FRAUD TRACK REPORT
Groww user alleges 'fraud', says app shows mutual fund investment but can't redeem, company denies; what are lessons for MF investors?
Groww faces 'fraud' allegation: A customer's complaint against Groww, has sparked concerns over investment safety via execution-only platforms (EOPs). The investor alleged via social media that investments made through Groww could not be withdrawn despite the app showing them as invested. Groww responded, asserting no deduction occurred and the mutual fund transaction did not take place. The incident underscores broader worries among investors about data reliability on fintech apps. ET Wealth delves into the details surrounding the incident. What could mutual fund investors learn from this incident?
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.
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.
Stock market scam: 70-year-old Thane resident loses Rs 2 crore in WhatsApp fraud
A 70-year-old from Kolshet, Thane, Maharashtra, lost Rs 2 crore in a stock market scam after being added to a WhatsApp group by unknown individuals. The group, highlighted by The Times of India, touted share trading tips and high returns. Its administrator falsely posed as a representative of a Chicago-based investment giant, enticing traders with purported opportunities.
New feature by CDSL to prevent demat related fraud: Know how this will make your accounts with Zerodha, Groww, FYERS and others safer
Demat account: If you have a CDSL demat account (used by stock brokers like Zerodha, Groww, Mirae, Upstox, etc) then you are now set to be protected against fraud after CDSL implements a new two factor authentication feature on the EASI and EASIEST portal. Read here to know more about this.
Surprise poll results impact startups' plans, and other top stories this week
In a week charged with political buzz, the BJP government came back to power after a stormy election, but without a full majority that left it dependent on the whims of its alliance partners. Unnerved, the markets went into a tailspin on counting day, with both benchmark indices, Sensex and Nifty50, dropping 8% intraday. They recovered a day later as hopes of a stable government revived.
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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.
RBI sets up panel to track online payment frauds; AP Hota to head committee
Along with Hota, representatives of NPCI, State Bank of India, HDFC Bank and ICICI Bank have been made members of the committee. The platform will establish operational guidelines for the proposed processes, determining the extent of data to be provided by reporting entities such as banks and fintechs. The committee will be responsible for defining these guidelines.
More cyber fraud cases getting detected in India due to enhanced vigil, says Amit Shah
Union Home Minister Amit Shah reported 27 lakh cyber fraud complaints in the past year, highlighting increased detection due to enhanced vigilance. He noted that 99.5% of police stations are now connected to the Crime and Criminal Tracking Network and Systems (CCTNS), aiding investigations and citizen services. The I4C tackles these rising cyber crimes.
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.
Fraud, crypto & wallet: A virtual hold for a real crime
Soon after a transaction by a scammer or the use of a mule account to purchase cryptos is tracked, the virtual digital assets (VDAs) can be moved to the proposed special account which would be under the control of a law enforcement agency (LEA).
Pig-butchering stock market get rich quick scam: Telegram, Instagram, WhatsApp used to steal lakhs from investors; tactics used, how to stay safe
A 32-year-old woman was scammed after joining a Telegram channel promising high returns. The scam targeted homemakers and retired individuals through unverified channels. Scammers impersonated advisors from reputed banks like HDFC, SBI, and ICICI. Delhi Police have been actively arresting scammers involved in these fraudulent activities.
AI based death calculator Life2vec warns of massive fraud
Artificial Intelligence based death predictor Life2vec has issued a warning against imposters. Tool is yet to be released for the general public.
Money mule transactions: Banks may block your account for these fund transfers; here's how to secure your account
Bank account block: There are at least 5 Indian banks who are tracking money mule transactions conducted through their account holders. In this regard HDFC Bank has already taken an action and launched investigation too in the suspected cases. Know here how banks may block access to your account and funds if a money mule transaction is found.
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.
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.
HRA tax exemption: HRA fraud with illegal usage of PANs detected by tax dept; how to avail House Rent Allowance, proofs
HRA tax fraud: The investigation by the tax department began when authorities stumbled upon purported rent receipts totaling approximately Rs 1 crore under an individual's PAN. However, upon questioning, the individual disavowed any knowledge of these transactions. Subsequent inquiry revealed that the individual had not actually received the rent attributed to them.
