Union Home Minister Rajnath Singh on Monday chaired a meeting of all agencies concerned and representatives of relevant States to review the progress in curbing the financial sector frauds emanating from the usage of cards and e-wallets in particular. Singh urged the agencies to speed up the use of better technology with cooperation of IITs in inventing new mechanisms in probes related to cyber frauds.
"Home Minister reviewed the measures contemplated such as — Big data analysis — by involving IIT Delhi for identification of perpetrators of phone frauds in order to prevent duplication across e-wallets. Providing of additional information in SMS/e-mail alerts to customers from banks or e-wallet companies, as part of customer alert mechanism to include names of beneficiaries of any financial transaction wherever necessary for better traceability and crosschecking on the part of the victim," said MHA in a statement.
The meeting also reviewed publishing online statistics depicting the specific incidents, frauds against e-wallet companies and banks along with details including investigation to enable customers to make an informed choice before subscribing to e-wallet services.
legal aspects involved in making this Metadata Archival possible by way of sharing of data among different Government/private agencies were also discussed.