According to RBI's annual report, the banking sector recorded 9,103 cases of frauds involving Rs 60,414 crore in 2021-22 and 7,359 cases of fraud involving Rs 1,38,211 crore in 2020-21.
A new and robust ecosystem is being developed to fight cyber crimes in the country and even the Information Technology Act is likely to be amended.
Disclosing this, Minister of State for Home Affairs Ajay Kumar Mishra today said that investigation and prevention of cyber crime was a challenging task.
On the one hand, cyber space had made positive impacts on human lives, it had also increased dependence on cyber technologies, and there were security challenges, he said, addressing information security functionaries.
Cyberspace was boundary-less and there was need to have world standards. The Indian Cyber Crime Coordination Centre (I4C), founded in 2018 by the MHA, is working as a special purpose unit to fight cyber crime and cyber security challenges, Mishra said.
The Cyber crime reporting portal, launched in 2019, is one of the most significant achievements of I4C. This portal is a citizen centric crime reporting portal. The national helpline 155260 launched by I4C is helping the common citizen in registering financial frauds.
Mishra said the National Cyber Crime Research and Innovation Center (NCR&IC) and Modernisation Division of BPR&D had played an active role in the field of capacity building of law enforcing agencies to tackle cyber crime and related security challenges.