Cyber Fraud Mitigation Centre: Foundation Day Celebrations
Union Home and Cooperation Minister Amit Shah will preside over the first Foundation Day celebrations of the Indian Cyber Crime Coordination Centre (I4C) in New Delhi on Tuesday, September 10. During this event, Shah will launch several significant initiatives aimed at combating cybercrime. One of the key highlights will be the dedication of the newly-established “Cyber Fraud Mitigation Centre” (CFMC) to the nation.
What is the Cyber Fraud Mitigation Centre?
The Cyber Fraud Mitigation Centre (CFMC) is designed to serve as a unified platform where multiple agencies involved in cyber fraud prevention can collaborate. This will include representatives from banks, law enforcement agencies, telecom providers, financial institutions, IT intermediaries, and payment aggregators. Currently, these agencies operate independently, causing delays in coordinating actions against cyber fraud. With CFMC, these stakeholders will work together to swiftly address online financial crimes. This setup will demonstrate cooperative federalism in cyber law enforcement.
Launch of the Samanvay Platform
In addition to the CFMC, Amit Shah will also unveil the “Samanvay Platform,” a web-based system designed to streamline cybercrime investigation. This platform will serve as a centralized hub for collecting and sharing data, crime mapping, analysis, and coordination between law enforcement agencies nationwide.
Faster Action Against Financial Fraud
By bringing all the relevant agencies under one roof, CFMC will significantly reduce the response time for tackling financial fraud. Currently, these agencies—comprising government bodies, banks, telecom providers, IT intermediaries, and social media companies—operate from separate locations and communicate electronically, which often causes delays. The unified approach of CFMC is expected to improve the speed and efficiency of fraud prevention.
Significant Impact Expected on Fraud Prevention
At present, only around 11% of money involved in cyber fraud is successfully intercepted before reaching fraudsters. However, CFMC aims to drastically improve this figure, with estimates suggesting that 50-60% of fraudulent transactions could be halted. Additionally, victims of fraud will see a faster recovery of their stolen funds.
What is I4C?
The Indian Cyber Crime Coordination Centre (I4C) was established on October 5, 2018, under the Ministry of Home Affairs, to create a national coordination center addressing cybercrime. I4C’s mission is to strengthen the capabilities of law enforcement and improve coordination among all stakeholders involved in combating cybercrime. Its headquarters were inaugurated on January 10, 2020, and from July 1, 2024, I4C will operate as a permanent office under the Ministry of Home Affairs.
Reporting Financial Cyber Fraud
The CFMC will focus on swiftly preventing money from reaching fraudsters once a complaint is lodged. Citizens can report financial cyber fraud by calling the National Helpline at 1930 for immediate assistance.