Prime Minister Narendra Modi has advocated for the establishment of a global mechanism to preempt cyber fraud, emphasizing the need for enhanced international cooperation among governments, telecom operators, and financial institutions. Speaking at the Indian Mobile Congress in New Delhi, Modi addressed the transnational nature of cybercrime, where criminals in one country can exploit victims in another through complex networks that traverse multiple jurisdictions.
Modi called on the GSMA and telecom companies to devise a coordinated system aimed at identifying and thwarting fraudulent activities at their inception. His call to action comes on the heels of a BRICS member countries’ declaration that voiced concerns over organized scam networks and cross-border financial fraud, urging stronger collaboration among law enforcement, financial intelligence units, customs authorities, and technology platforms to spot suspicious transactions and prevent money laundering.
Instances of scam operations have been reported in regions such as Cambodia, Myanmar, and Laos, involving various online fraud techniques like impersonation scams, fake investment platforms, and loan-related extortion. Some operations have also been linked to human trafficking, with individuals allegedly enticed abroad with false job offers only to be coerced into participating in criminal activities.
Cybercrime has emerged as a significant financial challenge in India, with government data presented in Parliament showing reported losses escalating from ₹7,465 crore in 2023 to ₹22,845 crore in 2024. This increase underscores the urgent need for improved prevention measures, public awareness, and expedited coordination among relevant authorities.
During his address, Modi also highlighted India’s digital advancements, including the growth of mobile connectivity, digital banking, and direct benefit transfers. He stated that these developments have enhanced access to government services, education, healthcare, and financial aid. He noted that direct benefit transfers have delivered approximately ₹50 lakh crore to beneficiaries through digitally linked bank accounts, allegedly preventing about ₹5 lakh crore in losses from leakages.
Additionally, Modi emphasized the importance of India evolving from being a consumer of digital technology to becoming a producer, focusing on the development of homegrown products, research capabilities, and intellectual property. He pointed out progress in semiconductor manufacturing and urged the telecom sector to foster investment, innovation, exports, and domestic technology development. Modi expressed the hope that the Indian Mobile Congress would become a pivotal platform for advancing research, manufacturing, and technological innovation while bolstering digital security and international cooperation.