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Govt partners with SBI Cards, telecom to combat cyber fraud

23 Apr 2024

Indian Home Ministry joined hands with SBI Cards and telecom operators to detect stolen OTPs and issue timely alerts.

The Home Ministry is testing a prospective solution to detect stolen One Time Passwords (OTPs) and timely alert the user. It has partnered with SBI Cards and Payment Services Limited and telecom providers to develop the solution.

It will allow banks to track customers’ geolocation. Banks already have users’ registered addresses, and they can compare where the OTP was delivered. If the current location or registered address don't match the OTP's delivery address, they will issue an immediate alert to the user, or block the OTP.

An Indian Cyber Crime Coordination Centre (i4C) report mentions crimes originating in China, Myanmar, and Cambodia siphoned off ₹10,319 crore between 2021-2023. Criminals mislead customers to share the OTPs or reroute them to themselves. Citizen Financial Cyber Fraud Reporting and Management System, created under i4C, prevented fraudulent transfers worth around ₹1,200 crore from over 470,000 complaints received till February this year.

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