MHA unit for real-time mitigation of online fraud, banks to link database

THE Ministry of Home Affairs is working on forming a new wing called Cyber Fraud Mitigation Centre under the Indian Cyber Crime Coordination Centre (I4C) to deal with cyber financial fraud in real-time to save the victim's money, sources said on Wednesday.

- MUKESH RANJAN

Terming the move a real game-changer, the sources said that the FMC will onboard all the agencies dealing with such crimes, including the government, banks, telecom service providers, IT intermediaries and social media companies, who so far till now have been working from different locations and in silos.

The interaction among them mostly takes place through an electronic medium that leads to time lag in processing a complaint to counter and retrieve financial fraud or transactions, they added.