Strengthening Cybercrime Response

The Ministry of Home Affairs (MHA) has approved a new Standard Operating Procedure (SOP) for enhancing the response to cyber financial crimes through the National Cybercrime Reporting Portal’s (NCRP) Cyber Financial Crime Reporting and Management System (CFCFRMS).

Key Features of the SOP

• Swift Refunds for Small-Value Frauds:
  • Frauds involving amounts below Rs 50,000 can be refunded quickly without a court order.
  • Banks must lift holds on such amounts within 90 days if no court or restoration order exists.
• Uniform Process for Financial Intermediaries:
  • Banks, payment aggregators, NBFCs, e-commerce platforms, and others must follow a standardized process when handling cybercrime complaints.
• Grievance Redressal Mechanism:
  • Includes a three-tier escalation structure for resolving complaints promptly.

Achievements and Data

• Since its launch in 2021, the CFCFRMS has enabled the reporting of financial frauds, saving over Rs 7,130 crore through 23.02 lakh complaints by October of the previous year.

Impact and Implementation

This SOP is expected to bolster public trust in India's digital payments and enhance national cyber financial security. Two digital modules will be developed:

• Grievance Redressal Module: To ensure the quick resolution of complaints.
• Money Restoration Module: To facilitate the prompt refund of defrauded amounts.