NEW DELHI: In response to growing concerns over digital financial fraud, the Union Finance Ministry, in collaboration with the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI), has introduced a series of key measures to enhance the security of digital transactions, official sources confirmed. Dismissing allegations of a surge in fraud cases, officials cited data showing that between 2014–15 and December 2024, a total of 63,315 digital payment frauds—each involving Rs 1 lakh or more—were reported by commercial banks and financial institutions under the category of "card/internet and digital payments." The total financial loss from these incidents amounted to Rs 733.26 crore over the nearly 10-year period. To strengthen fraud prevention, the Ministry of Home Affairs had earlier established the Indian Cyber Crime Coordination Centre (I4C) in January 2020 as the national agency for coordinating responses to cybercrime. Among the finance ministry’s key initiatives is the RBI's creation of a Central Fraud Registry—an online, searchable database of fraud reports submitted by banks, aimed at enabling early detection and response to fraud risk. Additionally, credit discipline has been reinforced through the Insolvency and Bankruptcy Code and the RBI’s Central Repository of Information on Large Credits (CRILC), which collects and shares credit data to help lenders assess exposure and risk more effectively.