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Government holds discussion with fintechs on cybersecurity, digital financial fraud

Economic TimesEconomic Times · 6m
Government holds discussion with fintechs on cybersecurity, digital financial fraud

The Indian government recently held a workshop with fintech companies and law enforcement agencies to foster collaboration and address challenges related to cybersecurity and financial fraud. The workshop discussed the creation of a suspicious registry for banking correspondents and fraudsters, geotagging digital transactions, developing an indigenous anti-money laundering system, conducting regular audits of digital KYC, implementing mechanisms to freeze and unfreeze accounts, and controlling money mules. The workshop aimed to encourage innovation, compliance, and build trust among ecosystem partners. India has seen a significant growth in fintech companies and startups in recent years.

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