In one of the most significant blows against online financial fraud, the Indian government’s efforts have thwarted losses amounting to $208 million within just 90 days of launching an online ‘suspect registry.’ This registry is a key plank of a nationwide strategy in fighting cybercrime, with the platform successfully defeating more than 600,000 fraudulent transactions and shoring up India’s cyber defenses.
The suspect registry, which was developed by Indian Cyber Crime Coordination Centre, I4C, was launched on September 10, 2024, by Union Home Minister Amit Shah. Accessible to state and central agencies, it contains data about 1.4 million cybercriminals accused of financial fraud and other cyber offenses.
This registry is integrated with the National Cybercrime Reporting Portal, and it closely coordinates with banks and financial institutions for better fraud detection and prevention. By consolidating data on the suspects of cybercrime into a central database, the registry would enable the financial institution to detect a potential threat and take up each cybercrime event in real time.
Sources in the Home Ministry said fraudulent transactions worth about $7,054 were blocked, saving around $208 million by December 1. This is an important step in securing India’s financial systems and protecting its citizens against the increasing threat of cybercrime.