There is a need for a dedicated effort to collect structured empirical data on cyber payment frauds to assess the magnitude of the problem countrywide.
A regulator such as the Reserve Bank of India needs to evolve safety features and processes of all stakeholders in the digital payments’ ecosystem.
A data sharing standard to ensure timely access to law enforcement for investigations.
Provisions to make cyber-crime cases compoundable should be reviewed.
The IT Act under section 78 mandates that only an Inspector or above rank of police can investigate cases registered under section 66 of the law. This needs to be reviewed to increase the pool of investigators available in the small states.
Cyber-crimes need regular and specialized training capsules for LEAs.
KYC norms need to be reviewed and strengthened.
Dedicated police officer to liaison with other states to enable investigation, arrests and prosecution and coordinate.
Tackling Retail Financial Cyber Crimes in India
An ethnographic study on problems faced by LEAs in investigation and prosecution of financial cyber crimes in India
Saikat Datta