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Cyber fraud is being addressed by the MHA, which has established a hotline to assist victims.

Cyber fraud is being addressed by the MHA, which has established a hotline to assist victims.

Cyber fraud is being addressed by the MHA, which has established a hotline to assist victims. The Ministry of Home Affairs (MHA) has operationalized the national hotline 155260 as well as a reporting mechanism for avoiding financial loss. As a result of cybercrime in order to create a safe and secure digital payments eco-system for citizens.

In order to avoid the loss of their hard-earned money. The site offers a method for those who have been deceiving in cyber fraud to report such instances.

The hotline was officially establis on April 1st of this year after a preliminary launch. It was build operational by the Indian Cyber Crime Coordination Centre (I4C). Which is part of the Ministry of Home Affairs (MHA), with active support and cooperation from The Reserve Bank of India (RBI). All major banks, Payment Banks, Wallets, and online merchants are all participating in this initiative. The MHA has also made the hotline 155260 as well as its reporting portal available for public use.

“The Citizen Financial Cyber Fraud Reporting and Management System has been developed in-house by I4C. That is to link Law Enforcement Agencies, banks, and financial intermediaries,” according to a statement from the Home Ministry

As of now, it is in use in conjunction with the number 155260 by seven states and union territories (Chhattisgarh; Delhi; Madhya Pradesh; Rajasthan; Telangana; Uttarakhand; and Uttar Pradesh), which together account for more than 35 percent of the country’s population.”

The rollout of the system in the other states is now ongoing. In order to halt the flow of money siphoned off by fraudsters throughout the country.

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Over the course of two months since its initial launch, hotline 155260 has prevented more than Rs 1.85 crore in fraudulent funds from reaching the hands of fraudsters. With Delhi and Rajasthan preventing Rs 58 lakh and Rs 53 lakh, respectively, from falling into the hands of scammers.

The facility, which makes use of cutting-edge technology. Enables both banks and law enforcement agencies by allowing them to share information on online fraud and take action in near real-time.

The loss of fraudulent money in online cheating cases may prevent by pursuing the money trail and halting its further movement before the money is removing from the digital ecosystem by the fraudster or by law enforcement.

Victims of cyber fraud may contact the hotline 155260, which is staff and manage by the relevant state police. According to the Ministry of Home Affairs, which provided information on the helpline and its related platform operation.

Using the Citizen Financial Cyber Frauds Reporting and Management System. The telephone operator records the fraud transaction details and the caller’s basic personal information. After that, sent in the form of a Ticket to the appropriate authorities.

The Ticket is escalating to the relevant Banks, Wallets, Merchants, and so on. Depending on whether they are the victim’s bank or the bank/wallet into which the fraudulent money has been transferring, among other things.

It is also given to the victim by SMS, providing the victim with an acknowledgment number for the complaint and the instruction to submit all of the information of the fraud to the National Cybercrime Reporting Portal (https://cybercrime.gov.in/) within 24 hours using the acknowledgment number.

The concerned bank, which can now see the ticket on its dashboard on the reporting portal. Goes into its internal systems and double-checks the information.

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if the fraudulent money is still accessible, the bank puts it on hold, preventing the fraudster from withdrawing any funds from the account.

If the money that was scams has been transfers to another bank. The Ticket is escalate to the next bank from where the money has been transfer. Once the money has been prevented from reaching the hands of the fraudsters. This procedure is repeated until the money has been saved.

Currently, all of the main public and private sector banks have signed on to use the hotline and its online reporting platform.

The State Bank of India, the Punjab National Bank, the Bank of Baroda, the Bank of India, the Union Bank, IndusInd, the HDFC Bank, the ICICI Bank, the Axis Bank, the Yes Bank, and the Kotak Mahindra Bank are among the prominent ones. Also connected to it are major wallets and merchants. Like PayTM, PhonePe, Mobikwik, Flipkart, and Amazon, to name a few examples.

The effectiveness of the Helpline and Reporting Platform may be judged by the fact that. In many instances, created money has been prevented from reaching fraudsters. Despite the fact that the money had been transferred by the cheats to five other banks in order to conceal their path of destruction.

What do you think?

Written by Ankur J Kakoti

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