The government has suspended 70 lakh mobile numbers on account of suspicious transactions, Financial Services Secretary Vivek Joshi said on Tuesday.
While discussing issues related to financial cyber security and increasing digital payment fraud, Joshi said banks have been asked to strengthen the system and processes in this regard. More such meetings would take place, he said, adding the next meeting is scheduled in January.
The meeting assumes significance in view of digital fraud witnessed by UCO Bank and Bank of Baroda in the recent past. Earlier this month, Kolkata-based public sector lender UCO Bank reported erroneous credit of Rs 820 crore to account holders of the bank via Immediate Payment Service (IMPS). During November 10-13, the bank observed, due to technical issues in IMPS, certain transaction(s) initiated by holders of other banks have resulted in credit to the account holders in UCO Bank without actual receipt of money from these banks.