India Launches Effort to Track, Freeze Cyber Fraud Proceeds

The Indian government has set up the Citizen Financial Cyber Fraud Reporting and Management System to report, track – and ultimately freeze – the proceeds of cyberattack-induced financial theft.

The system, which features a national helpline – 155260 – for victims of fraud, was developed by the Indian Cyber Crime Coordination Center, or I4C, under the Ministry of Home Affairs, with support from the Reserve Bank of India, major banks, payment banks, wallets, and online merchants, the government said in a statement. The system can track the flow of stolen money from bank to bank in real-time so that banks can freeze the funds to prevent cashout by the criminals, the statement notes.

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The Helpline and its associated platform operate on the following workflow:

1. Victims of cyber fraud call on Helpline no. 155260, which is manned and operated by the concerned State Police.
2. The Police operator notes down the fraud transaction details and basic personal information of the caller and submits them in the form of a Ticket on the Citizen Financial Cyber Frauds Reporting and Management System.
3. The Ticket gets escalated to the concerned Banks, Wallets, Merchants and so on, depending on whether they are the victim’s bank or the bank/wallet in which the defrauded money has gone.
4. An SMS is also sent to the victim with an acknowledgement number of the complaint with direction to submit complete details of the fraud on the National Cybercrime Reporting Portal (https://cybercrime.gov.in/) within 24 hours, using the acknowledgement number.
5. The concerned Bank, which can now see the ticket on its dashboard on the Reporting Portal, checks the details in its internal systems.
6. If the defrauded money is still available, the Bank puts it on hold, ie., the fraudster cannot withdraw the money. If the defrauded money has moved out to another Bank, the Ticket gets escalated to the next Bank to which the money has moved out. This process is repeated until the money is saved from reaching into the hands of the fraudsters.