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Centre’s online suspect registry blocks 6 lakh fraudulent transactions, saves Rs 1,800 cr in 3 months

  • Centre's online suspect registry blocked 6.1 lakh fraudulent transactions, saving Rs 1,800 crore in three months
  • RBI mandates all banks integrate the suspect registry to enhance real-time fraud detection and prevention systems
  • Over 8.67 lakh mule accounts frozen, 7 lakh SIM cards, and 1.4 lakh mobiles blocked in action

13 Jan 2025

Centre’s online suspect registry blocks 6 lakh fraudulent transactions, saves Rs 1,800 cr in 3 months

The Centre’s online ‘suspect registry,’ launched in September 2024, has played a pivotal role in blocking 6.1 lakh fraudulent transactions, preventing financial losses of approximately Rs 1,800 crore within the first three months of its operation. Developed based on the National Cybercrime Reporting Portal (NCRP), the registry consolidates data on 1.4 million cybercriminals involved in various cybercrimes, including financial fraud. It was created by the Indian Cyber Crime Coordination Centre (I4C) and is accessible to state governments, union territories (UTs), central investigation agencies, and financial institutions for enhanced fraud prevention.

The registry was launched to strengthen the country’s financial system’s fraud risk management capabilities. By centralizing cybercrime data, it enables authorities to swiftly identify and address fraudulent transactions. The registry is integrated with banking systems, allowing financial institutions to access critical data and block suspicious transactions in real time. According to the Ministry of Home Affairs (MHA), as of December 1, 2024, over 6.1 lakh fraudulent transactions have been declined, leading to significant financial savings of Rs 1,800 crore.

The Reserve Bank of India (RBI) has directed all commercial banks to incorporate the suspect registry into their fraud detection systems. This mandate is part of a broader push to improve the country’s cybersecurity infrastructure and combat online financial crimes. The integration ensures that banks and financial institutions have access to real-time data on potential fraudsters, significantly reducing the risk of financial losses. This initiative is expected to enhance the financial system’s ability to mitigate the growing threat of cybercrime in the banking sector.

In addition to the suspect registry, the Cyber Fraud Mitigation Centre (CFMC) was established to promote collaboration among banks, telecom service providers, and law enforcement agencies. The CFMC serves as a platform for coordinated action against cybercrimes, facilitating real-time information sharing and collective decision-making. It is designed to streamline efforts between the public and private sectors to combat online financial frauds. Representatives from leading banks, telecom providers, and law enforcement agencies are working together to address online financial crimes effectively.

Further strengthening its efforts, the Centre has reported that financial institutions have frozen over 8.67 lakh mule accounts to prevent the flow of illicit funds. Additionally, 7 lakh SIM cards and 1.4 lakh mobile phones have been blocked to disrupt the activities of cybercriminals who use these tools to commit fraud. These measures are part of the ongoing national effort to curb financial cybercrime by removing critical elements that enable fraudsters to operate undetected.

The Centre has also received over 11.5 lakh complaints related to financial cyber frauds through the Citizen Financial Cyber Frauds Reporting and Management System (CFCFRMS), launched in 2021. The system has helped save approximately Rs 3,850 crore in fraudulent transactions. Furthermore, under the provisions of the Information Technology Act, the Centre has blocked more than 1.03 lakh pieces of suspicious online content, preventing the spread of malicious content designed to deceive the public. This combination of efforts is part of the Centre's broad approach to enhancing cybersecurity and protecting citizens from financial fraud across digital platforms.

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Centre’s online suspect registry blocks 6 lakh fraudulent
Centre's online suspect registry blocked 6.1 lakh fraudulent transactions, saving Rs 1,800 crore in three months





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