Govt sets up India Digital Payment Intelligence Corp to contain cyber frauds

The government has set up the India Digital Payment Intelligence Corporation (IDPIC) to share real-time fraud intelligence and alerts to the banks and financial institutions in order to contain cyber financial frauds, Finance Minister Nirmala Sitharaman said on Tuesday.

In a reply to a question in the Rajya Sabha, she said the new entity has been set up in consultation with the Reserve Bank of India (RBI) to check growing incidents of cyber frauds.

“To contain cyber financial frauds, the government in consultation with the RBI has set up India Digital Payment Intelligence Corporation (IDPIC) to share real-time fraud intelligence and alerts to the banks and financial institutions by leveraging advanced technologies such as Artificial Intelligence, Machine Learning and Big Data Analytics,” she said.

To address the growing cyber threats, she said, the government has been actively engaging with the financial sectoral regulators to strengthen the cybersecurity posture of financial institutions.

Indian Computer Emergency Response Team (CERT-In) has set up a National Cyber Coordination Centre (NCCC), which monitors cyberspace at metadata level to detect potential cybersecurity threats and facilitates real-time information sharing with concerned organisations, regulators and other stakeholders, enabling timely preventive and response actions, she said.

Further, she said, a nodal Computer Security Incident Response Team for the Financial Sector (CSIRT-Fin) has been set up under the overall supervision of CERT-In.

Its role includes collecting and analysing information on cyber incidents, issuing sector-specific alerts and advisories, coordinating cyber incident response activities, and monitoring sectoral efforts towards maintaining a dynamic cyber security architecture in the financial sector, she said.

Under the aegis of the Financial Stability and Development Council (FSDC), an Inter-Regulatory Technical Group (IRTG) has been constituted to deliberate and address various issues in the financial sector which require coordinated actions from multiple regulators, she said.

Moreover, she said, to address the risks arising out of emerging technologies, the Indian Banking Association (IBA) has set up a Working Group represented by the banks, financial sector regulators, and government agencies.