Financial scams are a growing threat to societies across the globe, including India. J&K is also highly vulnerable for low financial literacy and low public awareness about the online financial frauds disguised as opportunities. A multi-pronged approach involving the government, media, and the public is crucial to combat this menace. The recent meeting of the Union Territory Level Coordination Committee (UTLCC) in J&K, highlighting the dangers of unauthorized deposits, fraudulent apps, and the need for public awareness, paints a stark picture. It is reassuring that the chief secretary Atal Dulloo initiated timely prevention and mitigation actions at the policy level to address this trend. The UTLCC’s call for stricter action under the BUDS Act and effective investigation of pending fraud cases is timely. Swift and decisive action against perpetrators will send a strong message and deters future attempts. The government’s focused emphasis on public awareness is also the key. At law enforcement level, leveraging technology can be a game-changer. Partnering with financial institutions to develop robust fraud detection systems, promoting digital literacy to help people navigate online transactions safely, and exploring blockchain-based solutions for secure financial records can create a more secure ecosystem.
In all this, responsible and mainstream media’s role is also very important. Partnering with the government and financial institutions, media can amplify awareness campaigns, debunk misinformation, and educate people on safe financial practices. Media can integrate financial literacy segments into news programs, collaborate with financial institutions to create educational content, and highlight success stories of individuals who have avoided scams. Educational content and public service announcements can be disseminated through various channels. Exposing fraudulent schemes, interviewing victims, and holding authorities accountable can be powerful tools. In-depth reporting can shed light on modus operandi, raise awareness, and pressure authorities to act.
Public’s own role in preventing financial scams cannot be over emphasized. Being wary of unsolicited offers, unrealistic returns, and pressure tactics is crucial. Verifying information, checking app permissions, and avoiding sharing personal or financial details online are essential precautions too. For public reporting suspicious apps, websites, or individuals to authorities is vital. This would empower law enforcement agencies to investigate and take action in a specific and effective manner. Educating family and friends about financial scams and safe practices can also create a ripple effect of awareness and protection. Combating financial fraud requires a collective effort. The J&K government’s commitment to enforcement and awareness is a positive step. Media can amplify these efforts through investigative journalism, fact-checking, and educational campaigns. But ultimately, an informed and vigilant public is the first line of defense. By working together, the three pillars can create a safer financial landscape for all in J&K.
