Unauthorised transaction due to third party breach: Bank customer has zero liability, says HC
The Bombay High Court ruled that customers have zero liability for unauthorized transactions caused by third-party breaches, directing Bank of Baroda to refund Rs 76 lakh to Pharma Search Ayurveda Private Limited. The court cited a 2017 RBI circular and the bank’s Consumer Protection Policy, highlighting that the deficiency lay not with the bank or the customer. The petitioners reported the fraud immediately, but the bank ombudsman initially rejected their claim. The court found no negligence by the petitioners and ordered the refund within six weeks.
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.
Noida businessman duped of Rs 9 crore in WhatsApp trading scam: Report
A businessman named Rajat Bothra from Noida was duped of over Rs 9 crore by cyber thugs after joining a stock market trading group. Social media, especially WhatsApp, has become a breeding ground for scams.
Google tests new AI scam call detection feature amid rising cyber crime
Google is testing a new AI-based scam call detection feature. However, its legality is in question, as profiling callers based on conversation content without their consent is not permitted in India. In 2021, one scammer in India was responsible for 202 mn scam calls, which is about 27,000 fraud attempts every hour.
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
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.
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.
Stock gaming apps under Sebi scanner; ETtech Done Deals
The capital markets regulator is cracking down on illicit gaming apps that offer virtual trading services and fantasy games. This and more in today’s ETtech Top 5.
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.
90,000 scams in 4 months: How Southeast Asia is becoming the next Jamtara; Fraudsters recruiting from Andhra, TN, Odisha
India faces a surge in cyber fraud from Southeast Asia, surpassing domestic hotspots. Nearly half of the defrauded money comes from scams such as investment, trading, digital arrest, and dating scams. Between January and April 2024, Rs 1,775 cr was lost to these scams. Organized crime networks employ Indians through illegal recruiters, with suspected Chinese involvement in these operations.
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).
MHA warns against cybercriminals posing as police officials
The Union home ministry warns against cyber fraud by criminals posing as law enforcement agencies, leading to financial losses for victims. Fraudsters use various tactics, including 'digital arrests', and impersonate government bodies like CBI and RBI. The fraud is part of online economic crime by syndicates.
"Rs 15,000 credited to a/c XXXXX9082": This 'bank message' could be a scam; how to identify, save money
Bank phishing scam: You may get an authentic looking SMS saying that a sum of money has been credited to your bank account. However before acting on this information, remember to verify the SMS sender's ID, as banks do not use a personal mobile number to send SMS. Banks have different sender ID like AD-ICICIT for ICICI Bank, etc.
Chinese gangs in Cambodia behind rising cyber-crimes worldwide
Owing to its prolonged political unrest, hundreds of small and medium-sized criminal gangs have found a safe haven in Cambodia. Most of these have either been operated from China or been run by Chinese citizens residing in Cambodia, according to one of persons quoted above.
Skill gap in workforce, AI advancements make cyber attacks more threatening in India
India is witnessing an unpredented surge in cyber attacks. There is also a big skills gap in the cyber security workforce, and advancements in AI are making the problem more acute. While AI is a threat, it is also an opportunity. Synergy between AI and human expertise may be the key to safeguarding the country’s expanding digital ecosystems.
AI-generated deepfake videos, voice cloning emerge as potential threats during election season
Political parties aim to influence voters. Concerns over AI, deepfake misuse. Challenges in detecting deepfake content. Global incidents reflect AI misuse. Cybersecurity experts emphasize the importance of transparent AI guidelines.
Lockbit cybercrime gang disrupted by Britain, US and EU
Lockbit and its affiliates have hacked some of the world's largest organisations in recent months. The gang makes money by stealing sensitive data and threatening to leak it if victims fail to pay an extortionate ransom.
G20 website targeted at least 16 lakh times last year: Cyber Agency
India's official G20 website was attacked at least 16 lakh times last year, with ₹10,319 crore stolen between April 2021 and December 2023. The attacks targeted victims through online investment fraud, illegal lending apps, sextortion, and OTP forwards. Most crimes originated from China, Cambodia, and Myanmar and involved non-state actors.
Over Rs 10,300 crore siphoned off by cyber criminals since 2021: report
Over 4.52 lakh cyber crime cases were reported on the National Cybercrime Reporting Portal (NCRP) in 2021, which rose by 113.7% in 2022, with 9.66 lakh cases being reported on the portal.
Cyber crime growing at the rate 15-20% annually in India: West Bengal IGP Cyber Cell
Cybercrime is growing at an annual rate of 15-20% in India, with over 80,000 complaints received from West Bengal alone in the current year until November, according to Hari Kishore Kusumakar, Additional Director General & IGP-Cyber Cell. He noted that a national cybercrime reporting portal, coupled with a helpline, has received complaints covering various types of cybercrimes.
Centre suspends 70 lakh mobile numbers due to suspicious activity, according to DFS Secretary
A meeting chaired by the Financial Services Secretary also deliberated on how to ensure better coordination among various agencies to check cyber fraud. Joshi said there was a need to create awareness about cyber fraud in society to protect gullible customers from being duped. During the meeting, the Indian Cyber Crime Co-ordination Centre made a presentation on the latest statistics of digital payment frauds as reported in National Cyber Crime Reporting Portal (NCRP), including challenges and issues faced in countering such issues.
Govt disconnects 70 lakh mobile numbers involved in financial frauds: DFS Secretary
To check digital frauds, the government has disconnected 70 lakh mobile numbers so far involved in cybercrime or financial frauds, Financial Services Secretary Vivek Joshi said on Tuesday.
Load More
