CARD FRAUD
US cyber crimes: Overseas scammers are swiping billions from Americans every year, and getting away with it
Scammers are stealing billions from Americans yearly, exploiting technology and targeting older adults. Sophisticated fraud schemes overwhelm law enforcement and rarely lead to prosecution. With elder fraud complaints rising, experts call for coordinated efforts from private industries and the government to combat this escalating crime wave effectively.
Multiple SIM cards under your name? You may face a Rs 2 lakh penalty, jail time; how to quickly check SIM cards registered under your name
Multiple sim cards: "The maximum SIM cards limit has been set for nine cards per person, except in the case of Jammu & Kashmir, Assam and Northeast Licensed Service Areas (LSAs) where it is limited to six," says Nittin Arora, Partner, Grant Thornton Bharat.
Menace of 'money mules' and how not to become one
Mule accounts are bank accounts that are used to launder proceeds of crime by fraudsters. In an age when there are strict laws on holding or using large amounts of cash, transactions in the banking system cannot be avoided. At the same time, criminals cannot use bank accounts because KYC norms will enable authorities to link the money to the activity through which they receive it.
New Mobile Number Portability rules to come into effect from Monday. Here's what it means for you
New MP rules from July 1: TRAI enhances telecom security with new Mobile Number Portability rules starting July 1, 2024. The amendments introduce a seven-day waiting period for Unique Porting Codes (UPCs) to combat SIM swap fraud, ensuring only genuine requests are processed and safeguarding mobile numbers from misuse and theft.
Hamara gaon, hamara digital push
While smartphone adoption among low- and moderate-income (LMI) communities is growing, usage is limited to social media and messaging apps. This indicates that critical challenges continue to hinder the use of digital payments for close to 1 bn LMI people, especially women and people from marginalised communities.
Trai amendments to MNP to curb SIM swap, replacement frauds to take effect from July 1
The regulator had notified the amendment in March 2024, after consulting stakeholders. The amendment adds an additional criterion for rejecting generation of the Unique Porting Code (UPC) required to port a SIM card to a different telecom service provider. "These amendment regulations are aimed at curbing the porting of mobile numbers by way of fraudulent SIM swap/ replacement by unscrupulous elements," the regulator said Friday.
- Go To Page 1
Man arrested in Rs 10,000 cr GST fraud case after nine months on the run
A 31-year-old man, Babar Khan, evading police for nine months, was arrested in connection with a Rs 10,000-crore GST fraud across India. Khan allegedly set up fake firms using stolen or forged ID cards to fraudulently claim input tax credit. Noida police initially busted the gang last year, which operated by registering thousands of companies under false identities to generate e-way bills and claim government benefits.
Fraudsters force 72-year-old into 13-hour WhatsApp video call; steal Rs 83 lakh from her bank accounts
Dasgupta called back to resolve the issue, only to find herself speaking to someone claiming to be a Mumbai Police officer. "He fabricated a case against me, even providing a fake FIR number and a warrant supposedly issued by the 'CBI' in a 'Mumbai court'," Dasgupta told TOI.
ETtech Deep Dive: How RBI and NPCI are working to tackle mule account frauds
The RBI, the National Payments Corporation of India, and the Ministry of Home Affairs are teaming up with banks, financial institutions, and tech security companies to crack down on mule accounts and prevent fraud in the country's banking system.
Beware... 800 online financial frauds a day
Furthermore, if all the cases from the National Cyber Crime Reporting Portal are included, the surge is even higher. Many frauds reported on the portal are not recorded as banking frauds because the money is transferred voluntarily to a third party masquerading as a merchant or service provider.
Major cyber fraud prevented in Lucknow, would have been one of the biggest cases in UP's history
The story started with fraudsters opening another account in AKTU's name in the same bank where it already had an account. Then, bank officials were fooled via an elaborate ploy to transfer a huge amount fo the fake a/c. It eventually took an audit to uncover the scam.
Master Card pushes for changes in digital payments in Europe; here are the details and the impact of this move
Master Card will be pushing to introduce 100% tokenized payments in Europe by 2030. This will ensure better cyber security and ease of payments.
RBI strikes against UPI, digital payment fraud, plans to set up a digital payment intelligence platform
Fight against digital payment frauds: The RBI proposes a digital payments intelligence platform to combat a surge in digital payment frauds. Fraud cases reported to the RBI jumped 300% to 36,000 in FY23 compared to FY22, highlighting the need for a system-wide approach. The central bank forms a committee that will examine setting up this infrastructure to facilitate real-time data sharing across the digital payments ecosystem.
RBI to set up digital payments intel platform after cyber frauds spike over 700%
The Reserve Bank of India (RBI) Governor, Shaktikanta Das, announced the launch of a digital payments intelligence platform to address the recent rise in bank and digital frauds.
