...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
The Telecom Regulatory Authority of India's (Trai's) latest push to review its existing spam regulations and expand the definition of "commercial communications" is driven by an urgent need to tighten controls on autodialers or robocallers, and bulk messaging, according to official sources. This move, they said, comes in response to a surge in complaints against unregistered telemarketers (UTMs), which soared to 750,000 in just the first half of 2024, underscoring the necessity for a comprehensive overhaul of the government's anti-spam measures. Last week, Trai released a consultation paper aimed at revisiting the Telecom Commercial Communications Customer Preference Regulations, 2018 (TCCCPR-2018), the government's legal framework against spam.
Stressing the need to make evidence-based policy formulation an integral part of governance, the prime minister said auditors must resort to technical tools to iron out any chances of fraud in organisations and give a new identity to new India.
The Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) have intensified their investigations against Gaurav Mehta, a suspect in a Bitcoin Ponzi scam, following allegations that politicians may have been involved in using cryptocurrency to influence Maharashtra assembly polls. The ED searched Mehta's residence in Raipur and seized computers and digital devices. The CBI summoned him to appear before investigators. The ED is probing Mehta's potential links to politicians, politically exposed persons, and bureaucrats as part of its money laundering probe. The allegations came after BJP released purported voice notes suggesting that Congress and NCP leaders were attempting to use cryptocurrency for election campaigning. Both parties denied the claims, calling the voice notes fake.
'We will take tough calls where needed in the interest of doing what is right.'
The senior IPS officer said that 45 percent of cyber financial frauds taking place in the country are originating from the South East Asia.
A common feature in India is the lag between the occurrence of frauds and the time they are actually reported.
The country's largest lender State Bank of India has seen a perceptible increase in the number transactions happening at its multiple digital channels, with the percentage moving from 60 per cent in the pre-pandemic period to 67 per cent currently, chairman Dinesh Khara said. The rise in the number of digital transactions at the bank was largely driven by pick up in e-commerce during the pandemic-induced lockdown, which restricted movement, he said.
Private sector banks reported the maximum number of frauds in 2022-2023.
'So, we would work with our members to ensure that we as an SRO create some sort of due diligence for fintechs.'
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.
The Commission has desired to incorporate Aadhaar-based fingerprint authentication (else digital fingerprint capturing) and facial recognition of candidates, scanning of QR Code of e-admit cards and monitoring through live AI-based CCTV video surveillance, it said.
'A credit line on UPI is going to make banks think about credit fundamentally as they digitise the credit process entirely.'
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.
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.
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".
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.
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.'
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
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
Here's how you are most likely to get ripped off in cyberspace--and how to protect yourself.
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.
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.
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.
Credit card frauds are on an upswing these days. How can you make sure your credit card is not misused?
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
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.
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.
'With free software on the Internet and apps, creating a deepfake video can take 3 to 5 minutes. Anyone can make these videos.'
Stories of friendship, former life and fights against the system dominate the OTT this week. Sukanya Verma lists her recommendations.
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
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.
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.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
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.
'Clients deemed higher-risk are required to update their KYC more frequently.'
Gullible bank customers are getting fooled by callers who scare or lure them.
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