Cyber fraud reporting system helped save Rs 11K crore since 2021, but scams crossed Rs 55K crore: Centre

NEW DELHI: The government on Tuesday said that the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) has helped prevent cyber fraud losses worth over Rs 11,158 crore since its launch in 2021, but failed to prevent swindling of over Rs 55,050 crore in cases of more than 65.89 lakh complaints.

Replying to a written question in Lok Sabha, Minister of State (MoS) for Home Bandi Sanjay Kumar informed that the CFCFRMS, developed under the Indian Cyber Crime Coordination Centre (I4C), enabled victims to report financial cyber frauds immediately, allowing authorities to take swift action to block fraudulent transactions and prevent funds from being siphoned off.