IBA chief explains what bank frauds really are, stresses on critical 'golden hour'
As per the RBI's recent annual report, fraud cases surged to 36,075 in FY24, marking a significant rise from 13,564 reported in the previous fiscal year. The report highlighted that a majority of these frauds, in terms of volume, were related to digital payments, including card and internet transactions.
Banking frauds triple in the past fiscal year: RBI data
The amount involved due to fraud in public banks was Rs. 10,507 crores, while private banks incurred losses of Rs. 3,107 crores. The number of frauds due to card and internet transactions shot up more than four times, with 29,000 cases being detected in FY24.
Bank frauds up nearly 300% in last two years, digital frauds up 708%: RBI
Fraud cases in Indian banks surged to 36,075 in FY24 from 9,046 in FY22, a nearly 300% increase, while the amount involved dropped by 46.7% to Rs 13,930 crore. Most frauds occurred in digital payments, but the highest value frauds were in loan portfolios, with public banks contributing the most by value.
A new weapon against online payment frauds: Timely alerts on transactions via UPI, debit card, credit card, Net and mobile banking
Fraud transactions: Banks like Standard Chartered Bank, HDFC Bank, ICICI Bank, and others have implemented a fraud protection measure wherein the bank will call you for transaction confirmation if it feels that these transactions are fraudulent. However if you give the confirmation, the transaction will go through. Know here how it works.
Band ho Jaa SIM SIM: Govt targets cyber thieves
On May 9, the Department of Telecommunications (DoT) had asked telcos to disconnect 28,220 mobile handsets and re-verify over two million mobile connections misused with these handsets.
Up to Rs 1 lakh penalty or jail time; 8 Aadhaar-related criminal offenses, penalties
Aadhaar fraud: Aadhaar number is verified/authenticated by agencies through various modes as prescribed under the Aadhaar Act, 2016. Following are the criminal offences and penalties provided in the Aadhaar Act, 2016 (as amended).
Man files ITR, finds company with Rs 9 crore turnover opened in his name
Chandan Soni, a resident of Gwalior, discovered that his personal details – PAN card and Aadhaar card – had been misused to create a fraudulent GST number and a fake company in his name. This company, "MG SALES", even showed a fabricated turnover exceeding Rs 9 crore. Now, the Delhi Police's Economic Offences Wing is investigating this identity theft and potential financial crime.
Bengaluru woman received a scratch card and a letter. Then she lost Rs 18 lakh. What went wrong?
A woman from Bengaluru became ensnared in a complex lottery scam involving scratch cards, losing over Rs 18 lakh in a span of three months. The deception began when she received an envelope purportedly from an online retailer on January 28, 2024, containing a scratch card.
Telecom department blocks mobile handsets, disconnects numbers involved in frauds
The Department of Telecom (DoT) has launched the Chakshu portal to combat telecom fraud. Since its launch, the DoT has blacklisted 52 entities involved in sending malicious SMSes, blocked 348 mobile handsets, and flagged 10,834 suspected mobile numbers for re-verification. The DoT has also deactivated 700 SMS content templates and disconnected 8.272 mobile connections failing re-verification.
This ATM fraud can clean out the money in your bank account; how the scam happens, tips to stay safe
ATM fraudsters target victims by trapping cards, tricking them into revealing PINs, and stealing money. Recent arrests shed light on their tactics involving firearms and multiple cases in Delhi and Uttar Pradesh.
Debit card stuck in ATM? Here's why you should be extra alert
Authorities issue a warning as ATM fraud cases surge. Fraudsters tamper with card readers, trapping cards during transactions. They offer assistance to victims and withdraw money using their PINs. A gang was apprehended in Hauz Khas after firing shots during a theft attempt. Vishal Negi (30), Amit Mehra (37), and Vijay Kumar (26) were identified. Investigations are ongoing, with seven city cases linked to Negi and Mehra.
Epidemic of digital scams: How to protect yourself and elderly family members from frauds
The obvious choke point is the banking system. Digital fraud, by its very nature, has to route the loot through digital transfers between bank accounts. This is what enables this type of crime. If dealt with properly, this is also its weak link. While there is some news about banks’ proposal to link with MHA’s cybercrime system, a lot more needs to be done.
Govt teams up with SBI Cards, telcos to combat OTP frauds
The Centre is trying a solution that will allow banks to track the registered address as well as geolocation of a customer and where an OTP is getting delivered. In case of any discrepancy between the two locations, the customer can be alerted of a possible phishing attack.
Combating OTP frauds; Ather’s new funding round
Happy Tuesday! The government is working with SBI Card and telecom companies to tackle the menace of OTP-based online payment frauds. More on this in today’s ETtech Morning Dispatch.
Load More
