CURBING WHITE-COLLAR CRIMES
TO CHECK THE rising incidence of cyber/white collar crimes, the government is planning to further strengthen fraud risk management solutions in coordination with regulators and stakeholders.
The finance ministry told the Parliamentary Standing Committee on Finance on June 15 that the plan of action for this year includes reviewing fraud risk management solutions and security operations centre (SOC) implementation across banks.
The National Crime Records Bureau (NCRB)reported a 300% increase in cases registered of financial cybercrime from the year 2017 to 2021. It said fraud for cyber crimes cases registered stood at 14,007 in 2021 from 3,466 in 2017.
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