Government: In an attempt to combat banking fraud, the Department of Telecommunications has already acted. Over 1.4 lakh fraudulent cellphone numbers have been disconnected as part of the government’s “surgical strike” to combat banking fraud. The Indian Banking Association (IBA) and the Department of Telecommunications (DoT) collaborated to take this action.
Government Blocks 1.4 Lakh Numbers
The investigation said that these fake numbers were being used for financial fraud, banking fraud, and other illicit activities. The government has attempted to stop these crooks by barring certain numbers.
In light of the rising number of banking fraud instances, this government intervention is crucial. Cases of banking fraud have surged dramatically in the past few years. There has been a 12% increase in financial fraud instances, according to a 2023 report from the Reserve Bank of India (RBI).
How will it affect people?
For those who use banks, this will be a huge relief. Customers won’t need to worry as much about falling prey to financial theft as of late. The fact that this is just the beginning should not be overlooked, though. The government needs to take a lot more action to entirely eradicate banking fraud.