Govt Sets Up IDPIC to Strengthen Fight Against Cyber Financial Frauds

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New Delhi, July 29 (APAC Media): The government has established the India Digital Payment Intelligence Corporation (IDPIC) to strengthen the country’s response to rising cyber financial frauds.

This will be done by enabling real-time sharing of fraud intelligence and alerts among banks and financial institutions.

Announcing the initiative in the Rajya Sabha, Finance Minister Nirmala Sitharaman said the corporation has been set up in consultation with the Reserve Bank of India (RBI).

The platform will leverage advanced technologies, including Artificial Intelligence (AI), Machine Learning (ML), and Big Data Analytics, to detect and prevent digital payment fraud more effectively.

Technology-Driven Approach to Cybersecurity

Sitharaman said the government is working closely with financial sector regulators to enhance the cybersecurity framework of financial institutions in response to growing cyber threats. The IDPIC will facilitate real-time exchange of fraud-related information, enabling banks and financial entities to respond swiftly to emerging risks and reduce financial losses.

She also highlighted the role of the National Cyber Coordination Centre (NCCC), established by the Indian Computer Emergency Response Team (CERT-In), which monitors cyberspace at the metadata level to identify potential cyber threats. The NCCC supports timely information sharing with regulators, organisations, and other stakeholders to enable preventive and response measures.

Coordinated Efforts Across Financial Sector

The finance minister said a dedicated Computer Security Incident Response Team for the financial sector (CSIRT-Fin) has been set up under the supervision of CERT-In. The team is responsible for analysing cyber incidents, issuing sector-specific alerts and advisories, coordinating response activities, and strengthening the financial sector’s cyber resilience.

She added that the Inter-Regulatory Technical Group (IRTG), constituted under the Financial Stability and Development Council (FSDC), is addressing issues requiring coordinated action among multiple financial regulators.

In addition, the Indian Banking Association (IBA) has formed a working group comprising banks, regulators, and government agencies to tackle cybersecurity risks arising from emerging technologies, reinforcing the sector’s preparedness against evolving cyber threats.