Prime Minister Narendra Modi has called for the establishment of a global mechanism to combat cyber fraud, emphasizing the importance of international cooperation 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 can target victims across borders through intricate networks. He urged the GSMA and telecom companies to collaborate in developing systems to identify and halt fraudulent activities at an early stage.
Modi’s call to action follows a declaration by BRICS member countries, which expressed concern over organized scam networks and cross-border financial fraud. The declaration advocated for stronger collaboration among law enforcement agencies, financial intelligence units, customs authorities, and technology platforms to identify suspicious transactions and prevent money laundering.
Cybercrime has become a significant financial issue in India. Government data presented in Parliament indicated a rise in reported losses from ₹7,465 crore in 2023 to ₹22,845 crore in 2024, underscoring the need for enhanced prevention measures, public awareness, and swift coordination among authorities.
During his address, Modi also underscored India’s digital transformation, citing the expansion of mobile connectivity, digital banking, and direct benefit transfers as key developments. He noted that the digital ecosystem has improved access to government services, education, healthcare, and financial assistance. Modi mentioned that direct benefit transfers have distributed approximately ₹50 lakh crore to beneficiaries through digitally linked bank accounts, preventing around ₹5 lakh crore in potential leakages. Specifically, the PM-Kisan scheme has reportedly transferred over ₹4 lakh crore to farmers.
Furthermore, Modi encouraged India to advance beyond merely consuming digital technology to developing its own digital products, research capabilities, and intellectual property. He highlighted the country’s progress in semiconductor manufacturing and called for the next phase of the telecom sector to promote investment, innovation, exports, and domestic technology development. Modi suggested that the Indian Mobile Congress should act as a platform for fostering research, manufacturing, technological innovation, and strengthening digital security and international cooperation.