70 lakh mobile numbers suspended by Government | Read to know why

• Government suspends 70 lakh mobile numbers to counter digital frauds
• Financial Services Secretary emphasizes the need for banks to strengthen cybersecurity measures
• Meeting addresses issues of AEPS fraud, data protection, and KYC standardization for merchants

Financial Services Secretary Vivek Joshi announced that the government has suspended 70 lakh mobile numbers in a proactive move to curb digital frauds. This action was taken in response to suspicious transactions, and Joshi emphasized the need for banks to reinforce their systems and processes for enhanced cybersecurity.

The government aims to address financial cyber threats and digital payment fraud through regular meetings, with the next session scheduled for January. Joshi also highlighted discussions on Aadhaar Enabled Payment System (AEPS) fraud, emphasizing data protection, and underscored the importance of standardizing KYC processes for merchants to ensure a more secure financial ecosystem.

During a meeting chaired by Financial Services Secretary Vivek Joshi, the government's efforts to combat cyber fraud were discussed. In response to the rising challenges of digital payment fraud, banks have been urged to strengthen their cybersecurity measures. The government has suspended 70 lakh mobile numbers as a precautionary measure against suspicious activities. Discussions also covered issues related to AEPS fraud, emphasizing state-level responsibility for data protection, and the standardization of KYC processes for merchants.

The meeting involved senior officials from various government departments and agencies, including the Department of Economic Affairs, Department of Revenue, Department of Telecom, Ministry of Electronics and Information Technology (MeitY), Telecom Regulatory Authority of India, and National Payments Corporation of India. The meeting assumes significance in light of recent digital fraud incidents, including those reported by UCO Bank and Bank of Baroda.