ONLINE BANKING FRAUD
Delhi man duped of over Rs 20 lakh in Dwarka, fraudster arrested
Delhi Police arrested a fraudster who enticed victims with promises of earning money through online tasks, leading to a complaint filed at the National Cybercrime Reporting Portal. The accused tricked a resident of Dwarka into investing over Rs 20 lakh in prepaid tasks involving cryptocurrency transactions. The accused, identified as Lakku Akhileshwar Reddy, was apprehended, while accomplice Shiva remains at large. Investigation continues into the elaborate cybercrime scheme.
Real-time intel platform to curb cybercrime, fraud
The government has established a real-time intelligence sharing platform to tackle cybercrime and online fraud. With over 750 stakeholders on board, prompt action can be taken to catch fraudsters and prevent misuse of telecom resources. Collaboration among different ministries and departments is enhancing the effectiveness of the platform in curbing cybercrimes.
Amid rising scams involving electricity bill, Delhi power department orders cos to take extra measures for safety
An elderly doctor in south Delhi lost Rs 6 lakh in an online phishing scam while trying to pay his electricity bill. The Delhi govt's power department has directed electricity distribution companies to enhance security measures, including dedicated helplines and awareness campaigns to empower consumers against fraud.
What happens when your bank isn't really a bank and your money disappears?
The long-standing promise of bank insurance faces a crisis as online-only lenders with millions in deposits face turmoil, freezing customer accounts and leaving many in the dark about their money's fate. The complex web of blame, bankruptcy, and missing funds has left depositors struggling to recoup their life savings.
PNB introduces Safety Ring mechanism to enhance security for internet, mobile banking users
Punjab National Bank (PNB) launched 'Safety Ring' within internet and mobile banking to counter cyber frauds. This optional feature allows daily limit settings for term deposits (TDs) to be closed or used for overdrafts, reducing losses from unauthorized access. PNB stated this ensures transactions exceeding set limits are blocked through digital channels, enhancing security.
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.
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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.
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.
Bombay High Court orders Bank of Baroda to refund Rs 76 lakh in cyber fraud case
The Bombay High Court ordered Bank of Baroda to refund Rs 76 lakh to a company due to online fraud. The ruling emphasized the importance of customers reporting fraudulent transactions promptly, following RBI guidelines. The court criticized the banking ombudsman for not properly investigating the case.
ED searches offices linked to Fairplay app over 'financial fraud'
The Enforcement Directorate (ED) Thursday said it conducted searches on multiple locations in connection with its probe on an offshore illegal betting application, Fairplay. The said app was allegedly involved in illegal broadcasting of cricket matches, including the Indian Premier League (IPL) and various online betting activities including results of recently concluded Lok Sabha polls.
Jaipur: US Woman buys Rs 6 crore jewellery from Instagram seller, later discovers it's worth only Rs 300
A US woman named Cherish was duped into buying what she thought was genuine jewelry worth Rs 6 crore from a Rajasthan shop owner, only to find out it was counterfeit and valued at just Rs 300. She confronted the seller in Jaipur after showcasing the jewelry in the US and filed a police complaint. The case highlights concerns over fraudulent practices targeting international buyers. Meanwhile, a Nagpur businessman lost Rs 87 lakhs in a scam promising hefty returns from trading on the New York Stock Exchange.
New UPI scam: Fraudsters send you 'Rs 200.00' and ask to return Rs 20,000; how to protect yourself from UPI overpayment scam
UPI overpayment scam: You should be careful before sending or accepting any UPI collect money request especiallly from unknown numbers or IDs. This is because scamsters have now become more sophisticated and specifically targetting various tricks to make sure you stay distracted enough to not notice the scam. Read here how a individual got saved from this scam and what you can do.
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.
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.
Re-KYC update of bank account: How to update KYC of bank account online in HDFC Bank, SBI, Canara Bank, ICICI Bank
How to update KYC details: Re-KYC is a procedure that allows banks and other financial organisations to stay up to date on a customer's most recent contact data and personal details. Here is how you can update your KYC details online for these top banks.
