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Fraud

Odisha Seeks Urgent Action from Banks to Combat Cyber Crime

Strategic Insights

— 1 min read

The Odisha Director General of Police, Vinyatosh Mishra, has called on banks to take immediate corrective measures to counter the growing threat of cyber crime in the state. The warning comes in the wake of several high-profile scams, including investment and trading scams, digital arrest scams, fake job and work-from-home offers, and social media-related frauds. Experts from the Reserve Bank of India (RBI) and the Odisha government stressed the need for heightened awareness among customers and stricter regulations to prevent such crimes.

Key Takeaways:

  • The Odisha Director General of Police, Vinyatosh Mishra, has urged banks to take urgent corrective measures to curb the rising menace of cyber crime in the state.
  • Mule accounts form the backbone of cyber fraud operations, and immediate corrective action from banks is crucial to prevent such crimes.
  • The most reported frauds in Odisha include investment and trading scams, digital arrest scams, fake job and work-from-home offers, fraudulent websites and hotel bookings, and social media-related frauds.
  • RBI Chief General Manager Puspamitra Sahu highlighted the RBI's proactive approach in combating cyber-enabled frauds and mule accounts.
  • RBI Deputy Legal Advisor Sankalp Tyagi explained the nuances of the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019.
  • Odisha Development Commissioner Anu Garg emphasized the need for sustained awareness programmes on cyber fraud risks and swift conviction of fraudsters as deterrent measures.
  • Stakeholders were advised to take prompt preventive action, identify vulnerabilities, and plug systemic gaps to prevent cyber crimes.
  • Experts underlined the importance of extensive awareness campaigns to protect the public from Ponzi schemes and fraudulent entities.

Statistics:

  • No specific statistics were provided in the text regarding the number of reported cyber crimes in Odisha or the particulars of the scams mentioned.

Sources:

  • HT Digital Content Services with permission from United News of India.

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