The Union Home Minister, Shri Rajnath Singh at the Pipping Ceremony on Promotion of officers and personnel of ITBP, in New Delhi on August 21, 2017. The Minister of State for Home Affairs, Shri Kiren Rijiju is also seen. (file photo)
India’s Home Minister Rajnath Singh held a meeting in Delhi on Monday to review the measures being taken for curbing the financial sector frauds emanating from the usage of cards and e-wallets in particular.
He was informed that in pursuance of the decisions taken in the meeting taken by him on September 19, 2017, an Inter Ministerial Committee on Phone Frauds (IMCPF) has been constituted in the Ministry of Home Affairs on September 28, 2017.
The Committee under the chairmanship of Additional Secretary MHA and members from other stakeholder organisations namely Ministry of Electronics & Information Technology (MeitY), Department of Financial Services, Department of Telecommunication, Reserve Bank of India and law enforcement agencies held its first meeting on October 24, 2017 and discussed various types of phone frauds taking place in India and the steps to be taken by stakeholder organizations in order to curb such instances.
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The Minister reviewed the measures such as:
• Big data analysis by involving IIT Delhi for identification of perpetrators of phone frauds in order to prevent duplication across e-wallets.
• Providing of additional information in SMS / email alerts to customers from banks or e-wallet companies, as part of customer alert mechanism to include names of beneficiaries of any financial transaction wherever necessary for better traceability and crosschecking on the part of the victim.
• Publishing online statistics depicting the 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.
• Legal aspects involved in making this Metadata Archival possible by way of sharing of data among different government / private agencies.
• Reduction of insurance cost; and mandatory KYC for all the entities issuing Prepaid Payment Instruments (PPIs); disabling of default international transactions facility for credit / debit cards.
The Minister was informed about the measures taken by Jharkhand Police to crackdown on the perpetrators of phone frauds which has resulted in considerable fall in instances of these crimes.
The Minister directed that IMCPF shall examine all the highlighted issues in consultation with the relevant stakeholders expeditiously.
Photo courtesy: Press Information Bureau