New Delhi, April 9 Looking to check cyber frauds and financial crimes, the Union Home Ministry’s Indian Cybercrime Coordination Centre (I4C) signed an Memorandum of Understanding (MoU) with the Finance Ministry’s Financial Intelligence Unit-India (FIU-IND) to enhance information sharing and coordination, an official said on Thursday.
The MoU aims to enable both agencies to establish robust feedback mechanisms for enhancing fraud detection protocols at the national level, the official said in a statement,
The MoU was signed by Amit Mohan Govil, Director, FIU-IND, and Rajesh Kumar, Chief Executive Officer, I4C, paving the way for Intelligence sharing between the two agencies, said the statement.
The agreement will facilitate the development and dissemination of guidelines and red flag indicators to financial institutions to strengthen cyber fraud prevention efforts. This is a milestone in adopting a “whole of Government” approach towards the fight against cyber-crime, it said.
The collaboration comes at a juncture where India’s digital payment ecosystem has undergone a tremendous transformation requiring guardrails that safeguard citizens from cybercrime and fraud.
The MoU shall assist both agencies in developing operational information and support investigative agencies to prevent financial crimes, protect digital transactions and undertake asset recovery, it said.
The FIU-IND is the central national agency responsible for receiving, processing, analysing, and disseminating information relating to suspect financial transactions and coordinating efforts against money laundering and financing of terrorism.
The I4C is an attached office of MHA responsible for providing a framework and ecosystem for Law Enforcement Agencies (LEAs) for dealing with cybercrime in an coordinated and comprehensive manner.
The I4C has developed various platforms such as National Cybercrime Reporting Portal (NCRP), Cyber-Police and Suspect Registry which are secure platforms for real time Intelligence sharing and coordination among various stakeholders including LEAs, Banks and Financial Institutions to combat cybercrimes including online financial crimes by enabling proactive action against the misuse of telecom, banking and other related resources, said the statement.
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