The man who escaped the scam rings of Cambodia
Thousands of workers are trafficked to Southeast Asia to commit cyber fraud on their fellow citizens over social media. Ex-serviceman Botcha Sankhar, who was forced to work in the scam compounds of Cambodia for six months, unravels the modus operandi of this new and terrifying form of crime and forced labour
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.
Pune brothers duped of over Rs 2 crore via WhatsApp in an online trading scam: Report
A 53-year-old man from Pune and his brother fell victim to an online trading scam, resulting in a loss of Rs 2.45 crore. The scam initiated through the instant messaging platform WhatsApp, where the victims were enticed with promises of substantial profits from online trading.
Mumbai man loses Rs 1.07 crore in trading scam; Here's how Indians lost Rs 1,750 cr in just four months
A 48-year-old man from Navi Mumbai lost Rs 1.07 crore in a share trading scam, highlighting a broader surge in cybercrime in India. The Indian Cybercrime Coordination Centre (I4C) reported 20,043 trading scam cases amounting to Rs 14,204.83 crore between January and April 2024. Fraudsters often use call spoofing and impersonate officials to deceive victims. The government has responded by freezing bank accounts and blocking SIM cards to protect potential victims.
Indians lost over ₹1,750 crore to cyber fraud in first four months of 2024
According to Indian Cyber Crime Coordination Centre (I4C), on an average 7,000 cybercrime complaints were registered per day in May 2024, a jump of 113.7% between 2021-2023 and 60.9% from 2022-2023, and 85%of them were financial online frauds.
DoT asks telcos to reverify 6.8 lakh suspect mobile connections
The Department of Telecommunications (DoT) is initiating a re-verification process for approximately 6.8 lakh mobile connections suspected of being obtained through forged documents. These connections, flagged by advanced AI-driven analysis, are believed to have used fake or invalid proof of identity and address documents. Telcos have been directed to complete the re-verification within 60 days, with failure resulting in disconnection.
How bankers are helping cybercriminals siphon your money
13 bankers, including a former Yes Bank deputy manager, were arrested for aiding cybercriminals by providing access to bank accounts for online frauds. The manager, Shaikh, opened accounts without following KYC norms. ACP Priyanshu Dewan commented on the case.
Top regulators, govt departments join forces to counter pesky calls, online fraud
Regulators such as RBI, SEBI, Trai, along with government departments like the Ministry of Home Affairs, Ministry of Consumer Affairs, and DoT, convened on May 21 to address the issue of pesky communications and online financial fraud. Discussions centered on tightening KYC rules, improving information sharing among stakeholders, and enhancing consent mechanisms. Trai's joint committee of regulators is spearheading collaborative efforts to tackle digital regulatory implications.
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.
Stock market fraud: How a Delhi woman lost over Rs 23 lakh chasing good returns
Mohammad Daud, arrested by Northeast cyber police station, duped a woman of Rs 23.5 lakh through a stock market website. Recovered items: 17 SIM cards, 11 debit cards, four passbooks, phone, stamps, and Rs 8.55 lakh.
Scam alert: Bengaluru techie reveals new cyber fraud trick, warns how criminals send SMSes to steal money
Beware of deceptive SMS scams like the one Aditi encountered. The scam involved a fake deposit request, demanding money return. Aditi's vigilance and verification prevented falling victim to the elaborate financial fraud scheme.
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.
Gurgaon businessman withdraws Rs 6 crore through 141 bank accounts, arrested
A Gurgaon businessman was arrested for siphoning Rs 6.1 crore from a software company's account. Alleged mastermind Harmeet Singh Malik was intercepted at Mumbai airport while trying to flee to Dubai. The operation involved multiple accomplices, with funds routed through various bank accounts and cryptocurrency transactions. Six arrests have been made, while two suspects remain at large.
RBI plans curbs on suspect bank accounts to fight cyber fraud
RBI plans to amend guidelines allowing banks to temporarily freeze accounts suspected of cyber crimes, combating a surge in online fraud. Victims currently face delays in freezing accounts, hindering recovery. The Reserve Bank of India aims to empower banks to suspend accounts linked to cybercrime without requiring police reports first.
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