New Delhi: In a major step towards strengthening India’s fight against cybercrime, the Indian Cyber Crime Coordination Centre (I4C) has shared details of over 20 lakh (2 million) mule accounts and 8 lakh suspected cybercriminals with banks, financial institutions, and law enforcement agencies.
The initiative, launched as the ‘Suspect Registry’ on September 10, 2024, has already helped prevent frauds worth over Rs 2,889 crore, Minister of State for Home Affairs informed the Rajya Sabha on Wednesday.
A Centralized Cybercrime Database to Stop Digital Fraud
The Suspect Registry, conceptualized under the leadership of Union Home Minister Amit Shah, serves as a secure, centralized database of suspicious bank accounts and related identifiers. It allows banks, financial institutions, and enforcement agencies to access and update real-time data, strengthening risk management across the financial system.
At the time of its launch, Shah had emphasized the need for a unified national database, stating that cybercriminals operate beyond state boundaries, making it essential to move beyond fragmented data silos. “All stakeholders must collaborate to tackle the cybercrime menace effectively,” he asserted.
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Banks Gain Real-Time Access to Track Fraudulent Transactions
The Suspect Registry empowers banks to instantly verify suspicious individuals and accounts, making it easier to trace fraudulent transactions. During the launch event, an SBI Assistant Manager highlighted how the system enables banks to track and flag cyber fraudsters in real time, ensuring quicker action against scams.
I4C’s Cyber Fraud Prevention Efforts Yield Big Results
Beyond the suspect registry, I4C’s Citizen Financial Cyber Fraud Reporting and Management System, launched in 2021, has proven highly effective. According to the Ministry of Home Affairs, this system has saved over ₹4,386 crore across more than 13.36 lakh financial fraud complaints.
Additionally, I4C has cracked down on cybercriminals misusing communication platforms. Authorities have identified and blocked 3,962 Skype IDs and 83,668 WhatsApp accounts involved in deceptive practices such as “digital arrests,” where fraudsters manipulate victims into paying ransom-like sums.
With stronger coordination between financial institutions and law enforcement, India is stepping up its fight against cybercrime, ensuring a safer digital ecosystem for its citizens.