Technology and data analytics key in tackling cybercrime: CyberPeace

Recent data from the Indian Cyber Crime Coordination Centre (I4C) reveals that in 2023, approximately 11.28 lakh cases of financial fraud were reported by citizens, involving a large total of Rs 921.59 crores, this underscores the growing challenges posed by cybercrime to India's digital financial landscape.

Vineet Kumar, Founder and Global President, CyberPeace Foundation, discussed the strategies individuals can adopt to protect themselves against cyber threats, and the role of organizations such as CyberPeace in empowering citizens. Excerpts from an interview: 

DQ: Reserve Bank of India's annual report indicates a five-fold annual increase in online payment fraud cases for the financial year 2023-24. What measures can individuals adopt to safeguard their personal and financial information during online transactions?

Vineet Kumar: To safeguard their sensitive personal information during online transactions, individuals should start by taking basic security measures. Activating instant alerts for all bank transactions and never sharing passwords, PINs, or OTPs with anyone should be the first step. Additionally, using strong and unique passwords for each financial account, and regularly monitoring bank accounts for suspicious activity can help in protecting personal data.

Furthermore, before engaging with any digital lending app or financial service, it's crucial to conduct thorough due diligence. Verify the app's name, ratings, and reviews, and be sceptical of offers that seem too good to be true, as these are often signs of fraudulent schemes. It is also important to exercise caution when using mobile lending apps, as they can exploit device permissions to access personal data. Individuals should carefully manage app permissions by denying unnecessary access to contacts, locations, and photos.

Finally, it is strongly advised to only download banking and financial apps from official sources like the Google Play Store or Apple App Store, and avoid installing apps through links sent via SMS, email, or social media, even if they appear to come from someone you know. In light of increasing Aadhaar-enabled payment frauds, users can lock their biometrics to prevent misuse or any unauthorised activity. This ensures the security of your biometric data by preventing its use in biometric authentication.

By combining these practices with ongoing education about the latest fraud techniques, individuals can significantly enhance their protection against online financial fraud and unauthorized data access, ensuring a safer digital financial experience.

DQ: What immediate actions should an individual take if they suspect they've fallen victim to online financial fraud?

Vineet Kumar: If you suspect you've fallen victim to online financial fraud, immediate actions are crucial. First, contact your bank without delay to report unauthorized transactions or suspicious account activity. Provide specific details such as transaction date and time, amounts, and types of transactions such as debit/credit card fraud or UPI/Net banking transactions. Request that the bank block your debit/credit cards and freeze your account to prevent further losses. 

Next, file a complaint with your local Cyber Crime Cell or through the National Cyber Crime Reporting Portal or Cyber Crime Helpline ‘1930’, supplying all relevant information. Keep a copy of the complaint for your records and follow-up. You can also contact us at CyberPeace Helpline +919570000066 and helpline@cyberpeace.net to get assistance in reporting your cases. 

Additionally, if the fraud involves misuse of your mobile number, report it to your telecom service provider and consider changing your number if it has been compromised. Prompt reporting and action can help to minimize financial loss and aid in the investigation. 

DQ: What measures can banking and financial institutions take to simplify the reporting of financial fraud by citizens?

Vineet Kumar: Banking and financial institutions can simplify the reporting of financial fraud by taking several key steps. First, they should publicize existing dedicated hotlines and online channels for reporting fraud to ensure these tools are accessible to people across different regions and demographics. 

Secondly, providing step-by-step guidelines on the required information and supporting documents for filing a complaint, along with a simplified complaint process, can make it easier for citizens to report incidents promptly. It is noted that there is a dedicated mechanism Citizen Financial Cyber Fraud Reporting and Management System on the National Cyber Crime reporting portal to report financial frauds. 

Additionally, all the relevant agencies such as the Indian Cyber Crime Coordination Centre (I4C), Reserve Bank of India (RBI), National Payments Corporation of India (NPCI), and banking institutions must all act together to establish robust measures aiding citizens to report their cybercrime financial fraud cases with ease and transparency. 

