Prime Minister Narendra Modi has urged for the creation of a global mechanism to counter cyber fraud, emphasizing the need for international collaboration among governments, telecom operators, and financial institutions. Speaking at the Indian Mobile Congress in New Delhi, Modi highlighted the transnational nature of cybercrime, where criminals exploit networks across multiple jurisdictions to target victims globally.
Modi’s call for action comes on the heels of a BRICS declaration raising alarm over organized scam networks and cross-border financial fraud. The declaration stressed the importance of enhanced cooperation among law enforcement agencies, financial intelligence units, customs authorities, and technology platforms to identify and halt suspicious transactions and disrupt money laundering operations.
Cybercrime poses a significant financial challenge for India, with reported losses escalating from ₹7,465 crore in 2023 to ₹22,845 crore in 2024. Highlighting the urgency of the issue, Modi advocated for early detection systems to prevent fraudulent activities and stressed the need for public awareness and swift coordination among relevant authorities.
In his address, the Prime Minister also showcased India’s digital transformation, noting advancements in mobile connectivity, digital banking, and direct benefit transfers. He cited the delivery of approximately ₹50 lakh crore to beneficiaries through bank accounts linked to the digital system, which he claimed had prevented around ₹5 lakh crore in leakages. The PM-Kisan scheme alone, he noted, had transferred over ₹4 lakh crore to farmers.
Modi emphasized the importance of moving beyond merely consuming digital technology and called for the development of indigenous products, research capabilities, and intellectual property. He pointed to progress in semiconductor manufacturing and urged the telecom sector to foster investment, innovation, exports, and domestic technology development.
The Prime Minister concluded by positioning the Indian Mobile Congress as a platform for advancing research, manufacturing, and technological innovation, while also reinforcing digital security and international collaboration.