Self-styled godman Ashok Kharat, already facing rape charges, is now under investigation for suspicious financial activities involving numerous accounts and large transactions.
From April 1, 2026, the Reserve Bank of India's new authentication directions modernise how every digital payment you make must be verified -- and place the burden of security squarely on your bank, not on you.
In today's rapidly evolving digital payment landscape, security concerns remain a top priority for stakeholders across sectors.
Over the past three years, the appointments of 20 candidates selected through the Institute of Banking Personnel Selection were cancelled or offers were withdrawn due to poor credit history.
Bengaluru police recovered Rs 14 lakh lost by BJP MP's wife in a cyber fraud through 'digital arrest'.
A district-level investigation has named several individuals, including relatives of India cricketer Mohammed Shami.
The agency also ran a parallel investigation into cyber-slavery and the organised digital exploitation networks in Southeast Asia, with slave compounds in Myanmar and neighbouring areas, that are emerging as incubators for the execution of such frauds.
Payment apps PhonePe and Paytm have helped citizens avert potential financial frauds worth Rs 200 crore by using the fraud risk indicator platform developed by the Department of Telecom, a senior Walmart group official said on Wednesday.
The Supreme Court has directed the government to raise awareness, compensate, and protect vulnerable individuals who have lost money in cyber scams. The court's remarks came while granting bail to an accused in a cybercrime case, emphasizing the need for public education and cybersecurity awareness.
Link your UPI app to a separate bank account or wallet that has only a limited sum.
The overall number of frauds, including those related to loan accounts and digital payments, jumped by three times in FY25, primarily due to reclassification of 122 cases as per a Supreme Court order, the Reserve Bank said on Thursday. The fraud value jumped to Rs 36,014 crore in FY25, up from Rs 12,230 crore in the previous fiscal year, while the number of fraud cases went down to 23,953 in FY25 from 36,060 in FY24.
With cyber criminals becoming savvier by the day, learning how to safeguard yourself is imperative.
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.
Risk assessment platforms are increasingly using diverse data sources to help lenders identify groups attempting to access credit from regulated entities and to improve the process of evaluating new-to-credit (NTC) users.
The Supreme Court has directed the CBI to conduct a pan-India investigation into digital arrest scams and questioned the RBI about its lack of AI usage in detecting and freezing accounts used by cybercriminals.
Senior citizens are particularly vulnerable due to their high savings, trust in authorities, and limited familiarity with online frauds.
The West Bengal government has filed FIRs against five state government employees for alleged lapses in electoral roll revisions, following an Election Commission ultimatum. The action comes after the EC directed the state to initiate criminal cases against the accused for adding fictitious names to voter lists.
The victim, who had a keen interest in stock market investments, was lured by fraudsters with promises of hefty returns on investments in stocks.
Sebi cautions investors against fake notices demanding Securities Transaction Tax (STT) payments and warns about fraudsters posing as account handlers promising risk-free profits.
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.
Cyber threats aren't always invisible -- sometimes they're right beside you.
Markets regulator Sebi on Wednesday barred former CEO of IndusInd Bank, Sumant Kathpalia, and four other senior officials from accessing the securities markets in connection with an alleged insider trading in the bank's shares. In addition to the market ban, Sebi has impounded Rs 19.78 crore collectively from the five individuals, according to an interim order passed by the regulator.
'Reinvention is not a hugely difficult task. With technology as available today, you can reinvent yourself pretty quickly.'
Investors will be able to authenticate if the entity receiving the payment is a valid entity under the ambit of Sebi.
The publicly exposed data includes 48 million accounts on Gmail, 4 million on Yahoo, 17 million on Facebook, 6.5 million on Instagram, 3.4 million on Netflix, 1.5 million on Outlook, etc.
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.
A grocery store owner in Bulandshahr alleges his PAN card was misused to set up six companies in Delhi after receiving an Income Tax notice for sales exceeding Rs 141 crore.
The bench referred to three reports submitted by the cyber cell police which said the beneficiaries were added to the bank account without any message or OTP received on the registered mobile number and email to the registered email account.
Mint Road's proposals on banks' M&A funding are cautious even as entrants root for more elbow room, and weigh business models.
The accused, who duped the woman of Rs 6.60 lakh during the ordeal between September 5 and 8, continued to send messages even after her death on September 8.
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.
A delegation of account-holders went to Sion police station in central Mumbai and submitted the complaint against officials of the bank on which the RBI has imposed operational restrictions. The delegation in its complaint alleged that at least 14 people, including the PMC Bank's chairman and all its directors, were involved in misappropriation of funds of the account-holders.
Google Pay, PhonePe, and Paytm may deliberately delay transactions, issue fraud alerts, and require an extra layer of user confirmation before processing any transactions that are likely to be classified as fraudulent.
Banks do extensive investigation before declaring an account fraud; they owe it to us as they deal with our money. Why would they try to fix an innocent borrower? asks Tamal Bandyopadhyay.
Former IPS officer Amar Singh Chahal allegedly shot himself after claiming he was duped of Rs 8.10 crore by cyber thugs. He was one of the accused in the 2015 police firing cases related to anti-sacrilege protests in Faridkot.
The Bombay high court has upheld a decision by the State Bank of India (SBI) to classify accounts of industrialist Anil Ambani and his company, Reliance Communications (RCom), as "fraudulent" noting that there was no legal flaw in it.
The total amount of fraud reported by banks showed a drop in 2020-21 - for the first time in eight years - though there is an emerging trend of private sector banks reporting a larger number of frauds related to card and internet banking. According to the latest data released by the Reserve Bank of India, commercial banks reported Rs 1.38 trillion of frauds in 2020-21, as compared to Rs 1.85 trillion in the previous year. The first half of the current fiscal year saw banks reporting frauds worth Rs 36,342 crore.
The number of frauds in the banking sector increased over four times in the past five years to 36,075.
Markets regulator Sebi has ordered the attachment of bank accounts and shares and mutual fund holdings of fugitive businessman Mehul Choksi to recover dues totalling Rs 5.35 crore. The latest decision has been taken after Choksi failed to pay the fine imposed on him in October 2022 by Sebi in a case pertaining to indulging in fraudulent trading in the shares of Gitanjali Gems Ltd. Choksi, who was the chairman and managing director as well as part of the promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi, both of whom are facing charges of defrauding state-owned Punjab National Bank (PNB) of more than Rs 14,000 crore.
The number of digital financial frauds rose more than four times in FY24 year-on-year to comprise 80 per cent of all financial frauds.
