ONLINE PAYMENT FRAUDS
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 The investor alleged via social media that investments made through Groww could not be withdrawn despite the app showing them as invested.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?
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.
NIA charge sheet against 5 persons for trafficking Indian youths, coercing them into online fraud work
According to NIA investigations, the accused targeted Indian youths proficient in computers and English language, and coerced them into working in fraudulent call centres on tourist visa for pecuniary gains. The victims were being recruited, transported and transferred from India to the Golden Triangle SEZ in Lao PDR via Thailand, the NIA said.
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.
Gujarat homeopath pays Rs 16 lakh for MBBS course from UP, gets degree in just 1 month
A shocking case of medical education fraud surfaced in Mehsana, Gujarat, where Suresh Patel paid for a forged MBBS degree from Bundelkhand University in Jhansi through Dr. Prem Kumar Rajput and others.
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.
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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.
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 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.
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.
Fake job offers in India or abroad: How to spot a fraudulent job offer, know the full list of authorised agents for foreign jobs
Fake job offers: India is such a country where millions of young people reside and many of them are searching for a job either within India or abroad. Younger people have aspirations and enthusiasm which fraudsters are using to dupe them with fake job offers. In the recent past many young Indians were taken abroad to work in scam jobs, etc.
New RuPay payment mechanism using NFC: Know who will benefit from it and who may not need it
NFC sticker powered by RuPay: A silicon sticker powered by RuPay using near field communication (NFC) technology is set to be launched. This sticker can be fixed on any solid surface and requires no internet or power and is also waterproof. You can use this NFC sticker for payments at any NCMC enabled terminals in Assam ASTC, Delhi metro, Mumbai BEST, etc.
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.
Adani Group wants a slice of India's payments and e-commerce pie: Report
India's Adani Group is seeking a licence to operate on the public digital payments network and is in talks with banks for a co-branded credit card. The conglomerate also plans to offer online shopping via the govt-backed Open Network for Digital Commerce (ONDC), according to the Financial Times.
Stock market fraud via WhatsApp, Facebook, Telegram: Two investors lost over Rs 3 crore; how to identify scam and protect yourself
Stock market scams via WhatsApp, Telegram, Facebook or Instagram: Two investors lost over Rs 3 crore in separate scams, highlighting a concerning trend. Fraudsters lure victims via social media with promises of high returns. They use fake profiles, apps, and WhatsApp groups to build trust before blocking withdrawals. Beware social media stock tips promising high returns. It's a scam! Learn how to identify fraudsters and protect yourself. Read for modus operandi and red flags here.
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.
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.
How Bengaluru woman lost Rs 77,000 while returning spoilt milk to online grocery platform
A 65-year-old woman in Bengaluru, Sophia, lost Rs 77,000 in an online scam while attempting to return spoiled milk bought from an online grocery platform. Scammers posing as platform executives coerced her into revealing her UPI PIN, resulting in the fraudulent transaction. Sophia promptly reported the incident to the cyber helpline and filed a complaint with the police, highlighting the prevalence of online fraud targeting unsuspecting individuals.
Cashfree launches risk management and fraud prevention tool RiskShield
Online merchant-focused Cashfree said this product will enable users to block transactions from specific mobile numbers, email addresses, IP addresses, Card BIN, UPI handles, and card numbers. This will ensure better risk management and fraud compliance.
What's Chakshu portal? How to report fraud spam calls, messages and cybercrime on this portal?
The government has launched Chakshu portal under Sanchar Sathi initiative to combat telecom fraud, empowering users to report suspicious calls and leaked phone numbers. Department of Telecom has also introduced Digital Intelligence Platform to share information, aiding fraud prevention. Citizens can report fraud via Chakshu portal. Telecom Secretary Neeraj Mittal emphasizes safeguarding digital assets.
Beware of calls, SMS on electricity bill payments. Here's why
A 77-year-old doctor lost Rs 3 lakh to a well-coordinated scam by an individual pretending to be an electricity provider representative. The scam involved a threatening message, coerced payment, unauthorized transactions, tampering with accounts, and personal information. Law enforcement and the cyber cell are investigating the fraudulent scheme.
Aadhaar frauds: RBI ready with masterplan to curb Aadhaar-enabled payment system (AePS) scams
AePS has emerged as one of the most popular payment systems, especially in rural areas in the last few years. At present, 35 commercial banks, 40 rural banks, and 52 cooperative banks offer an Aadhaar-enabled payment system, according to the NPCI website. However, the system has been plagued by issues such as lack of infrastructure and security risks. Currently, there is no two-factor authentication on the Aadhaar-enabled payment system.
RBI to further strengthen security features of AePS to curb frauds
The Reserve Bank of India announces plans to bolster security measures for the Aadhaar-enabled payment system (AePS) to combat fraud risks. Current concerns revolve around the lack of two-factor authentication, posing vulnerabilities, especially for older users. The move aims to introduce additional fraud prevention mechanisms, potentially including timed OTP authentication. Strengthening AePS security is vital for fostering financial inclusivity, particularly in rural areas where digital literacy may be lower.
RBI to streamline Aadhar-enabled payment system, introduce additional risk management measures
Right now, there is no two factor authentication for Aadhar enabled payments, which is risky and the cause for many frauds. The customer can pay the merchant by entering their Aadhar number and biometrics like fingerprints and iris. Fraud with iris happens more to older people, as fingerprints become difficult to capture with age.
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.
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