Legal & technological steps required to fight cyber financial frauds: Govt

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Expressing concern over the rise in cyber frauds using cards and e-wallets in particular, the Ministry of Home Affairs has emphasised on the use of both legal and technological steps to address this situation.

Union Home Minister Rajnath Singh chaired a meeting of all concerned agencies and representatives of certain States to review the measures being taken to tackle cybercrime in the financial sector, the Ministry said in an official statement.

The Home Minister expressed concern over the disturbing rise in cyber frauds.

In the meeting, officers from various agencies discussed current trends of financial cybercrimes in the country and the steps being taken by their agencies to address the challenge.

“It has been noted that both legal and technological steps need to be taken to address this situation,” the Ministry said. Capacity Building of various stakeholders such as police officers, judicial officers, forensic scientists as well as officials in the banking sector has been identified as a key measure. It has also been decided to expedite the implementation of cybercrime prevention initiatives along with measures required to acquire critical cyber forensics equipment.

The Ministry informed that an inter-ministerial committee may be set up to identify action points and monitor the implementation.

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