Cyber crimes are the most common crime in this world. Every person who is using the internet has at some point come with various scam calls, emails, or spam links that would lead to cyber fraud. For instance, the 1990’s Nigerian prince scam which might be shocking as you think is it still relevant but has scammed many individuals through email and sms in the name of prince charity and people are still falling for this scam. Another classic scam was Delhi’s “unpaid electricity bill” where people in the fear of losing electricity paid a huge amount of money to these scammers.
From these instances, you might get an idea of how these cybercriminals are scamming people even before when the internet was not a huge thing in this world. Now think about what would be the situation now when everyone is having access to the internet and every sector is getting online from banking to college forms etc, now you can think about what amount of data is available and how hackers and scammers are using this data to steal people.
For dealing with this kind of fraud Indian government formed the organization CyberSafe in 2019 to report and aware people of such scams.
CyberSafe, a Ministry of Home Affairs project, is a comprehensive system designed to combat digital fraud involving digital wallets, debit/credit cards, payment banks, e-commerce portals, etc. It is a response to the rise in phone fraud cases in the nation when unwary residents are coerced into giving fraudsters their card information and lose their hard-earned money and savings.
FCORD, in association with several private technology partners, has developed a pilot application, CyberSafe, as an information-sharing platform between LEAs and Fintech entities. The goal is to increase public confidence in the platform, make the digital payment ecosystem safe and secure, and help law enforcement agencies deal with and prevent all such crimes.
CyberSafe functions as a platform for real-time information sharing between fin-tech companies and a vast network of thousands of law enforcement organizations, or roughly 5,000 police stations spread out across India's 19 states and Union Territories.
CyberSafe works as a central database of fraudsters with their complete bank account and mobile number information. Through partnerships with fin-tech companies, the app follows the use of mobile numbers by fraudsters and the movement of money stolen from their victims in real-time.
The CyberSafe software allows for the real-time tracking of financial flows and the transmission of that information back to the police, and it is used as soon as a victim contacts the police with a complaint. The typical police response that follows involves freezing accounts, recovering lost funds, and concluding cases considerably more quickly than before.
There are a total of 19 fintech entities integrated with CyberSafe and they are working along with the government to make the internet more secure. The Fintech Entities are:
CyberSafe has the potential to provide precise official data as well as solutions for combating the cyber fraud threat by reducing the victim's friction while reporting fraud.
India definitely has a cutting-edge instrument to deal with cyber fraud and keep track of new tricks and techniques used by online criminals to con unwary individuals thanks to the combination of quick fraud reporting and the negative repository and tracking mechanism developed by CyberSafe.
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