CBI, banks differ over fair hearing to ‘old’ cases of ‘fraud’
CBI is reportedly insisting on what could be a retrospective application of last year’s SC ruling that a borrower must be given a hearing before the account is classified as ‘fraud’ and a “reasoned order” must follow if such an action is taken. But bankers are unwilling to go back to these past matters.
Fintechs see exponential growth in small-ticket loans but need to focus on sustainability: Report
According to a report titled ‘Charting New Horizons for Fintech Lending: Navigating Profitability and Scalability’, Till September 2023, 77% of the loans under Rs 1 lakh were given out by fintech lenders, from around 50% in FY18. In value terms, fintechs accounted for 50% of market share with non-banking lenders making up 25%.
From 'Believe In Magic' to 'The Grift', 6 must-listen podcasts about lies & fraud
Explore the world of lies, scams, and con artists with these six gripping podcasts that delve into various forms of deception, from art forgery to romance scams and medical fraud.
ET Explainer: How to buy genuine art and avoid frauds
Fake art scams aren't new. Just earlier this year, a former Los Angeles auctioneer agreed to plead guilty to an art fraud scheme where he fabricated 25 paintings in Basquiat's style and sold them to an Orlando, Florida gallery. The scam was exposed when a consultant spotted a FedEx label on the back of one painting that used a font that was introduced six years after Basquiat's death.
Want to avoid frauds? A no-nonsense guide to ensuring the art you buy is the real deal
Art forgeries and dubious provenances are a common scourge in the industry. Here are some factors to watch out for before making a purchase.
It’s raining GST notices. Are you prepared?
Most notices seem to be based on assumptions and surmises. Taxpayers must be proactive in collating supporting documents and advancing appropriate justifications to defend the notices.
Banks to provide more info on fraud accounts to NeSL
According to officials aware of the deliberations, the Indian Banks Association, or IBA, and National E-governance Services Ltd. (NeSL) are working to further improve the reporting system, which will now capture data on 'declaration of fraud' and 'declaration of wilful default,' a move that is expected to fast-track the process of establishing defaults and verify claims expeditiously.
Diwali online shopping: Here are tips to protect yourself from shopping frauds
As Diwali approaches, the excitement of celebrating with loved ones is building up. However, it is important to be cautious as online shopping is also a platform for fraud. To ensure a secure and joyous celebration, it is crucial to be aware of various scenarios of online festive shopping frauds. The article highlights four common fraud scenarios and provides tips on how to protect yourself.
Builder sells two flats in Mumbai to 150 buyers, collects Rs 30 Crore
A builder from Bengaluru, director of Mandar Housing Pvt Ltd, has been arrested for cheating 150 buyers and swindling them of over Rs 30 crore. The accused lured customers by offering flats at rates below the market average and sold some flats to multiple buyers. Investigations revealed the use of fake documents for constructing the residential towers.
Aadhaar fraud alert: How banks use new methods to protect your money from scammers
Aadhaar enabled payment systems (AePS) transaction fraud can be done if the fraudster has got access to the bank customer's fingerprint/IRIS impression/data, their Aadhaar number and name of the bank where the account is maintained. In order to stay protected from this kind of fraud an individual must take certain steps. Further banks also help in prevention of such a fraud.
Fidelity readies new spot bitcoin ETF filing - report
Fidelity is expected to file for a spot bitcoin exchange-traded fund (ETF), joining other major asset managers like BlackRock and WisdomTree. The filing has helped reverse negative sentiment in the cryptocurrency markets. If approved, the bitcoin ETFs could open the door for more institutional and high-net-worth retail investors to enter the crypto space. However, the Securities and Exchange Commission has rejected previous applications over concerns of market manipulation. Fidelity is also part of a consortium that recently launched a crypto exchange called EDX Markets. Grayscale Investment is suing the SEC over the rejection of its application to convert its spot Grayscale Bitcoin Trust into an ETF.
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