Finance ministry, RBI & NPCI tighten digital fraud safeguards
The Union finance ministry, RBI, and NPCI have implemented measures to protect digital financial transactions and combat fraud. I4C was established in 2020 to coordinate responses to cybercrimes. Between 2014-15 and Dec 2024, 63,315 digital payment frauds involving amounts above Rs 1 lakh were reported, resulting in a financial loss of Rs 733.26 crore.
The Union finance ministry, RBI, and NPCI have implemented measures to protect digital financial transactions and combat fraud. I4C was established in 2020 to coordinate responses to cybercrimes. Between 2014-15 and Dec 2024, 63,315 digital payment frauds involving amounts above Rs 1 lakh were reported, resulting in a financial loss of Rs 733.26 crore.
