PAYMENT FRAUDS
The scam that wasn't? Groww issues 6-point clarification on failed mutual fund investment
Groww platform safeguards investments, ensures transparency in transactions, and advises customers to verify holdings with CAMS, Kfintech, or MFCentral for comprehensive oversight, debunking misinformation and ensuring financial security.
Hamara gaon, hamara digital push
While smartphone adoption among low- and moderate-income (LMI) communities is growing, usage is limited to social media and messaging apps. This indicates that critical challenges continue to hinder the use of digital payments for close to 1 bn LMI people, especially women and people from marginalised communities.
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 The investor alleged via social media that investments made through Groww could not be withdrawn despite the app showing them as invested.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?
Don't leave your crease: ICICI Bank asks UPI users to follow cricket strategy to stay safe from frauds
ICICI Bank issued a warning about rising fake UPI payment scams, urging caution through social media. They shared a video advising users to verify unexpected UPI notifications carefully to avoid scams where scammers claim to have sent too much money and pressure victims to return excess amounts urgently. This alert coincides with a significant increase in digital payment fraud cases reported by the RBI. ICICI Bank encourages prompt reporting of cybercrimes and offers tips to protect against fraudulent transactions.
Federal court revives lawsuit against US government over fake university scam
US Court of Appeals for the Federal Circuit has reinstated a proposed class action lawsuit involving 600 students defrauded by fictitious university in student visa scam. The lead plaintiff, from India, seeks to recover funds paid for enrollment, highlighting government's commercial activity. DHS not immune from lawsuit, marking significant legal victory.
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.
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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.
Customs department warns against new parcel fraud:'Drug was found in your parcel, will inform police'; how to save yourself from this fraud
New parcel scam: The Central Board of Indirect Taxes and Customs (CBIC) has stated that several people complained to them about a fake parcel scam being conducted in the name of customs. In this scam you get a call from a fake officer informing you that cocaine or other drugs have been found in a parcel with your name. Read to know more about this scam and how to stay safe.
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.
Credit card bill payment hurdles; startup funding logs slight uptick
Happy Friday! The central bank has mandated credit card bill payments through Bharat Bill Payment System (BBPS), but only eight of 34 banks are live on the network, causing concern among payment companies. This and more in today’s ETtech Morning Dispatch.
Major cyber fraud prevented in Lucknow, would have been one of the biggest cases in UP's history
The story started with fraudsters opening another account in AKTU's name in the same bank where it already had an account. Then, bank officials were fooled via an elaborate ploy to transfer a huge amount fo the fake a/c. It eventually took an audit to uncover the scam.
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.
CBIC cautions public against frauds in the name of Indian Customs
The Central Board of Indirect Taxes and Customs (CBIC) issued an alert regarding fraudulent activities where imposters pose as Indian Customs officials to deceive the public, often through digital means like calls or SMS. CBIC launched a comprehensive awareness campaign urging vigilance and precautionary measures against such scams, emphasizing verification and reporting of suspicious activities
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.
RBI's proposed digital payments intelligence platform will mitigate frauds, say experts
The Reserve Bank's proposal to establish a digital payments intelligence platform aims to combat fraud and enhance consumer trust. A committee led by A P Hota will assess the creation of this platform, leveraging advanced technologies to mitigate payment fraud risks.
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 to set up digital payments intel platform after cyber frauds spike over 700%
The Reserve Bank of India (RBI) Governor, Shaktikanta Das, announced the launch of a digital payments intelligence platform to address the recent rise in bank and digital frauds.
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.
Financial frauds declined by 46.7 per cent during 2023-24: RBI annual report
The Reserve Bank of India (RBI) reported a 46.7% drop in fraud value for 2023-24 compared to the previous year. Private-sector banks reported the most frauds, mainly small digital payment frauds, while public-sector banks had the highest fraud value, primarily in loans. The report highlights a focus on regulation, supervision, and financial stability for 2024-25, including enhancing cyber response and using AI to prevent fraud. It also notes India's robust economic growth, with strong macroeconomic fundamentals and significant capital expenditure planned. The Pradhan Mantri Garib Kalyan Anna Yojana extension will bolster food 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.
Airtel Payments Bank's annual net profit rises 60% to Rs 35 crore
Airtel Payments Bank records 60% surge in annual net profit to Rs 35 crore, with revenue up 42% to Rs 1,836 crore. Monthly transacting users reach 80.4 million.
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.
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