Financial institutions told to strengthen fraud management system

The FIs consist of central banks, retail and commercial banks, internet banks, credit unions, savings and loan associations

Financial institutions (FIs) that are yet to register with the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) platform, an in-house cyber crime prevention tool developed by I4C (Indian Cyber Crime Coordination Centre), have been asked by the central government to quickly do so.

They have been asked to strengthen the fraud management system and enhance due diligence.

“Of the 800-odd FIs, as of now, 259 have registered with the cyber crime watchdog I4C. The rest are being asked to expedite the process. More such meetings will take place, with the next one scheduled for January,” Vivek Joshi, secretary, Department of