'A credit line on UPI is going to make banks think about credit fundamentally as they digitise the credit process entirely.'
The Union finance ministry will meet CEOs of public sector banks to discuss issues related to cybersecurity in the wake of the Rs 820 crore (Rs 8.2 billion) fraud that hit Kolkata-based UCO Bank last month.
India's internet economy is estimated to reach $1 trillion by 2030, primarily due to e-commerce, which is expected to be worth $325 billion and rank third globally, according to industry experts. Last year marked a crucial turning point for India's e-commerce sector, with notable changes in consumer trends, technology, and regulations. InGovern Research Services, a leading corporate governance advisory firm, hosted a virtual roundtable to deliberate on the notable developments in India's e-commerce sector in 2023, with a particular focus on the essential role of customer trust in fueling its ongoing expansion.
Launched in March, it triggers re-verification of suspected fraudulent numbers. Failing re-verification, the number will be disconnected.
At the heart of Paytm's slide lies the abject failure of its Super App strategy, notes Indrajit Gupta.
The indictment says the alleged co-conspirators "knowingly and willfully joined a conspiracy to unlawfully change the outcome of the election in favour of Trump".
Fraudsters in Himachal Pradesh minted a series of a cryptocoins -- two of which were KRO and DGT -- to cheat thousands of investors of more than Rs 200 crore over a period of five years, beginning in 2018 -- the year the crypto reached fever pitch.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
Customers using mobile wallets, prepaid payments cards, and paper vouchers such as Sodexo have been absolved of liability for fraud if it is reported within three days.
'What the RBI is doing is trying to catch the mouse when they have to catch the tiger.'
Purchase health insurance at an early age, before you incur a disease, as this makes access to health insurance difficult and raises the premium significantly.
Customers taking small and convenient steps and some degree of care and precaution while paying digitally will ensure safety and security from new threats that emerge every day, says Avinash Luthria
The court's observation came while granting bail to a person accused of running call centres in the country and defrauding United States citizens to the tune of about $20 million.
Here's how you are most likely to get ripped off in cyberspace--and how to protect yourself.
In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
Credit card frauds are on an upswing these days. How can you make sure your credit card is not misused?
The Bill allows stopping of transmission and intercepting messages in case of public emergency, in the interest of the public, to prevent incitement for committing offence.
Stories of friendship, former life and fights against the system dominate the OTT this week. Sukanya Verma lists her recommendations.
'With free software on the Internet and apps, creating a deepfake video can take 3 to 5 minutes. Anyone can make these videos.'
Disney Star is mulling legal actions against Zee Entertainment for backing out from a $1.4 billion sub-licensing agreement for TV broadcast of international cricket matches in India, according to industry sources. This could brew another legal trouble for Zee Entertainment Enterprises Ltd (ZEEL), which is already facing an arbitration plea by Sony Group at the Singapore International Arbitration Centre, claiming $90 million for breach of conditions of their merger agreement. Disney Star, an Indian subsidiary of media conglomerate The Walt Disney Company, is working on its strategy over the development, said industry sources.
If Sebi and RBI remain quiet about this brazenly illegal activity, will someone in the finance ministry or the NITI Aayog take a closer look, asks Debashis Basu.
Experts say the recent Rs 14,000-crore PNB fraud could have been avoided had there been an integration of PNB's CBS with its SWIFT system
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'Clients deemed higher-risk are required to update their KYC more frequently.'
The next time when you apply for a visa for Britain, you will have to furnish your finger scans and digital photographs. The British High Commission is set to introduce biometric data collection procedure from Wednesday to check cases of identity fraud.
'India's emergence as a top crypto market comes despite a regulatory and tax environment that can be challenging for the industry to navigate.'
There has been an exponential increase in the use of technology to validate financial numbers, with a greater reliance on electronic evidence, use of live videos where possible, data analytics, and project management software to overcome the physical limitations in verifying transactions and accounts.
Use of blockchain technology will ensure that banks will not be blindsided like in the case of the Nirav Modi-Mehul Choksi blowout at PNB, says Raghu Mohan.
Gullible bank customers are getting fooled by callers who scare or lure them.
Telecom service providers (TSPs) have begun to monitor and prevent spam calls since May 1, with the help of an artificial intelligence and machine language-based system acting on the Telecom Regulatory Authority of India's (Trai) latest directive on the matter, its officials told Business Standard. Touted as the first big technological measure against the growing menace of unsolicited commercial communications, all TSPs have confirmed to Trai that they have rolled out the AI/ML tool. The filter system works on the distributed ledger technology (DLT) platform used by TSPs, and is set to go for incremental updates, rules for which will soon be released, they added.
Banks and brokerage firms have plans to test a small device that would help customers prove their identities while logging on to online banking, brokerage and bill-payment programmes, in an effort to fight Internet fraud.
During the trip, check your bank account and credit card statements regularly for unauthorised transactions.
He said the Aadhaar programme violated informational privacy, self-determination and data protection.
Telecom regulator Trai on Monday said that it is working on various technologies to detect pesky calls and messages along with a joint action plan with other regulators to curb financial frauds. The Telecom Regulatory Authority of India (Trai) said that Unsolicited Commercial Communication (UCC) or pesky communication is a major source of inconvenience to the public and impinges on the privacy of individuals. "Now complaints are reported against Unregistered Telemarketers (UTMs), where a surge has been seen in pushing various kinds of UCC SMSes. Additionally, UCC calls are also one of the concerns which need to be dealt with equally along with UCC SMSes," it said.
Nia builds on Mana, the first AI platform introduced by the software services major last year. It also includes the robotic process automation capabilities of AssistEdge, another Infosys solution.
The probe, being conducted under various sections of the Prevention of Money Laundering Act, is against the Kallal Group and the UK-based Lyca group and its Indian companies Lyca Productions and Lyca Hotels, it said.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
The reports also claim that the same beneficiary had been found to avail treatment at two hospitals at the same time.
Google said safety, affordability and expanded use cases for the next wave of users will be the pillars to get the next 700 million users online.
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