At the Indian Mobile Congress in New Delhi, Prime Minister Narendra Modi emphasized the urgent need for a global mechanism to combat cyber fraud, highlighting the transnational nature of modern cybercrime. Modi called on governments, telecom operators, and financial institutions to enhance international cooperation to address increasingly sophisticated cybercrime networks that cross national borders.
Modi’s plea follows a recent declaration by BRICS countries, which raised concerns over organized scam networks and cross-border financial fraud. This declaration stresses the importance of collaboration among law enforcement, financial intelligence units, customs authorities, and technology platforms to identify and disrupt suspicious transactions and money laundering activities.
Cybercrime poses a growing financial threat in India, as evidenced by government data showing an increase in reported losses from ₹7,465 crore in 2023 to ₹22,845 crore in 2024. This underscores the need for more robust preventive measures, heightened public awareness, and improved coordination among authorities.
Modi also addressed India’s digital transformation, highlighting advancements in mobile connectivity, digital banking, and direct benefit transfers. He noted that these developments have improved access to government services, education, healthcare, and financial assistance. Modi stated that direct benefit transfers have delivered approximately ₹50 lakh crore to beneficiaries through digital banking systems, preventing around ₹5 lakh crore in leakages.
The Prime Minister further called for India to move beyond merely consuming digital technology, advocating for the development of domestic products, research capabilities, and intellectual property. He pointed to progress in semiconductor manufacturing and urged the next phase of the telecom sector to focus on investment, innovation, exports, and domestic technology development.
Modi encouraged the Indian Mobile Congress to serve as a platform for advancing research, manufacturing, and technological innovation while strengthening digital security and fostering international cooperation.