The government has suspended 7 million mobile numbers to combat digital frauds emerging from a meeting to address escalating concerns over financial cybersecurity and surging digital payments fraud. According to Vivek Joshi, secretary, Department of Financial Services, banks have been asked to strengthen the system and process in this regards, with more such meetings to take place in the future. The next meeting is scheduled to take place in January 2024.
Meanwhile, with regard to the Aadhaar enabled payment system (AEPS) fraud, he added that states have been asked to look into the issue and ensure data protection. There was also a discussion on know your customer (KYC) standardisation of merchants. The meeting also deliberated on how to ensure better coordination among various agencies to check for cyber fraud.
