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India’s CFCFRMS Thwarts ₹600 Crore in Cyber Frauds, Earns Praise from FATF

Fraud, Bribery & CorruptionIndia's CFCFRMS Thwarts ₹600 Crore in Cyber Frauds, Earns Praise from FATF

India’s innovative Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) has successfully intercepted over ₹600 crore, preventing it from reaching online fraudsters, according to a report by the Financial Action Task Force (FATF). Launched in April 2021, the CFCFRMS, developed by the Indian Cyber Crime Coordination Centre (i4C), enables quick reporting of financial cyber frauds and collaboration among law enforcement agencies and 243 financial entities, including banks, virtual wallets, and e-commerce platforms. The FATF report commends the system as a “good practice” that member countries could adopt to prevent illicit financial flows from cyber frauds. When a victim reports a fraud, details are recorded and submitted to the system, which triggers a coordinated response from financial entities to intercept and recover the funds, instilling confidence in citizens that the government is actively addressing financial crimes. The report also highlights the Enforcement Directorate’s actions against money laundering through shell companies and its efforts in freezing proceeds of crime related to loan apps. Additionally, the FATF recommends that countries should balance measures against terrorist financing with the need to preserve legitimate non-profit organization activities, ensuring actions taken respect the rule of law and minimize negative impacts on innocent beneficiaries.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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