COVID ONLINE FRAUDS
Probe finds Byju’s failed investors but didn’t commit fraud
Byju's governance lapses led to financial troubles, legal battles, and Raveendran's efforts to innovate and manage debts for the ed-tech company's survival.
Hunt on for mule bank accounts; Tata Digital pause on funding
The government is working with the central bank to catch mule accounts in India’s banking system and prevent fraud. This and more in today’s ETtech Morning Dispatch.
Covaxin, Covishield alert: Scammers exploiting vaccine fears, police issue alert
Authorities are alarmed by a surge in fraudulent activities exploiting Covid-19 vaccine inquiries, targeting unsuspecting individuals for personal information. Scammers, posing as health officials, prompt citizens for Covishield or Covaxin details, aiming to harvest sensitive data. Kolkata residents report such incidents, including calls from interactive voice systems causing network disruptions.
Anonymous users are dominating right-wing discussions online. They also spread false information
Elon Musk's involvement with anonymous influencers on X platform highlights the spread of misinformation online. The use of social media to promote false narratives poses a threat to the integrity of information and democracy.
App promises investors high returns... vanishes
An app named Choicese (CHC-SES), launched at the end of November 2023, disappeared within two months, leaving several crores lost for hundreds of investors.
Ram ke naam: Ram mandir consecration ‘prasad’ becomes new bait of online fraud
Ram Mandir: Cyber scammers are capitalising on the high fervour surrounding the consecration ceremony of the Ram Temple in Ayodhya, using it as a ploy to deceive unsuspecting individuals. If you receive a message offering 'prasad' from the sacred event and it includes a link for payment, refrain from clicking. Scammers send messages to random numbers, assuring the delivery of 'prasad' from Ayodhya. The fraudsters obtain access to linked bank accounts by prompting users to input their details. Some deceitful groups are enticing people with offers like phone recharge, using a similar modus operandi.
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Conference of DGPs, IGPs to be held in Jaipur on January 5-7; PM, Shah to attend
The annual conference of DGPs and IGPs in Jaipur will focus on critical issues like Jammu and Kashmir's terror threats, cyber frauds, and pro-Khalistani activities. Prime Minister Narendra Modi and Home Minister Amit Shah will lead discussions on criminal laws, Maoist concerns, and election management. Over 250 officers will attend physically, over 200 virtually, covering diverse topics such as counterterrorism and policing advancements. The conference, outside Delhi since 2014, fosters unity and offers actionable recommendations for policing enhancements, resulting in significant policy improvements.
Cyber fraud diminishes trust in online transactions, against aspirations of Digital Bharat: HC
The Delhi High Court's observations came while refusing to grant bail to a man, accused in a case of defrauding people of their hard earned money through financial frauds committed with the help of a mobile application. It noted that the conspiracy in the present case must have attracted thousands of investors as the money trail till date, prima facie, is of about Rs 140 crore.
How can senior citizens protect themselves from financial exploitations by their own families?
While there is much talk about protecting senior citizens from online fraudsters because of their ignorance and vulnerability, what is often ignored is the risk they face from their own families, including their children, siblings and other relatives. Here are the most common ways in which the seniors are duped by their near and dear ones, and ways in which they can safeguard themselves.
7 latest highly deceptive online scams; how to identify them and protect your money
Online scam and how to protect yourself: If you are not aware of their latest methods and tricks, you can easily fall into their trap, resulting in loss of time, money and personal information. ET Wealth Online explains a few types of scams that have been on the rise and the ways to protect yourself from them.
6 years of GST: India's unprecedented indirect tax reform that dared to revolutionise the economic landscape
India's introduction of the Goods and Services Tax (GST) marked a significant milestone in the country's taxation history. The tax base has more than doubled since its implementation in 2017, with revenues experiencing substantial growth. However, there is still room for more businesses to enroll in GST. There is potential for further growth and harmonization in the future.
Sri Lanka busts network of Chinese involved in online fraud
Several laptops and cell phones have been recovered from the group, according to local authorities. Further investigations are continuing. Sri Lanka is key to China's ambitions in the Indian Ocean Region and any increase in Chinese activities in the island nation is closely monitored in India.
