Speed need of hour to combat cybercrime, says Hyderabad Police Commissioner CV Anand

Commissioner brought to the fore lapses in compliance protocols, such as the improper opening of current accounts and the use of mule accounts by fraudsters

Hyderabad: Hyderabad Police Commissioner CV Anand said speed was the essential quality and the need of the hour to effectively combat the growing menace of cybercrime.

In a high level meeting held between senior bank officials, RBI officers and law enforcement agencies to address the rising instances of digital fraud on Tuesday, Anand delivered a detailed presentation highlighting the critical challenges in investigating cybercrimes.

He flagged the delays in obtaining crucial information from banks, including refunds and account statements, which adversely impact both the pace of investigations and the victims involved.

The Commissioner brought to the fore lapses in compliance protocols, such as the improper opening of current accounts and the use of mule accounts by fraudsters. He elaborated on the sophisticated modus operandi of cybercriminals, including the use of layering through multiple accounts, shell accounts, and transactions carried out via VPNs, which complicate the tracking process.

The legal advisors of leading banks, other RBI officials shared key insights and suggestions.