Cybercrimes in the Indian Financial Sector on the Rise

Rajnath Singh chairing a meeting to review the measures to check cybercrime in the financial sector, in New Delhi on September 19, 2017
Rajnath Singh chairing a meeting to review the measures to check cybercrime in the financial sector, in New Delhi on September 19, 2017

In today’s increasingly specialized and cut-throat world, a person needs in-depth knowledge and extensive domain expertise to handle a particular department even in a small company. But it is highly unfortunate that people with no qualification or expertise become Prime Ministers, ministers, and bureaucrats in India to manage highly complex domains of governance. That’s why India continues to be a poor, underdeveloped country. ~ Rakesh Raman


India’s Home Minister Rajnath Singh chaired a meeting of all concerned agencies and representatives of certain States to review the measures being taken to arrest the growing trend of cybercrime in the financial sector. He expressed concern over the disturbing rise in cyber frauds using cards and e-wallets in particular.

The strategies being adopted to check financial cybercrimes were discussed in detail. Officers from various agencies made presentations and appraised the Home Minister of the current trends of financial cybercrimes in the country and the steps being taken by their agencies to address this challenge.

It has been noted that both legal and technological steps need to be taken to address this situation. 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.

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It has been decided to expedite the implementation of cybercrime prevention initiatives in these agencies towards this end along with measures required to acquire critical cyber forensics equipment.

The Union Home Minister directed all concerned agencies to undertake required measures in a time bound manner and emphasized on coordination of all concerned agencies in this regard. It was decided that an inter-ministerial committee may be set up to identify action points and monitor the implementation.

The meeting was attended by Union Home Secretary, Secretary Department of Financial Services, Secretary MeitY, Director Intelligence Bureau, Commissioner of Police Delhi and National Cyber Security Coordinator.

Photo courtesy: Press Information Bureau

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Rakesh Raman