Prime Minister Narendra Modi has emphasized the urgent need for a global framework to combat cyber fraud, highlighting its ability to transcend national borders and target victims worldwide. Speaking at the Indian Mobile Congress in New Delhi, Modi urged governments, telecom operators, and financial institutions to bolster international collaboration to counter increasingly sophisticated cybercrime networks.
Modi’s call to action comes in the wake of a recent BRICS declaration that underscored the threat posed by organized scam networks and cross-border financial fraud. The declaration advocated for enhanced cooperation among law enforcement agencies, financial intelligence units, customs authorities, and technology platforms to identify suspicious transactions and curb money laundering.
Cybercrime is a growing concern in India, as evidenced by government figures presented in Parliament, which show a dramatic increase in reported losses from ₹7,465 crore in 2023 to ₹22,845 crore in 2024. This alarming trend underscores the need for more robust prevention measures, heightened public awareness, and swifter coordination among authorities.
During his address, Modi also highlighted India’s strides in digital transformation, noting the expansion of mobile connectivity, digital banking, and direct benefit transfers. He stated that direct benefit transfers have successfully delivered approximately ₹50 lakh crore to beneficiaries, while preventing around ₹5 lakh crore from being lost to leakages. Modi cited the PM-Kisan scheme as an example, with over ₹4 lakh crore reportedly transferred to farmers.
Additionally, the Prime Minister urged India to shift from merely consuming digital technology to developing its own products, research capabilities, and intellectual property. He pointed to progress in semiconductor manufacturing and called for the next phase of the telecom sector to foster investment, innovation, exports, and domestic technology development.
Modi concluded by envisioning the Indian Mobile Congress as a catalyst for research, manufacturing, and technological innovation, while advocating for strengthened digital security and international cooperation.