EMPLOYEE FRAUD RISKS
EPF new rules: EPFO issues SOP on how to freeze, defreeze UAN
In order to detect probable situations of suspicious accounts or transactions where there may be a risk of impersonation or fraudulent withdrawals, multiple stages of verification for MIDs, UANs, and institutions will be carried out as part of the SOP. Here is a look at EPFO's latest SOP freezing and defreezing UANs of EPF subscribers.
Sebi notifies institutional mechanism for brokers to prevent mkt abuse
Brokers must biannually report suspicious activities to stock exchanges. Sebi's amended PFUTP rules, effective from June 27, aim to prevent manipulative trade practices.
Former Allianz employee pleads guilty to fraud over $7 billion funds meltdown
Former Allianz fund manager Gregoire Tournant pleaded guilty to investment adviser fraud charges related to the $7 billion losses in private funds during the COVID-19 pandemic meltdown. Tournant misled investors about fund risks, altered performance data, and obstructed an SEC probe. Allianz agreed to pay $6 billion to resolve the case, with two other managers also pleading guilty. Tournant had previously denied the charges but changed his plea.
HSBC cuts Elastic Run valuation; Hero MotoCorp doubles down on Ather
HSBC has cut its valuation estimate for B2B ecommerce firm Elastic Run by nearly half, bringing it under $1 billion. More on this in today’s ETtech Top 5.
RBI cracks down on payment frauds; layoffs at Simpl
The central bank is setting up a panel headed by former NPCI chief Abhaya Hota to take on payment frauds. This and more in today’s ETtech Top 5.
Mahindra Finance appoints Mahesh Rajaraman as CRO
Mahindra & Mahindra Financial Services appoints Mahesh Rajaraman as Chief Risk Officer, replacing Mallika Mittal who resigned amid a fraud case involving Rs 135.9 crore. Rajaraman, with 29 years of banking experience, will lead the risk management function for a 5-year term.
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Frauds by bank employees: Take these steps to ensure branch manager or any other employee does not run away with your money
Fraud by bank employees: Many reports of bank employees defrauding customers of the bank. These are the cases where the bank and its customers both are the victims of fraud by the employee(s). In a recent judgement by the SC, it was said that banks would be held liable for criminal misconduct by its employees.
SBI, ICICI Bank, Axis Bank, PNB, AU Small Finance Bank warn customers about banking frauds; different scams, ways to safeguard yourself
Bank frauds: SBI recently issued a warning about a scam involving the distribution of an Android Application Package (APK) to users under the guise of redeeming SBI reward points and the precautions to take. Let us take a look at some of the frauds that big banks in India have been warning customers about and how one can stay safe.
M&M Fin to increase due diligence for onboarding: CEO
Rebello said that the company has started centralising operations in the last six months to overcome the challenges of decentralised operations - how it was structured historically.
States & online gaming regulations; banks tap startups to foil frauds
Happy Monday! In the absence of central government’s self-regulatory mechanisms, states are framing laws for online real money gaming. This and more in today's ETtech Morning Dispatch.
₹10,000 is all it takes for a pay hike letter & to cheat a company
Employee fraud risks rise, impacting industries like BFSI, e-commerce. AI, ML crucial in fraud detection. Companies urged to adapt to evolving fraud trends, prioritize integrity in recruitment processes.
JPMorgan's Dimon warns inflation, political polarisation, wars creating risks not seen since WWII
JPMorgan Chase CEO Jamie Dimon expressed concerns about geopolitical events such as the war in Ukraine and US political polarization potentially creating risks that could exceed those seen since World War II. He emphasized the importance of unity, democracy, and addressing economic challenges like deficit spending and inflation.
Bengaluru woman tries to book tickets for RCB vs KKR IPL match through Facebook, duped Rs 86,000
A woman in Bengaluru lost Rs 86,000 in a cyber scam while trying to buy IPL tickets, highlighting the risks of online transactions and the need for caution in verifying sellers.
PNB MetLife appoints Vijayalakshmi Natarajan as chief risk & compliance officer
Natarajan, an industry veteran with over three decades of experience, is responsible for enterprise compliance, risk management, design and implementation of internal controls, and policies and procedures, the company said.
New-age fraud schemes in today’s hybrid work environment
Hybrid work, a COVID-19 legacy, drives fraud risks. Cybercrime, moonlighting, and expense fraud surge. Robust checks and continuous monitoring crucial. Organizations must invest in tools to combat fraud and maintain compliance.
SpiceJet sacks three executives over charter flight fraud
The audit found that the officials were taking commission from agents to sell the charters at a lower price than prevalent market rate, executives directly involved in the know said. The airline has terminated the services of three employees, and is tightening control over its commercial department like sales and revenue management, the executives added.
