RBI has underlined the need for effective risk control mechanism in banks to avoid scams and banking frauds.
The government is considering initiating a probe by the Serious Fraud Investigation Office (SFIO) against Gensol Engineering and its promoters, according to sources familiar with the matter. "It is under consideration at this stage. A final decision will be taken soon," a government official said.
'Vigilance' is a dreaded term for PSB employees and there are instances where this fear is misused by the higher authorities to tame their subordinate officials. This fear always deters PSB executives from making decisions -- the fewer the decisions, the less the chance of falling into trouble, points out Tamal Bandyopadhyay.
In a pump and dump operation, fraudsters artificially inflate the price of a stock by spreading misleading or false information, creating a frenzy among unsuspecting retail investors.
The number of cyberfraud cases has skyrocketed from 2,677 in 1999-2000 to 29,082 in FY24 -- more than a 10-fold increase. The RBI pegs digital payment frauds at Rs 1,457 crore in FY24, up more than five times in a year. It's not just the number of frauds. What's alarming is the growing sophistication of the fraudsters, exposing the vulnerabilities within the financial system, observes Tamal Bandyopadhyay.
rediffGURU Dr Ganesh Natarajan tells you how to upskill and upgrade yourself in order to future-proof your career.
A common feature in India is the lag between the occurrence of frauds and the time they are actually reported.
In an age where personal data is a valuable commodity, investing in cyber insurance is not just a prudent choice; it is becoming a necessity for individuals and families alike, says T A Ramalingam.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
25,600 cases of banking fraud totalling Rs 1.79 billion were reported up to December 2017. 'There is an inherent legacy when it comes to insuring crime.' 'Generally, most banks are uncomfortable in sharing data about employee fraud.'
When the government chooses to either ignore or use identity documents only when it suits them, it shakes people's sense of stability, notes Shyam G Menon.
The PwC survey found more than 50 per cent respondents reporting lack of adequate skill sets
Former embassy officials Shubham Shokeen and Aarti Mandal allegedly made Rs 32,00,000, charging Rs 50,000 per visa by clearing files of questionable candidates, they said.
'In this age of competition, we will not survive long if we do not provide quality service to our consumers'
More people using the internet for financial and e-commerce transactions has led to job creation in a niche segment. Specialists who can help deal with rising technology (tech) frauds are in high demand amid the surge in electronic transactions during the pandemic. Demand for tech fraud experts has risen upwards of 35 per cent, reveals employment and human resource services company TeamLease Services.
What is digital house arrest? It is a tactic cybercriminals use to confine victims to their homes and scam them, explains Tamal Bandyopadhyay.
The survey was based on the survey of 44 banks.
'While the current pause offers temporary reprieve and alleviates any immediate legal pressure, the long-term implications remain uncertain.'
The event will also hurt PNB's asset quality in the March 2018 quarter. While the finer details of the fraud have not been provided, making it difficult to gauge the exact impact, analysts say it will dent the bank's financials.
Ratings agency Moody's said on Tuesday that it has cut the outlook on the ratings of seven Adani entities to 'negative' from 'stable', citing the US indictment of chairman Gautam Adani and others on alleged bribery charges, while Fitch Ratings put some bonds of the conglomerate on negative watch. Moody's affirmed the ratings on all seven entities -- Adani Ports and Special Economic Zone Ltd, two limited restricted groups of Adani Green Energy Ltd, Adani Transmission Step-One Ltd, Adani Transportation Restricted group 1 (AESL RG1), Adani Electricity Mumbai Ltd and Adani International Container Terminal Pvt Ltd.
Backing embattled Adani Group, rating agency CRISIL Ratings on Friday said the conglomerate has sufficient liquidity and operational cash flows to meet debt obligations and committed capex and that there has been no negative actions so far by lenders and investors following the US indictment of group founder chairman. The Adani Group, which has the flexibility to reduce certain discretionary capital expenditure (capex) depending on developments in financial markets and future capital availability, has a healthy Ebitda and cash balance that reduces its dependence on external debt to sustain operations, it said in a bulletin.
Before heading abroad, ensure your travel insurance policy offers all essential coverage and has an adequate sum insured.
Historically, the RBI has tried to keep the crooks at bay by issuing a circular a day. What it needs is more onsite supervision. Merely checking high-frequency data with the help of technology is insufficient, notes Tamal Bandyopadhyay.
'We found certain banks having lakhs of such accounts with apparently no valid reason.'
Will allowing business correspondents to hawk insurance products help in reviving 5-lakh strong field agents as a viable channel?
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
Be careful if you find your postal mails/ bank and financial statements intercepted, pilfered or tampered with.
The challenge before the management is ensuring simultaneous disclosure of key information to stock exchanges and investigating agencies.
He acknowledged that police had been caught off-guard by local delinquents who turned up to cause trouble at the match. But defending the security protocols in place, the minister said France had only had three months to prepare after the venue was moved from Russia.
Handle cards like you would handle cash.
Risks are increasing with 55 times increase in such transactions over the past three years, says a Assocham-PwC report
The Central Bureau of Investigation had booked Shubham Shokeen and another former employee Aarti Mandal in the case on the basis of a complaint from the French embassy.
Credit Vidya helps lenders assess credit and fraud risk for thin-file and new-to-credit customers.
Only investors with knowledge of cryptocurrencies, long-term conviction, and a long horizon should invest in this asset class.
'A credit line on UPI is going to make banks think about credit fundamentally as they digitise the credit process entirely.'
Fraud is a big concern among many board members.
It is up to the bank management to decide which application gets to interact with the CBS
Regularly monitor your account for any suspicious activity. Keep your devices updated with the latest security patches to prevent vulnerabilities. Ensure the physical wallet you use is stored securely to avoid loss or theft.
The findings revealed the biggest threat to firms comes from within.
