Key parliamentary panel discusses cybercrime trends

Parliamentary panel discusses cyber security and rising incidence of cyber/white-collar crimes, seeking expert views and solutions to mitigate risks. Fraud lending apps also addressed as industry stakeholders present before the committee, highlighting the need to combat cybercrime.

Key parliamentary panel discusses cybercrime trends

Thursday June 01, 2023,

2 min Read

The issue of "cyber security and rising incidence of cyber/white collar crimes" was at the centre of deliberations at a meeting of a key parliamentary panel as experts from the industry were quizzed by lawmakers about various facets of unlawful activities, including fraud loan apps.

Sources said the members of the Standing Committee on Finance sought the views of experts about various trends in cybercrime and what measures can be taken to mitigate the risks.

The issue of fraud lending apps, which have been hitting headlines with rising complaints of people being swindled or forced to pay exorbitant interest rates, also came up for discussion at the meeting.

Senior officials of different fintech firms and public policy and advocacy groups were among the industry stakeholders who deposed before the committee.

The firms represented at the meeting included Chase India, Razorpay, PhonePe, CRED and QNu Labs as well as Nasscom, a premier trade body and chamber of commerce of the tech industry in India.

Cybercrimes have become an increasing threat with savvy online operators resorting to various tricks to defraud people of their money.

The parliamentary committee is headed by Lok Sabha MP Jayant Sinha and includes P Chidambaram, Sougata Roy, Sushil Modi and Amar Patnaik among others.

Edited by Affirunisa Kankudti