Financial Fraud and crime over the last 30 years have increasingly become of concern to governments throughout the world. It is today widely recognized that the prevalence of economically motivated crime in many societies is a substantial threat to the development of economies and their stability.
In Today’s article, we are going to discuss Financial Fraud and Crime in India and how we prevent it. also, we go through a recent Action plan made by the Government on this serious issue.
TYPES OF FINANCIAL Fraud and CRIMES in India
As we know that Day by Day Financial fraud and Crimes cases are increasing. This section gives an overview of some of the types/forms of financial crimes and their relevant legislation in India.
- Loan Fraud
- wire Transfer Fraud
- phishing Fraud
- Rogue Traders
- Demand Draft Fraud
- Atm Fraud
- Mail Fraud
- Driver’s License Fraud
- Healthcare Fraud
- Debit and Credit Card Fraud
- Bank Account Takeover Fraud
- Stolen Tax Refund Fraud
- Voter Fraud
- Internet Fraud
- Elder Fraud
Financial Fraud and Crime – Prevention and legal Help Line
Ministry of Home Affairs releases National Helpline Number to prevent financial loss due to cyber frauds–
The Ministry of Home Affairs has released the National Helpline Number 1 5 5 2 6 0 to prevent financial loss due to cyber frauds and to register complaints in this regard. People who have been victims of cyber fraud can register a complaint on this helpline number to prevent the loss of their hard-earned money.
This helpline and reporting platform has been started with the help of the Indian Cyber Crime Coordination Center under the Ministry of Home Affairs. In this, all the big banks of the country, including the Reserve Bank of India, payment banks, and financial services companies are also cooperating.
The helpline was launched on 1st April this year and in a span of two months, frauds worth more than one crore 85 lakh rupees have been prevented so far. In Delhi, Rs 58 lakh, and in Rajasthan Rs 13 lakh were stopped from going into the accounts of fraudsters.
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