Bitcoin ETFs come with risks. Here’s what you should know
Several established financial institutions, including Fidelity and BlackRock, have coalesced around bitcoin because it is the world’s first and largest cryptocurrency. But bitcoin remains an enigma to most everyday investors, and it’s hard to separate the buzz from any true potential. It’s also wildly volatile.
Bitcoin ETFs come with risks: Here are key things you should know
Several established financial institutions, including Fidelity and BlackRock, have coalesced around bitcoin because it is the world's first and largest cryptocurrency. But bitcoin remains an enigma to most everyday investors, and it's hard to separate the buzz from any true potential. It's also wildly volatile. In other words, it's a bet.
OpenAI CEO Sam Altman, US House speaker Mike Johnson discuss AI risks
The rise of AI has fed a host of concerns, including the fear that it could be used to disrupt the democratic process, turbocharge fraud or lead to job loss, among other harms. Europe is ahead of the US on regulations around AI, with lawmakers there drafting AI rules.
Borrowers are getting fake employment certificates for Rs 20,000: Report on loan KYC fraud
A report has been released by IDfy on KYC risks in lending. The report has talked about how borrowers try to fraud the lenders by providing fake employment, income tax certificates, tampering in Voter ID, Aadhaar and other officially valid documents. The report further suggests how fraudsters use loopholes in KYC process to defraud banks.
US lawmakers ask SEC to scrutinise Elon Musk's comments on Neuralink
The request for an inquiry came from Democratic House Reps. Earl Blumenauer of Oregon, Jim McGovern of Massachusetts, and Barbara Lee and Tony Cardenas of California, according to the letter sent to the SEC on Tuesday and reviewed by Reuters.
Neuralink: Here is Why US Lawmakers Are Asking SEC to Launch Fraud Investigation Into Elon Musk
Four U.S. lawmakers, including Democratic House Reps. Earl Blumenauer, Jim McGovern, Barbara Lee, and Tony Cardenas, have called on the Securities and Exchange Commission (SEC) to probe Elon Musk for potential securities fraud related to safety concerns surrounding Neuralink's brain implant.
Sam Bankman-Fried testifies he believed FTX was 'fine' until just before collapse
Testifying in his defense at his fraud trial for a second day, the 31-year-old former billionaire recounted the dramatic days leading up to FTX's collapse, and sought to dispute prosecutors' argument he misled the public about the exchange's health to try to slow a tsunami of customer withdrawals.
Rishi Sunak warns AI has potential to facilitate development of biological weapons
Prime Minister Rishi Sunak cautions about the potential for artificial intelligence in the development of biological weapons raising concerns that society might lose control over AI systems. While stressing on AI's economic potential, he said there is a need to address the risks associated with it.
Truecaller acquires Bengaluru-based fraud detection service TrustCheckr
TrustCheckr, through its software-as-a-service (SaaS) platform, helps businesses verify customer information and detects risk of fraud based on phone numbers and digital signals. Its customers include IIFL Finance Ltd and Piramal Capital & Housing Finance Ltd.
Donald Trump indicted for attempts to overturn his 2020 defeat and block transfer of power
Then-President Trump pushed fraud claims he knew to be untrue, pressured state and federal officials - including Vice President Mike Pence - to alter the results and finally incited a violent assault on the U.S. Capitol in a desperate attempt to undermine American democracy and cling to power, prosecutors said. Trump was ordered to make an initial appearance in federal court in Washington on Thursday. The case has been assigned to U.S. District Judge Tanya Chutkan, who was appointed by Trump's predecessor Barack Obama.
What's FraudGPT and how criminals are using this AI chatbot to target innocent internet users
In the face of sophisticated cyber threats like FraudGPT, proactive measures and vigilance are paramount. By staying informed and implementing robust cybersecurity practices, individuals and businesses can fortify their defenses against these emerging dangers, ensuring a safer digital environment for all. FraudGPT is an AI Chatbot that leverages the capabilities of generative models to produce realistic and coherent text.
Startups and their new normal: Funding crunch, disgruntled employees and allegations of fraud
With the global liquidity situation changing, institutional investors were no longer interested in waiting patiently for startups to go hybrid. The pressure of meeting the promised targets and churning out profits even as ground reality turned hostile led several startup founders to cut corners in recognising revenues, reporting financials or painting an all-is-well picture.
Visa Fraud: Files of 64 people with high risk of migration 'disappear' from French Embassy
Former embassy officials Shubham Shokeen and Aarti Mandal allegedly made Rs 32,00,000, charging Rs 50,000 per visa by clearing files of questionable candidates, they said.
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