About DFC( Department of financial crime )
Welcome to the Department of Financial Crime, your trusted source for combating financial fraud and ensuring a secure financial environment for all. In today’s complex and interconnected financial landscape, the threat of financial crime poses a significant risk to individuals, businesses, and the overall economy. At the Department of Financial Crime, we are committed to investigating, preventing, and prosecuting financial crimes to safeguard the integrity of our financial systems.
Credit card fraud refers to the unauthorized use of someone else's credit or debit card information to make purchases or withdraw funds without their permission.
Phishing is a form of cybercrime in which fraudsters use deceptive tactics, such as fake emails, websites, or messages, to trick individuals into revealing sensitive information, such as passwords, credit card numbers, or more.
This illegal process allows criminals to introduce "dirty money" into the financial system, making it difficult for authorities to trace and track the illicit funds.
The issues:
Theft, fraud, deception, blackmail, corruption, money-laundering… The possibilities for making money illicitly are seemingly endless. To so-called white collar criminals, the risks appear low and the returns high.
Financial crime ranges from basic theft or fraud committed by ill-intentioned individuals to large-scale operations masterminded by organized criminals with a foot on every continent. These are serious criminal activities whose importance should not be minimized as, over and beyond their social and economic impact, they are often closely linked to violent crime and even terrorism.
We are all impacted by financial crime which has taken on a whole new dimension with the rapid advancement of digital technology.
Criminal gangs operate transnationally to avoid detection, and stolen funds cross many physical and virtual borders before they reach their final destination. This is where our global police networks play an essential role.
Our Mission:
Our mission is to detect, deter, and disrupt financial crime through collaboration, investigation, and enforcement. We strive to:
- Investigate and prosecute financial crimes effectively to hold perpetrators accountable.
- Educate the public and businesses about financial fraud prevention to empower them with knowledge and tools to protect themselves.
- Collaborate with other law enforcement agencies, regulatory bodies, and financial institutions to create a unified front against financial crime.
- Provide secure and confidential channels for reporting suspected financial crimes, ensuring anonymity and protection for whistleblowers.
Financial fraud top cyber crime in India; UPI, e-banking most targeted: Study
Financial frauds accounted for 75% of cyber crimes in India from Jan 2020 to Jun 2023, according to a study by an IIT Kanpur-incubated start-up.
Financial frauds accounted for over 75 per cent of cyber crimes in the country from January 2020 till June 2023, with nearly 50 per cent cases related to UPI and internet banking, according to a new study by an IIT Kanpur-incubated start-up.
Social media-related crimes such as cheating by impersonation, cyber-bullying, sexting and email phishing accounted for 12 per cent of the online offences during the period, the study showed.
Lottery fraud is a deceptive practice where scammers target individuals by falsely claiming they have won a lottery or prize draw.
Unified Payments Interface (UPI) is a real-time payment system that allows users to transfer money between bank accounts using a mobile platform.
The Punjab and Maharashtra Cooperative (PMC) Bank scam is one of the most significant financial frauds in India's banking history.
Financial Crime Investigations
Introduction:
Financial Crime Investigations are at the core of our mission at the Department of Financial Crime. We are committed to conducting thorough and comprehensive investigations into various financial crimes to hold perpetrators accountable and safeguard the integrity of our financial systems.
Types of Financial Crimes We Investigate:
Money Laundering:Uncovering and tracing illicit financial transactions to identify and disrupt money laundering activities.
Fraud Schemes:Investigating fraudulent schemes, including investment fraud, insurance fraud, credit card fraud, and online scams, to protect consumers and businesses from financial losses.
Identity Theft:Investigating cases of identity theft and impersonation to prevent unauthorized access to personal and financial information and hold identity thieves accountable.
Cybercrime:Investigating cybercrimes, such as hacking, phishing, ransomware attacks, and cryptocurrency fraud, to protect individuals and organizations from online financial fraud.
