Wipro, HCL in race for Sebi's fraud detection system upgrade,
Hyderabad Police Commissioner V C Sajjanar has proposed a Joint Working Group with the RBI and banks to address the issue of mule bank accounts used in cyber fraud. The proposal follows 'Operation Octopus,' which exposed vulnerabilities in KYC verification. Sajjanar also recommended strict directives for banks to fix accountability and adopt advanced technology to detect suspicious transactions.
Delhi Police have dismantled a cyber fraud racket involving malicious mobile applications, arresting two individuals, including the alleged mastermind from Uttar Pradesh. The accused developed and supplied 'FUD' APK files to cyber fraudsters across the country, enabling them to gain remote access to victims' phones and siphon off money.
Gujarat police have arrested eight individuals for their alleged involvement in a cyber fraud network that handled transactions worth over Rs 288 crore. The arrests were made as part of 'Operation Mule Hunt 2.0', targeting organised cyber crime.
Delhi Police have dismantled a major international cyber fraud syndicate using illegal 'SIM Box' technology to defraud people through digital arrest scams and fake investment schemes. Two individuals have been arrested, and the investigation revealed links to handlers in Cambodia and other Southeast Asian countries.
India has launched an open Health AI benchmarking platform to evaluate artificial intelligence models on diverse Indian datasets before deployment at a population scale. The initiative aims to strengthen AI-driven claims management under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY).
Interpol's latest report reveals a significant surge in global financial fraud, driven by the increasing use of artificial intelligence by scamsters, resulting in losses of over USD 442 billion in 2025.
Dungarpur Police have arrested three individuals involved in an organized gang allegedly siphoning money from life insurance policies using forged documents, with the fraud involving approximately Rs 58 lakh.
Customers will qualify for compensation even if they mistakenly share the OTP.
The Jammu and Kashmir Police's Counter Intelligence Wing (CIK) has dismantled a sophisticated international cyber fraud racket, arresting seven individuals in Srinagar. The operation targeted victims in the USA, UK, and Canada, using advanced techniques to steal funds through deceptive online schemes.
A new study analysing millions of posts from underground cybercrime forums reveals that cybercriminals are struggling to effectively utilise AI tools, despite widespread experimentation since the launch of ChatGPT.
Jharkhand Police have arrested the prime accused in a fraudulent withdrawal case from the West Singhbhum treasury, along with three others. The accused manipulated departmental computer data for nearly nine years to divert government funds into their own accounts and those of associates.
The proposed solution is a one-hour delay for digital transactions exceeding Rs 10,000, particularly when the transfer is made to a new or unverified beneficiary. The idea is simple -- give users a window to reconsider, detect fraud or alert their bank before the funds are irretrievably transferred.
India launches AI-driven SPEEED platform to track athlete performance, predict injuries, tackle age fraud and revolutionise sports science nationwide.
Fexo, an AI intelligence platform focused on the BFSI sector, has launched its AI decisioning engine for business loans, designed to help financial institutions accelerate AI adoption and improve decision-making processes.
Murders disguised as accidents. In one horrifying case, a man insured his father, mother, and wife -- then allegedly killed them all. He claimed Rs 54 crore in insurance.
India has experienced a significant increase in cybersecurity incidents since 2021, with Delhi reporting the highest number of cases. The government is taking steps to address these threats through various initiatives and platforms.
The Delhi government has cancelled over 45,000 ration cards and is considering using artificial intelligence to identify ineligible beneficiaries in its public distribution system.
Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday said the central bank has developed an innovative artificial intelligence and machine learning (AI/ML) based model MuleHunter.ai to address the growing issue of mule bank accounts that are often used for committing financial fraud. Developed by the Reserve Bank Innovation Hub, the new initiative is piloted with two public sector banks.
Five individuals, including an electronic repair shop owner and a DJ operator, have been arrested for allegedly defrauding a 78-year-old Delhi resident of over Rs 2.19 crore through a sophisticated cyber fraud involving impersonation of law enforcement officials and a 'digital arrest'.
