CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Government of India, in partnership with SBI Cards and Payment Services Ltd (SBI Card) and telecom providers, is working on an innovative solution to address the growing threat of cyber fraud and phishing assaults employing stolen one-time passwords. The Centre is testing a technology that will allow banks to follow a customer's registered address and geolocation and compare it to the area where the OTP is given. In the event of a discrepancy, the customer might be notified of a potential phishing assault.
Background
The Reserve Bank of India (RBI) required an additional level of verification for digital payment transactions to prevent fraud.
However, fraudsters have enhanced capabilities for stealing OTPs by deceiving customers or redirecting OTPs to their own devices, rendering the second factor of authentication worthless.
How Does The Solution Work?
Banks would trace the SIM card location of a customer via telecom service providers and match it to the consumer's registered address in their database.
If the OTP is provided to a location unconnected to the consumer, a pop-up message may appear on the customer's screen, warning of a potential phishing attempt.
In extreme instances, the OTP can be disabled completely to prevent fraudulent transactions.
Cybercrime Statistics In India
According to the Indian Cyber Crime Coordination Centre (i4C), cybercriminals stole Rs 10,319 crore between April 2021 and December 2023.
Non-state actors committed the majority of crimes in China, Cambodia, and Myanmar.
Until February 2024, the government's 'Citizen Financial Cyber Fraud Reporting and Management System' stopped around Rs 1,200 crore in fraudulent transactions based on more than 470,000 citizen complaints.
About The National Cybersecurity Coordinator (NCSC)
Established in 2014, the National Security Council Secretariat coordinates cyber security across industries and agencies.
Plays an important role in developing and implementing India's cyber security strategy.
Coordinates with foreign partners to strengthen global cyber security cooperation.
Advises the government on protecting important information infrastructure and managing cyber crises.
About The Indian Computer Emergency Response Team (CERT-In)
Operational since 2004, under the Ministry of Electronics and Information Technology.
Serves as the national nodal agency for reacting to cybersecurity events.
monitors and analyzes cyber risks, vulnerabilities, and incidents.
Offers alerts, advisories, and advice to improve cyber security readiness.
Provides cyber security drills and training programs to government and critical sector organizations.
About India's Cyber Security
India is the world's second-largest telecom market, with approximately 1.16 billion users as of now.
The country has also experienced a considerable increase in digital payments, with transaction volumes hitting 7,422.68 crore in FY 2023, up from 5,554.59 crore the previous year.
The Indian government has taken many initiatives to boost cybersecurity, including establishing the National Cyber Security Coordinator (NCSC) and the Indian Computer Emergency Response Team (CERT-In).
As the country continues to adopt digital payments, such programs will play an important role in instilling trust and confidence in people while protecting their finances.
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