Government holds discussion with fintechs on cybersecurity, digital financial fraud

economictimes.indiatimes.com:

fintechs and law enforcement agencies on steps to foster strong collaboration and address key challenges such as cybersecurity and digital financial fraud. Some key issues that were discussed in a workshop held by the finance ministry on Tuesday included the creation of a suspicious registry of banking correspondents and fraudsters involved in financial fraud and the geotagging of digital transactions to track the money trails.

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In a statement, the finance ministry stated during the deliberations it was suggested that an indigenous transaction monitoring and anti-money laundering (AML) system catering to Indian fraud and crime scenarios may be developed by fintech companies.

The other issues deliberated include conducting regular audits of digital KYC to foster trust and accountability, establishing a mechanism for freezing and unfreezing accounts for faster recovery of defrauded money, and developing a developing a strategy to control the money mules.
The half-day workshop was attended by heads of around 60 fintech companies, four fintech associations, and officials from other ministers and regulators, including the Reserve Bank of India, the statement noted.

«The interactive workshop was organised to foster strong