FinMin wants banks to complete I4C integration by January to check frauds
Indian Cybercrime Coordination Centre (I4C) to tackle the growing problem of financial frauds.
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In a letter dated January 17, the Department of Financial Services wrote to the chief executive officers of all public sector banks to directly integrate with the back-end systems of I4C by the end of this month.
“It is kindly requested to complete the API (application programming interface) integration with I4C by January 2025,” said the letter, a copy of which is available with ET.
An API integration would mean that any complaint on financial fraud registered with the I4C will be instantaneously routed to the bank concerned through their back-end systems, thereby allowing speedy remedial action.
Additionally, banks have been asked to explore the use of Mulehunter.Ai, a product that has been built by the Reserve Bank of India Innovation Hub (RBIH) to detect mule accounts.
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