New Delhi, April 9 – To combat cyber frauds and financial crimes, the Indian Cybercrime Coordination Centre (I4C), under the Union Home Ministry, signed a Memorandum of Understanding (MoU) with the Financial Intelligence Unit-India (FIU-IND), under the Finance Ministry, to enhance information sharing and coordination, an official said on Thursday.
The MoU aims to enable both agencies to establish robust feedback mechanisms for enhancing fraud detection protocols at the national level, the official said in a statement.
The MoU was signed by Amit Mohan Govil, Director, FIU-IND, and Rajesh Kumar, Chief Executive Officer, I4C, paving the way for intelligence sharing between the two agencies, the statement said.
The agreement will facilitate the development and dissemination of guidelines and red flag indicators to financial institutions to strengthen cyber fraud prevention efforts. This marks a significant step towards adopting a "whole of government" approach to combating cybercrime, it said.
This collaboration comes at a time when India's digital payment ecosystem has undergone a tremendous transformation, requiring safeguards to protect citizens from cybercrime and fraud.
The MoU will assist both agencies in developing operational information and support investigative agencies to prevent financial crimes, protect digital transactions, and undertake asset recovery.
The FIU-IND is the central national agency responsible for receiving, processing, analysing, and disseminating information relating to suspect financial transactions and coordinating efforts against money laundering and financing of terrorism.
The I4C is an attached office of the MHA responsible for providing a framework and ecosystem for Law Enforcement Agencies (LEAs) to deal with cybercrime in a coordinated and comprehensive manner.
The I4C has developed various platforms, such as the National Cybercrime Reporting Portal (NCRP) and the Cyber-Police and Suspect Registry, which are secure platforms for real-time intelligence sharing and coordination among various stakeholders, including LEAs, Banks, and Financial Institutions, to combat cybercrimes, including online financial crimes, by enabling proactive action against the misuse of telecom, banking, and other related resources, the statement said.