Fintechs asked to sign up on financial cyber fraud reporting portal

The Fintech Association of India (FACE) has asked its members to explore joining the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) – part of the National Cybercrime Reporting Portal. Besides, FACE members are also to appoint a nodal officer to attend to customer grievances and engage with law-enforcement agencies to prevent fraud.

The move is significant on the part of FACE and should be seen in the context of it being an applicant to become a self-regulatory organisation (SRO) among fintech lenders.