the Information Technology Act, 2000, further strengthening the country’s cyber defenses.

In related efforts to combat online fraud, the Kerala Police have taken down 28,724 fraudulent websites and 21,000 social media accounts in 2024. The websites targeted included e-commerce platforms involved in fraudulent transactions, fake investment sites, deceptive job portals, and malicious sites used to steal login credentials and personal data. This proactive approach further contributes to the national effort in mitigating cybercrime and safeguarding citizens from online threats.

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