Indian banks integrate with I4C to combat fraud

Indian banks and payment firms are now directly linking their systems with the Integrated Cyber Crime Coordination Centre (I4C) to combat payment fraud. This new integration allows for automatic alerts in banks' systems, speeding up responses to fraud complaints. Previously, banks relied on manual processes to handle complaints, which caused delays. With the new system, alerts will be generated instantly, allowing banks to take immediate action, such as freezing accounts involved in fraud. The government is also enhancing coordination with global law enforcement to tackle financial fraud, which often originates from countries like Vietnam and Dubai. Additionally, efforts are underway to raise consumer awareness about fraud through popular fintech applications.