Cyber frauds crimes characterize online crimes primarily of financial nature, ranging from phishing of fraudulent emails to malicious software attacks of malware and ransomware. It’s about playing with individual's emotions and getting their confidential information for monetary gain.
On these lines, people need to know how to spot fake-unauthorised lending apps with increasing reach of unlicenced loan agencies in India. The need to report online financial fraud, has been highlighted by the Digital Lenders Association of India (DLAI).
Fintech Suraksha (FTS) is an initiative by DLAI which focuses on helping the common man to understand about these “cyber frauds” and strengthen the fintech ecosystem in the country. Over 3 million cybercrime complaints have been reported by citizens up till now as per government sources.
DLAI tends to make use of “social media” to create awareness in the society about differentiating between “ponzi” financial schemes and “registered” digital financial services (DFS) providers in engagement with law enforcement agencies, such as the Economic Offences Wing (EOW).
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