Govt sets up IDPIC to contain cyber frauds

The Government has set up the India Digital Payment Intelligence Corporation to share real-time fraud intelligence and alerts with banks and financial institutions in order to contain cyber financial frauds, Finance Minister Nirmala Sitharaman said on Tuesday.

In a reply to a question in the Rajya Sabha, she stated that the new entity has been set up in consultation with the Reserve Bank of India to check growing incidents of cyber frauds. 

"To contain cyber financial frauds, the Government in consultation with the RBI has set up India Digital Payment Intelligence Corporation to share real-time fraud intelligence and alerts to the banks and financial institutions by leveraging advanced technologies such as artificial intelligence, machine learning and big data analytics," she said. 

To address growing cyber threats, she added that the Government has been actively engaging with financial sectoral regulators to strengthen the cybersecurity posture of financial institutions. 

The Indian Computer Emergency Response Team has set up a National Cyber Coordination Centre, which monitors cyberspace at the metadata level to detect potential cybersecurity threats and facilitates real-time information sharing with concerned organisations, regulators and other stakeholders, enabling timely preventive and response actions, she said.