  

Finally, focusing on customer support and transparency is key. Offering dedicated support to guide victims through the reporting and resolution process, and providing timely updates on the status of investigations and recovery efforts, can build trust and encourage more people to come forward and report fraud.

DQ: Cybercrime conviction rates in India remain low. What measures can be implemented to strengthen the capabilities of law enforcement agencies to ensure higher conviction rates for cyber criminals?

Vineet Kumar: To ensure higher cybercrime conviction rates in India, a comprehensive approach is essential to strengthen law enforcement capabilities. This requires substantial investments in advanced cyber forensics infrastructure along with regular training programs for law enforcement agencies. 

Equally important is enhancing coordination among law enforcement, the judiciary, industry, and international agencies to streamline investigations and prosecutions. Additionally, addressing judicial delays through establishing special cybercrime courts can ensure higher conviction rates while ensuring swift justice for cybercrime victims. 

Leveraging technology and data analytics is another key factor in effectively tackling cybercrime. Artificial intelligence-powered tools have the potential to revolutionize how cybercrimes are detected, investigated, and prevented. 

An example is CyberPeace's 'e-Kawach' initiative, which deploys AI to implement comprehensive public network and threat intelligence sensors across India. This system captures and analyzes internet traffic in real time, providing invaluable insights into cyber-attacks as they unfold. 

Furthermore, robust technical capabilities, coordination amongst law enforcement agencies, judiciary and strengthening the compliance of laws and regulations can all act as a powerful force to target the perpetrators of cyber crimes including financial frauds. 

By adopting innovative approaches alongside traditional law enforcement methods, India can enhance its capacity to combat cybercrime, leading to higher conviction rates and a safer digital environment for its citizens.

DQ: Elaborate on some of CyberPeace's key initiatives aimed at educating citizens and building their capacity to protect themselves from online financial fraud.

Vineet Kumar: At CyberPeace, we've launched several initiatives to enhance cyber security awareness among citizens. Our CyberPeace Initiative, in collaboration with Google, empowers 9 million Internet users with the skills to identify misinformation online enabling them to participate responsibly in the digital economy.

We also have our Digital Shakti program in partnership with the National Commission of Women (NCW). This ongoing initiative has provided skills training and educational resources to over 6 lakh women, helping them learn the fundamentals of online safety and digital literacy. Recently, we launched the 5th Phase of this program which aims to train and upskill more than 10 lakh women across India.

Additionally, our CyberPeace Corps initiative has mobilised 70,000 individual volunteers from more than 130 countries, these volunteers are supporting their communities to use the Internet safely and responsibly.

We also launched #FightTheFraud initiative in collaboration with Amazon India and Rashtriya Raksha University aimed at developing a collective response against the growing cybercrime and online scams including financial frauds in India through a range of activities such as webinars, social media awareness campaigns, capacity-building workshops, and others.

CyberPeace further strengthened its impact through comprehensive Awareness Campaigns and Training Programs, including the development of a ‘Financial Fraud Awareness Toolkit’ in collaboration with NETFLIX.

In addition, we disseminate blogs, advisories and best practices regarding evolving cybercrimes including financial frauds on our website https://www.cyberpeace.org/ to raise awareness and also operate an assistance helpline number 9570000066 where our dedicated team of experts provides crucial support to individuals affected by Cyber Crimes including financial fraud. We aim to expedite their recovery and ensure they receive necessary assistance, including support and prompt responses from relevant law enforcement agencies. 

While these initiatives aim to enable citizens to protect themselves from cyber threats, our commitment to digital empowerment is not limited in its focus. Initiatives such as NIHIT, a knowledge-sharing platform facilitating India-US dialogue on inclusive growth, entrepreneurship, and MSMEs, serve as a vital resource for startups, investors, policymakers, and regulators, bridging the gap between digital innovation and regulatory understanding. 

As part of NIHIT's inaugural efforts, the Prakshepan hackathon identifies, mentors, and accelerates startups that enhance India-US trade relations, fostering innovation and economic ties. These initiatives collectively aim to empower citizens in the digital economy while equipping them with the knowledge and tools to guard against online financial fraud, promoting a comprehensive approach to inclusive growth and security in our evolving financial landscape.