The Enforcement Directorate (ED) is investigating a money-laundering case involving over Rs 331 crore deposited in a bank account linked to an illegal betting app. A bike-taxi driver was found to be unknowingly used as a 'mule' to funnel the illicit funds.
Finance Minister Nirmala Sitharaman on Tuesday asked fintech firms to focus on risk management at a time when criminals are using AI to mimic voices, clone identities and create lifelike videos to manipulate people.
In 2025 alone, at least 50 suicides linked to online gambling losses have been reported across India. According to FIRs, the victims were addicted to betting, largely driven by cricket, rummy and poker.
E-KYCs and Aadhaar authentication are of crucial importance to the fin-tech companies as the recent RBI instructions require strict KYCs for these players to function in the market.
Experts contend that this setback, even if temporary, could put the company at a disadvantage to its competitors in acquiring new customers.
'In 1984, George Orwell dreamt up the concept of a dictatorship that worked on surveillance.' 'The reality of 2017 goes a long way beyond everything that Orwell imagined.' says Devangshu Datta.
First things first: For those wondering if they need to reapply, the answer is no.
The Virtual ID, which would be a random 16-digit number, together with biometrics of the user would give any authorised agency limited details like name, address and photograph, which are enough for any verification.
Borrowing from a fraudulent loan app subjects the borrower to a variety of risks.
Pawan Kumar Soni, a 55-year-old farmer based in Sri Ganganagar City in Rajasthan, became a victim of a cyber fraud when his 26-year-old son Harsh Vardhan opened a link from a phishing message that flashed on his mobile phone.
UIDAI has asked police to investigate, it was not fully convinced about nature of the incident
While mobile wallets are still busy exploring the multiple facets of interoperability, experts believe that bringing in new customers would be costly affair and the numbers of new wallet users might not see a major hike anytime soon.
Experts say the new security features will significantly ensure there is no 'large-scale theft of people's identity'.
The use of Aadhaar on Skype Lite and LinkedIn will allow Microsoft to bring on board millions in small towns and rural areas lacking e-mail IDs.
Currently, only three have completed more than six months of operation in the space - Fino Payments Bank, Airtel Payments Bank and Paytm
The Aadhaar and Other Laws (Amendment) Bill, 2019 was passed in Rajya Sabha by a voice vote, although many parties including the Trinamool Congress and Dravida Munnetra Kazagham opposed it citing various reasons, including apprehensions data theft.
Internet-based systemic wisdom connects machines and people, and will drive next-gen enterprises, said Huawei's Yatish Nagavalli.
In order for somebody to do Big Brother kind of a job, one has to collect lots of data. Aadhaar collects very minimal data whether at the time of enrollment or at the time of authentication.
'The attempt to make Aadhaar mandatory has now emerged as an act of bullying by government agencies, turning citizens into subjects by making fundamental rights conditional on biometric identification,' says Gopal Krishna.
Former chairman of the UIDAI Nandan Nilekani, elucidates how Aadhaar could become the spine for alternative banking and could replace government services with cash benefits.
'The government that is talking all the time about national security and national interests should be concerned.' 'When national interests are jeopardised by their own project, they should pause and listen.' 'Whether it is the BJP or the Congress, they all want control over the people.' 'They don't give a damn if anything happens to the people of the country; they are only interested in what they can get out of the data.'
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