UPI has catapulted India into the forefront on the global digital payments landscape. Working hand in hand, the AePS payments system is making life easy for rural folks, notes Tamal Bandyopadhyay.
The transition to UPI-based ATMs will be gradual, and consumers will not immediately switch to using standalone UPI ATMs overnight.
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.
The number of cyber crimes in India could touch 3,00,000 in 2015
The war between hackers and banks over ATM security will be dynamically redefined, notes Atanu Biswas.
The Reserve Bank on Thursday asked banks to provide the option of Interoperable Card-less Cash Withdrawal (ICCW) at their ATMs, a move aimed at curbing frauds like skimming, card cloning and device tampering. Currently, cardless cash withdrawal through ATMs is offered by a few banks for their customers at their own ATMs (also known as on-us basis). "All banks, ATM networks and WLAOs (White Label ATM Operators) may provide the option of ICCW at their ATMs," the central bank said in a circular.
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.
In 2023-2024, 95 scheduled commercial banks received over 10 million complaints from their customers. The process of KYC at many banks has become 'HYC' -- harass your customer, points out Tamal Bandyopadhyay.
In a bid to check fraud, the Reserve Bank on Friday decided to permit all banks to introduce card-less cash withdrawal through ATMs.
The Central Bureau of Investigation (CBI) conducted searches at seven locations across India in connection with a Rs 350 crore crypto ponzi scam. The accused, operating seven modules in different cities, allegedly lured investors with promises of high returns on cryptocurrency investments. The CBI seized digital virtual assets totaling USD 38,414 in cryptocurrency wallets, cash amounting to Rs 34.2 lakh, and digital evidence, including mobile phones, laptops, tablets, hard disks, and memory cards. The agency registered the case under the Indian Penal Code and the Information Technology Act.
To educate customers on the modus operandi of financial fraudsters and share inputs on safe banking habits, banks are now coming up with awareness campaigns aimed at preventing customers from falling into the trap of fraudsters.
India recorded 50,035 cases of cyber crime in 2020, an 11.8 per cent surge in such offences over the previous year, according to the National Crime Records Bureau (NCRB) data. The Reserve Bank of India (RBI) last week once again cautioned bank customers of fraud, including those in Know-Your-Customer (KYC) cases. In fact, certain frauds have become more prevalent than others, and being aware of them is the first step towards protect yourself. Mayur Joshi, chief executive officer, Indiaforensic.com, a company engaged in the prevention, detection, and investigation of frauds says, "It is necessary to learn, to read about these scams."
The survey was based on the survey of 44 banks.
About 70 per cent of ATMs in India are running on outdated operating systems, which makes it easier for fraudsters to crack them
A report Tuesday from Gartner Inc., a technology analyst firm, estimates that 3 million US consumers were victims of ATM and debit-card fraud in the past year.
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.
With debit cards of 5 banks compromised, time to be very cautious while transacting. If possible, avoid non-bank ATMs.
It is suspected that the electronic device at the ATM counter enabled the fraudsters to collect the secret pin code and card details.
The move will help curb card frauds. Currently, customers use only personal identification number for automated teller machine transactions.
The cash crunch following demonetisation and transaction fees that do not cover costs are among the reasons why the sector is struggling.
With about 2,000 qualified engineers to service ATMs across the country, it is an uphill task to modify 220,000 machines.
Protect yourself and minimise such frauds by following these simple rules
Off-site ATMs are set up on a standalone basis.
Plastic counterfeiting and frauds have increased at an alarming rate. So how do you protect yours from being misused?
At times, banks violate all banking norms, resulting in a customer's accounts wiped clean through illegal ATM withdrawals.
NPCI calls bids to cover all e-payment transactions where consumer followed procedure; both state and private insurers show interest.
The senior IPS officer said that 45 percent of cyber financial frauds taking place in the country are originating from the South East Asia.
Cruelty by the husband (or his relatives) accounted for about 40 per cent of these cases. Delhi reported the highest number of cases of crimes against women (12,552) followed by Mumbai with over 5,000 cases.
Cyber crime wing has been receiving 4-5 complaints every day involving impersonation
The accounts were hacked during April and May, police said, adding that the Axis Bank had contacted Mumbai police and informed that they had set up a committee to probe the matter.
While it's not difficult to fall prey to card fraud, individuals can protect themselves against losses.
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.'
He said the move is aimed at benefiting a 'particular political party'.
If RBI's recommendations are finalised, it will give more teeth to the existing fair practice code
Cardholders must ensure their debit cards are used in their presence.
For online fraud, approach cyber cell and file a complaint.
It is up to the bank management to decide which application gets to interact with the CBS
The Central Bureau of Investigation has arrested a man for allegedly altering Aadhaar card details to withdraw Provident Funds of unsuspecting persons through online claims, officials said on Monday.
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
A 40-year-old freelance journalist has claimed a person 'hypnotised' him over the phone and duped him of Rs 40,000, but police and experts said this is one of the 'most normal kinds of cyber fraud' and not a case of hypnosis.
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