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Cyberfraud UPSC NOTE

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  Why in news The Indian Cyber Crime Coordination Centre (I4C) has projected that cyber frauds may cost Indians over ₹1.2 lakh crore in the ...

 Why in news

  • The Indian Cyber Crime Coordination Centre (I4C) has projected that cyber frauds may cost Indians over ₹1.2 lakh crore in the next year.

  • This alarming figure highlights the growing threat of cybercrime in India and its potential impact on the economy.

What is the Indian Cyber Crime Coordination Centre (I4C)?

  • Established under the Union Ministry of Home Affairs (MHA), I4C serves as a central hub for addressing and managing cybercrime issues in India.

  • It aims to coordinate between various law enforcement agencies, facilitate reporting of cyber crimes, and enhance the overall response to such incidents.

  • The centre is located in New Delhi.

  • The I4C has 7 components which are:

    • National Cyber Crime Threat Analytics Unit (TAU)

    • National Cyber Crime Reporting Portal (NCRP)

    • National Cyber Crime Training Centre (NCTC)

    • Cyber Crime Ecosystem Management Unit

    • National Cyber Crime Research and Innovation Centre

    • National Cyber Crime Forensic Laboratory (NCFL) Ecosystem

    • Platform for Joint Cyber Crime Investigation Team

What is Cyberfraud?

  • Cyberfraud encompasses a range of illegal online activities aimed at deceiving individuals or organizations for financial gain.

  • Common methods include phishing, identity theft, and the use of mule bank accounts, which serve to launder illicit funds and facilitate fraud.


Key Highlights of the I4C Projection

  • Mule bank accounts are a significant source of online scams, with the potential to drain approximately 0.7% of India's GDP.

  • A substantial portion of these scams originates from countries like China, Cambodia, and Myanmar, indicating a transnational nature of cybercrime.

  • From January to June this year, financial fraud losses reported through the MHA's cybercrime portal reached ₹11,269 crore, underscoring the scale of the issue.

Cyber Fraud in India

  • The government has identified 18 ATM hotspots where fraudulent cash withdrawals frequently occur, indicating organized operations.

  • "Scam compounds" have been established in Southeast Asian nations, where fraudsters, sometimes based in India, use Indian phone numbers to target victims across the country.

  • There are also reports of money being withdrawn from ATMs abroad using mule accounts, with locations including Dubai, Hong Kong, and Russia.

Way Forward

  • The MHA plans to convene a meeting with the Union Finance Ministry and the Reserve Bank of India to develop strategies to combat the use of mule accounts.

  • Banks are urged to improve their transaction monitoring systems to identify suspicious activity, such as high-value transactions from low-balance accounts.

  • Implementing alerts for multiple logins from a single IP address and sudden changes in transaction patterns could help law enforcement act quickly against fraud.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Cyberfraud UPSC NOTE
Cyberfraud UPSC NOTE
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