<p class="title">In its fight against financial cyber-crimes, the government has now roped in IIT-Delhi to help authorities identify criminals using phone and other technology for fraud through big data analysis.<br /><br />Other initiatives planned by the government also include providing additional information through text messages or email alerts to customers from banks or e-wallet companies. This customer alert mechanism would include names of beneficiaries of any financial transaction wherever necessary for better traceability and crosschecking on the part of the victim.<br /><br />Union Home Minister Rajnath Singh on Monday reviewed the measures taken by the authorities to tackle the financial sector frauds emanating from the usage of cards and e-wallets in particular.<br /><br />Officials said IIT-Delhi would use big data analysis for identification of perpetrators of phone frauds in order to prevent duplication across e-wallets.<br /><br />Another plan is to publish online statistics depicting specific incidents, frauds against e-wallet companies and banks along with details including investigation to enable customers to make an informed choice before subscribing to e-wallet services.<br /><br />Legal aspects involved in making metadata archival possible by way of sharing of data among different government and private agencies, reduction of insurance cost and mandatory KYC for all the entities issuing Prepaid Payment Instruments (PPIs) are also contemplated. Disabling of default international transactions facility for credit and debit cards are also being discussed.<br /><br />At the inter-ministerial review meeting, Singh took stock of the steps being taken to check financial cybercrime emanating from the usage of cards and e- wallets in particular and how to protect interests of the citizens. Singh had on September 28 constituted an Inter Ministerial Committee on Phone Frauds (IMCPF), which held its first meeting on October 24 when it discussed various nature of phone frauds and steps to be taken by the various stakeholders. </p>
<p class="title">In its fight against financial cyber-crimes, the government has now roped in IIT-Delhi to help authorities identify criminals using phone and other technology for fraud through big data analysis.<br /><br />Other initiatives planned by the government also include providing additional information through text messages or email alerts to customers from banks or e-wallet companies. This customer alert mechanism would include names of beneficiaries of any financial transaction wherever necessary for better traceability and crosschecking on the part of the victim.<br /><br />Union Home Minister Rajnath Singh on Monday reviewed the measures taken by the authorities to tackle the financial sector frauds emanating from the usage of cards and e-wallets in particular.<br /><br />Officials said IIT-Delhi would use big data analysis for identification of perpetrators of phone frauds in order to prevent duplication across e-wallets.<br /><br />Another plan is to publish online statistics depicting specific incidents, frauds against e-wallet companies and banks along with details including investigation to enable customers to make an informed choice before subscribing to e-wallet services.<br /><br />Legal aspects involved in making metadata archival possible by way of sharing of data among different government and private agencies, reduction of insurance cost and mandatory KYC for all the entities issuing Prepaid Payment Instruments (PPIs) are also contemplated. Disabling of default international transactions facility for credit and debit cards are also being discussed.<br /><br />At the inter-ministerial review meeting, Singh took stock of the steps being taken to check financial cybercrime emanating from the usage of cards and e- wallets in particular and how to protect interests of the citizens. Singh had on September 28 constituted an Inter Ministerial Committee on Phone Frauds (IMCPF), which held its first meeting on October 24 when it discussed various nature of phone frauds and steps to be taken by the various stakeholders. </p>
