Addressing the Surge in Digital Payment Fraud: Collaborative Strategies by Indian Government, RBI, and Financial Institutions

To address the increasing threat of cyber fraud and data breaches, the Finance Ministry and the Reserve Bank of India (RBI) have arranged a crucial meeting on November 28, today. The meeting will bring together representatives from the banking and fintech sectors.

As reported by CNBC-TV18, the Secretary of the Department of Financial Services (DFS) will lead the meeting. Participants include entities like the National Payments Corporation of India (NPCI), Ministry of Electronics and Information Technology, Ministry of Home Affairs, Department of Telecommunications (DoT), Telecom Regulatory Authority of India (TRAI), Unique Identification Authority of India (UIDAI), and officials from the Financial Intelligence Unit (FIU). Representatives from SBI and BoB are also expected to be present.

The focus of the meeting is expected to be on the concerning increase in digital payment fraud and the intricate challenges in preventing these illicit activities. The recent surge in cyber threats highlights the urgent need for a unified approach to strengthen cybersecurity measures.

Additionally, the government recently engaged in discussions with Google to gain insights into their financial risk mitigation framework.

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