Our Approach to Financial Crime Investigations:
- Collaboration:We work closely with local, state, and federal law enforcement agencies, regulatory bodies, and financial institutions to share information and coordinate efforts in combating financial crime.
- Forensic Analysis:Our team of forensic analysts and financial investigators utilize advanced techniques and tools to analyze financial data, trace transactions, and gather evidence to support investigations.
- Legal Enforcement:We collaborate with prosecutors and legal authorities to build strong cases against perpetrators of financial crimes and pursue criminal prosecutions to ensure justice and deter future criminal activities.
- Victim Support:We provide support and assistance to victims of financial crimes, including guidance on reporting the crime, recovering stolen assets, and accessing resources and services to mitigate the impact of the crime.
Reporting Financial Crime:
If you suspect financial crime or have information about potential financial crimes, it is crucial to report it immediately through our secure and confidential reporting channels. Your information can help us in our investigations and contribute to the fight against financial crime.
- Secure Reporting Channels:We provide secure and confidential channels for reporting suspected financial crimes, ensuring anonymity and protection for whistleblowers.
- Information Needed for Reporting:
- Description of the suspicious activity or transaction
- Names and contact information of the individuals or entities involved
- Any supporting documentation or evidence, such as bank statements, emails, or correspondence related to the suspected financial crime.
- When reporting a financial crime, please provide as much detailed information as possible, including:
Protect Yourself from Financial Crime:
- Stay Informed:Educate yourself about the latest financial fraud schemes and prevention tips through our resources, publications, and educational programs to stay vigilant and protect yourself from becoming a victim of financial crime.
- Secure Your Financial Information:Safeguard your personal and financial information, such as bank account details, credit card numbers, and passwords, by using strong and unique passwords, enabling two-factor authentication, and being cautious of sharing sensitive information online or over the phone.
- Verify Legitimacy:Always verify the legitimacy of financial transactions, investment opportunities, or requests for personal information through official channels and trusted sources before proceeding.
- Report Suspected Fraud:If you suspect financial fraud or have been targeted by a financial scam, report it immediately through our secure and confidential reporting channels. Your information can help us in our investigations and contribute to the fight against financial crime.
Related News:
PNB Bank Fraud (2018)
The Punjab National Bank (PNB) fraud involved fraudulent letters of undertaking (LoUs) issued to Nirav Modi and Mehul Choksi’s companies, resulting in a loss of approximately $2 billion for the bank.
On 29 January 2018, PNB lodged a FIR with CBI stating that fraudulent LoUs worth Rs 2.8 billion (Rs 280.7 crore) were first issued on 16 January. In the complaint, PNB had named three diamond firms, Diamonds R Us, Solar Exports and Stellar Diamonds. As of 18 May 2018, the scam has ballooned to over Rs 14,000 crore.
Crypto Scams and Ransomware Attacks (Various Years):
The rise of cryptocurrencies has led to an increase in crypto-related scams, including Ponzi schemes, fraudulent initial coin offerings (ICOs), and ransomware attacks targeting individuals and organizations for cryptocurrency payments.
Fake Fortnite V-Bucks Scams (2018-2019):
Scammers targeted Fortnite players with fake offers for free or discounted V-Bucks, the in-game currency. Players were directed to malicious websites where they were prompted to enter their personal and financial information, leading to account compromises and unauthorized transactions.
Phishing Scams Targeting Steam Users (2020):
Scammers sent phishing emails to Steam users with fake login pages, attempting to steal their account credentials and gain unauthorized access to their gaming accounts to steal virtual items and games.
FIFA Ultimate Team (FUT) Coin Selling Scams (2018-2021):
Scammers offered discounted FIFA Ultimate Team (FUT) coins or players for sale, tricking players into making payments but failing to deliver the promised in-game items, leading to financial losses and account bans.
Resources
The Resources section serves as a comprehensive hub for valuable information, tools, and educational materials designed to help individuals, businesses, and organizations protect themselves from financial fraud and stay informed about the latest trends, regulations, and best practices in combating financial crime.