How scamsters in India are sending thousands of crores of rupees back to China
Chinese scammers have suddenly mushroomed after the pandemic, which led to a widespread use of various kinds of apps and other digital technology, especially for money transfer. Chinese scams usually operate through apps and digital payment systems. The scams could range from investment to micro lending, jobs and betting. These apps are run by companies registered in India with dummy directors either by roping in Indians or using stolen data.
Low-cost airline kingpin Tony Fernandes prepares for life after AirAsia
Tony Fernandes, the larger-than-life character credited with revolutionizing budget air travel in Asia, plans to focus more on areas such as health, education and private equity.
Russians find asylum lifeline to US, but at a high price
Migrants have been denied rights to seek asylum more than 2.5 million times since March 2020 on grounds of preventing the spread of COVID-19 under Trump-era restrictions known as Title 42.
45% of Indian firms report cybercrime frauds, rank second after customer frauds: study
Among the organisations that encountered fraud in the last two years, 12% experienced ESG reporting fraud, 9% experienced anti-embargo fraud, and 19% experienced supply chain fraud.
To moonlight or not?
IT Rajeev Chandrasekhar said on Friday, that the move by IT companies that try to prevent employees from working on their own startups or consulting for other firms “is a doomed-to-fail exercise.“
The curious case of fake reviews: How businesses are battling negative feedback online
It's all about numbers. Products and companies are measured online by the number of stars.
Recruiters step up vigilance as job scams get innovative
Job frauds, an age-old practice that has become rampant - and more innovative - in recent years aren't sparing anyone: from freshers and professionals in small towns to those who were left jobless by the pandemic to even tech-savvy senior executives are being lured by high salaries and foreign postings.
Percentage of online shopping scam victims down to 74%: Report
According to an analysis by Banklesstimes, the emergence of ecommerce has increased the possibility of fraudulent activities. A surge in online transactions occurred due to the Covid-19 crisis. The pandemic presented con artists with a brand new opportunity to scam users.
More independent directors board India Inc despite rise in financial frauds
Deloitte survey shows 63% independent directors willing to be a part of organisation that experienced fraud. The corporate spectrum has seen a jump in appointments of independent directors even as cases of financial statement fraud, bribery, corruption or technology-related fraud are emerging as Covid has made companies increasingly rely on technology.
Beware of fun games about first celeb crush! You may be the next victim of Covid online fraud
It may appear harmless, but you are giving away your passwords or answers to security questions.
Coping with cyber criminals during the festive season
The pandemic has led to increased acceptance of e-commerce platforms and digital payments, which has presented even more avenues to cyber criminals to defraud organisations.
Will online fraudsters move away from financial services?
Though the rate of suspected online financial services fraud attempts have still risen globally by 18.8% globally during April-June quarter over the same period a year ago, it declined in India by 15.35%, indicating stronger fraud control measures being adopted by the financial services industry, a release by the credit bureau said.
View: As if the pandemic wasn't harrowing enough, fraud has now risen its ugly head
During the worst of Covid’s ‘second wave’, Delhi and other places saw an acute shortage of oxygen. A black market erupted, where oxygen cylinders and concentrators were being sold at exorbitant prices. This cannot be repeated in Delhi or anywhere else.
Suspected frauds originating from India jumped by a fourth in pandemic year: Transunion
The highest number of suspect cases were being reported from Mumbai, followed by Delhi and Chennai
View: RBI's new rules on credit or debit card details may lead to tokenisation
Though RBI’s Master Direction on Digital Payment Security Control (bit.ly/3uqrjHj) reads like a hodgepodge pastiche of the Payment Card Industry Data Security Standard (PCIDSS) website, it clearly outlines its fears around online payment security and the woefully inadequate fraud warning infrastructure that all but the most robust banks maintain.
Covid-related fake news, online scams and ransomware dominate 2020
According to a report by digital security and products firm Avast, the raging coronavirus pandemic was used by cybercriminals to spread scams and conduct phishing attacks to exploit unsuspecting people.
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