India to meet banks and fintechs as cyber fraud cases rise: Sources
A primary focus of the gathering is expected to be the discussion of digital payment fraud statistics and the challenges encountered in countering these fraudulent activities.
The Finance Ministry and the Reserve Bank of India (RBI) will hold an important meeting on November 28, bringing together bank and fintech firms to address the mounting concerns surrounding cyber fraud and data breaches.
Against the backdrop of increasing instances, the meeting, chaired by the Secretary of the Department of Financial Services (DFS), will see the participation of key entities such as the National Payments Corporation of India (NPCI), Ministry of Electronics and Information Technology, Ministry of Home Affairs, DoT, Telecom Regulatory Authority of India (TRAI), Unique Identification Authority of India (UIDAI), and FIU officials.
A primary focus of the gathering is expected to be the discussion of digital payment fraud statistics and the challenges encountered in countering these fraudulent activities. Recent months have witnessed a surge in cyber threats, necessitating a united front to bolster cybersecurity measures.
In a proactive move, the government engaged in discussions with Google on November 10 to comprehend its financial risk mitigation framework.
This meeting is part of a broader strategy, with a series of meetings expected to unfold.
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