The possible instances of front running at Quant Mutual Fund have likely pushed the Securities and Exchange Board of India (Sebi) to expedite the implementation of an institutional mechanism framework designed to curb such market abuses. This framework, approved by the Sebi board in April, was slated to take effect six months after its notification. But, recent developments have set the wheels of regulation turning faster.
By enabling real-time data sharing, the platform will help prevent scams and ensure secure transactions.
Fraud reported by banks declined in 2024-2025 to 23,953 as compared to 36,060 in the previous year though the amount involved jumped to Rs 36,014 crore from Rs 12,230 crore.
The Home Ministry has informed a parliamentary committee that security agencies utilise open-source intelligence, including social media, for information gathering, ensuring no privacy breach as personal data is not collected.
Airtel has informed the government and regulator Trai that it has approached Reliance Jio and Vodafone Idea with a proposal for a joint initiative to unite the industry against rising telecom fraud and scams.
The CBI has filed a chargesheet against 17 people, including four Chinese nationals, and 58 companies for their alleged roles in a transnational cyber fraud network that siphoned off over Rs 1,000 crore.
The Unique Identification Authority of India has deactivated Aadhaar numbers of over 2.5 crore deceased persons to prevent misuse of the identity document, Parliament was informed on Wednesday.
The average Indian fraudster isn't an outsider exploiting security loopholes. He's usually a man between 26 and 45 years of age, working in operations or procurement, with more than six years at the organisation.
In today's rapidly evolving digital payment landscape, security concerns remain a top priority for stakeholders across sectors.
We propose an expert group be set up to form a national strategy on digital fraud. This group would bring together skills in financial regulation, security economics, cyber defence, and public communications, and an understanding of the Indian financial and security systems. It should lay the foundations of a coordinated approach by the Indian State in fighting digital fraud, suggest Ajay Shah and Nandkumar Saravade.
The relation between a regulator and its regulated entities is collaborative and not adversarial with the common objective of maintaining the stability and credibility of the financial system. However, the action on regulated entities like penalties and business restrictions are the last resort, Reserve Bank of India (RBI)'s governor Sanjay Malhotra said on Friday.
'Large firms and their interests can dominate the narrative, even as smaller stakeholders and retail investors struggle to be heard.' 'Regulators therefore require deep subject-matter expertise to assess representations, recognise underlying incentives, incorporate the perspectives of less-visible stakeholders, and guard against bias or capture,' notes Ananth Narayan.
Coming against the backdrop of rising incidence of financial frauds, the proposed prediction model would bolster SFIO's capabilities in detecting misdoings at the initial stage itself.
IBM, HP and HCL, have evinced interest in Sebi's proposal to upgrade toolsused for detecting frauds.
The number of frauds in the banking sector during the first half of the current financial year has increased substantially to 14,483 cases, although the amount involved is only 14.9 per cent of the previous year's amount, according to a RBI report. The report on Trend and Progress of Banking in India 2022-23, underlined the need to protect the banking system and the payments system from the risks of fraud and data breaches emanating from cyber threats. As many as 14,483 frauds were reported involving an amount of Rs 2,642 crore in the first half of current financial year, as compared to 5,396 cases (Rs 17,685 crore) in the same period a year ago.
The government has set up an early warning system to detect Satyam-like corporate frauds on a pilot basis by keeping the accounts and activities of 50 identified companies under the scanner.
The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months.
Maharashtra and West Bengal lead the way in bank fraud.
A retired banker in Delhi lost his entire life savings, amounting to Rs 23 crore, to cyber fraudsters who posed as ED and CBI officers. The victim was kept under 'digital arrest' for over a month and forced to transfer funds under duress.
This innovation has made mainframes the fastest-growing segment within IBM's Infrastructure business, demonstrating that even legacy technologies can continue to deliver value.
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