Good news for banking cybercrime victims
Vijay Balakrishnan
Independent Director| Board Member | C- Level Executive | Thought Leader | Marketing Transformation | Change Management | Ex Tata Consumer Products, Tata Tetley, Airtel, Docomo, Ujjivan and Cambridge International
Given the spate of banking cybercrimes and the constraints in bringing the criminals to book, the good news is that a potential collaboration is proposed through the integration of systems between Banking Institutions, the NCRP ( National Cybercrime Reporting Portal), and the arm of the Ministry of Home Affairs, Govt of India.
If the coordination comes through, whenever a cybercrime like an internet bank account is hacked, then via API integration between the two institutions, it would be immediately possible to instantly populate the fraud information with a central system or other banks.
The fraudster's account can then be frozen in real-time, thus restraining them from quickly moving ill-gotten money from the target's bank account to their accounts with multiple banks, leaving a complex trail and salvaging. Further, the data on all such fraudster accounts can be marked under lien and frozen quickly, thus financially paralyzing such cyber criminals and fraudsters from carrying out more attacks.
Currently, when a victim's bank acts on a complaint, coordinates with Law Enforcement Agencies, and then confirms with Bank X, Y, or Z, significant time is lost by which the fraudsters wipe out their accounts and vanish.
Such accounts used for cybercrimes are proposed to be classified as "Negative KYC," meaning that they would never be able to open a new bank account with any bank anywhere. Their details would be stored in a financial criminals database, alerting a bank when approached.
#Cybercrime
#cybersecurity
#phishing
#NegativeKYC
#NCRP
##14C
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