'Suspect Registry' Set Up To Combat Cybercrime, Fraud. Industry Experts Offer Insights Into Best Implementation

The online suspect registry is part of a broader effort to improve the fraud detection and prevention capabilities of India’s financial sector.

The registry integrates advanced tools to enhance fraud risk management across various financial platforms.

Source : Lars Nissen/Pixabay

Union Home Minister Amit Shah launched a comprehensive online ‘suspect registry’ to combat cybercrime and financial fraud this week. This newly developed database, containing information on 1.4 million individuals linked to cybercrimes, aims to bolster the nation’s ability to manage fraud risks within its financial ecosystem. Created by the Indian Cyber Crime Coordination Centre (I4C) in collaboration with banks and financial intermediaries, the registry is accessible to states, Union Territories, and central investigative and intelligence agencies.

What Is Suspect Registry?

The suspect registry is part of a broader effort to improve the fraud detection and prevention capabilities of India’s financial sector. As reported by the Economic Times, officials say the initiative, supported by the I4C, integrates advanced tools to enhance fraud risk management across various financial platforms.

Rajesh Kumar, CEO of the Indian Cyber Crime Coordination Centre, highlighted the critical need for such a system, noting that the National Cybercrime Reporting Portal (NCRP) receives an average of 67,000 calls daily related to cyber fraud. Since 2021, the I4C has managed to recover approximately Rs 2,800 crore, aiding around 850,000 fraud victims.

The I4C, set up by the Union Home Ministry, provides a structured framework for law enforcement to address cyber crime in a coordinated manner. With the rise in cybercrime cases, the suspect registry offers a vital resource, providing access to key data that can aid in preventing and investigating criminal activities.

Growing Concern: Rising Cybercrime Cases

According to I4C, cybercrime complaints have surged dramatically, with nearly 4.78 million complaints recorded by August 2024, up from 1.56 million in 2023 and just 26,049 in 2019. These cases include various forms of cyber offences, such as financial fraud, online harassment, and child sexual abuse material (CSAM), with 17,000 FIRs registered specifically for CSAM-related incidents.

Industry Reactions: Experts Weigh In

Industry experts have applauded the launch of the registry, citing its potential to revolutionise cybersecurity in India. Varinder Singh Jawanda, CEO of MAPL World, emphasised that integrating AI and machine learning into the registry can significantly improve fraud detection, though he stressed the importance of robust governance and data privacy to prevent misuse. "Strong governance, ethical oversight, and strong data privacy controls are essential to prevent misuse. Balancing security and privacy ensures the registry is used responsibly and effectively," Jawanda said. 

Piyush Goel, Founder and CEO of Beyond Key, praised the initiative for enhancing security but highlighted the need for ensuring data accuracy and legal compliance. He suggested that the implementation of AI-driven tools and real-time monitoring could make the registry a powerful tool against cyber threats. "The best way to implement such a registry is through automated tools integrated with real-time monitoring and AI-driven analytics. This allows businesses to act swiftly, mitigate threats, and safeguard operations efficiently," Goel added.

Ritesh Kumar, Founder & CEO of Cyfirma, echoed these sentiments, noting that the registry’s success hinges on its adherence to legal and ethical standards. He underscored the importance of clear criteria for suspect inclusion, data security, and regular updates to maintain the registry’s integrity and effectiveness. "Transparency and accountability are also crucial to build public trust. By addressing these considerations, a suspect registry can be a powerful tool in the fight against cybercrime, enabling a more proactive and coordinated approach to safeguarding digital environments," Kumar added.