The onus is on companies to put in place a vigil mechanism to detect and deter fraud.
Heads of various public and private sector banks on Thursday sought to present a counter-narrative on RBI Governor Shaktikanta Das warning lenders about the perils of extreme risk aversion in the pandemic-stricken environment where credit demand is on the wane.
Domains spoofing the legitimate Olympics Web site, while fake mobile apps masquerading as transport, booking, or other planning apps are also certain to be leveraged by fraudsters during the event, cybersecurity firms say, which puts Indian users also at risk.
India's e-commerce market alone is projected to reach $200 billion by 2026, making it a prime industry for ambitious entrepreneurs, explains rediffGURU Harsh Bharwani.
About 40 per cent of respondents felt fraud had gone up in India, while 67 per cent said the new Act would improve governance.
Believe it or not, the regulator is even stretching its arm to identify stressed borrowers and gauge the 'distance to default' as a measure of a particular bank's fragility, reveals Tamal Bandyopadhyay.
Traditionally, financial institutions have operated risk functions in silos. However, the nature of unknown threats today requires industry participants to work together, says Vikram Limaye.
Consider a combination of a base policy and a super top-up policy.
'We are also conducting ongoing training and grooming at the branch level to pre-empt such cyberattacks.'
Theoretically, Modi, who understood corporate finance, committed no crime by raising debt to fund a growing business. In fact, he did a tidy job of it, but his operation started to see the ground underneath it give way in January 2018. A fascinating excerpt from Pavan C Lall's Flawed: The Rise And Fall Of India's Diamond Mogul Nirav Modi.
Scammers and fraudsters keep coming up with creative ways to gain access to sensitive information and only by being alert and aware of such attempts can data privacy be truly maintained.
If RBI's recommendations are finalised, it will give more teeth to the existing fair practice code
With the management of most State-owned banks hardly having time to concentrate on big-ticket business, growing the business of loan disbursals has been pushed down the priority order.
Niranjan Upadhye, general manager, fraud risk management, Worldline India, tells you how to quickly spot a scam and save yourself from grief.
rediffGURU Kanchan Rai, founder, Let Us Talk, offers advice on how to navigate life's problems.
Around 41 per cent of these companies saw such instances, compared to the global average of 29 per cent. India's number is higher than other countries such as the United States (26 per cent), the United Kingdom (32 per cent) and Japan (27 per cent). It is also worse than other emerging markets. China had 39 per cent of firms affected by data theft. It was 19 per cent and 16 per cent for Brazil and Russia, respectively.
One must be extremely cautious while shopping with a credit card.
Most of the legal cases in the UK are switching to videolink and telephonic options where possible, with all new jury trials suspended amid the social distancing rules in place to combat the COVID-19 pandemic.
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
Experts say, auditors must not allow themselves to be intimidated by the client management into conducting audits by conversation. It is important for auditors to conduct proper interviews and ask probing and searching questions.
The problem here is that internal auditors are good at accounts, but they are not trained to track foreign exchange transactions
Even virtual world gaming is starting to suffer from real-world problems -- theft of identity and virtual assets, extortion and terrorism.
As the number of students seeking higher education abroad continues to rise, several countries are implementing new rules. Gaurav Batra, CEO and founder of Infinite Group highlights how these changes will impact Indians who are planning to study abroad.
38 auditors resigned in 2022-23, compared with 46 the previous year.
Independent directors were supposed to safeguard the interest of all stakeholders.
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
Six months after a Rs 400-crore fraud was detected in its Gurgaon branch, the Reserve Bank of India (RBI) on Monday rapped Citibank for the episode.
'This segment has performed very well for us and this is reflected in our bounce rate which is about three to four per cent.'
'India's emergence as a top crypto market comes despite a regulatory and tax environment that can be challenging for the industry to navigate.'
At the heart of Paytm's slide lies the abject failure of its Super App strategy, notes Indrajit Gupta.
Do not trust any incoming phone calls or mails that ask you to install any file or programme, warns Niranjan Upadhye, general manager-fraud risk management, Worldline India.
The Parthasarathy Shome committee gives its second reform report to finance ministry.
Companies don't have to be in the field to nudge people to return money they owe lenders.
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
If the credit card is not used judiciously, it can cause havoc with one's personal finances, warns Sarbajeet K Sen.
The Securities and Exchange Board of India (Sebi) plans to roll out a new regulatory framework for registrar and transfer agents (RTAs) - the market intermediaries responsible for the record-keeping of bondholders and shareholders after a company offers securities to the public. The markets regulator, sources said, is considering a multifold increase in net-worth requirement, a move that may dissuade companies from having in-house RTAs for record-keeping. At present, the minimum net worth required for RTAs is Rs 50 lakh and Rs 25 lakh in categories I and II, respectively.
'If the RBI had done the right things, these mistakes would not have happened in banks, public or private,' says Ajay Shah.
The talk of governance reforms at public-sector banks seems to remain on paper, as a majority of them continue to be working with just a handful board members. Half of the board seat at these banks have been vacant. Ten of the 12 public-sector banks, even large ones like Punjab National Bank, Canara Bank and Union Bank of India - all except State Bank of India (SBI) and Bank of Baroda - don't even have a chairman. In 2014, while splitting the post of chairman & managing director (CMD), the government had decided to appoint non-executive chairmen at these banks. SBI, which has an executive chairman and four managing directors, was an exception.
Do not share your passwords or personal information with anyone.
