Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday said the central bank has developed an innovative artificial intelligence and machine learning (AI/ML) based model MuleHunter.ai to address the growing issue of mule bank accounts that are often used for committing financial fraud. Developed by the Reserve Bank Innovation Hub, the new initiative is piloted with two public sector banks.
While it's not difficult to fall prey to card fraud, individuals can protect themselves against losses.
The Insurance Regulatory and Development Authority of India (IRDAI) is considering a proposal to make insurance frauds a parameter for calculating credit scores in an attempt to put a lid on the increase in such activity. The proposal, which is a part of the recommendations made by a working group formed by Irdai and the General Insurance Council, suggests that insurance frauds should feature when the risk profiles of individuals are evaluated and should be used to calculate their credit scores. A poor credit score can deprive a person of financial services such as loans and credit cards, and deter him from indulging in fraud.
This marks a 67% increase from the Rs 2,537 crore lost in scams in 2022-2023.
Useful tips to protect users of credit and debit cards from being target of frauds.
Move aimed to reduce scope of frauds as electronic payment systems are becoming vulnerable to misuse.
A pan-India 'fraud-to-phone' network has been busted by security agencies, which have also arrested eight people and seized nearly 300 new mobile phones bought with stolen funds, officials said on Tuesday. Moreover, 900 mobile phones, 1,000 bank accounts and hundreds of unified payment interface (UPI) and e-commerce IDs of this gang have been identified and are under investigation. Nearly 100 bank accounts, and debit and credit cards have been frozen by the security agencies so far, officials said.
'A mule operates someone else's account to transfer illegal money.'
'A credit line on UPI is going to make banks think about credit fundamentally as they digitise the credit process entirely.'
There are 7 key rules one can follow to ensure that the chances of such fraud are almost reduced to a negligible level when shopping online, says Anil Rego
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
Seventeen persons, including four hailing from Taiwan, were arrested by Ahmedabad Cyber Crime Branch for allegedly operating a nationwide 'digital arrest' racket, a Gujarat police official said on Monday.
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My admiration for Russian culture, vision and ambition grew with every step as I clocked the miles, Nitin Sathe tells us after a visit to Moscow and St Petersburg.
These directions on enhancing security of card transactions will come into effect from March 16, 2020, as per the RBI notification.
With the restart of economic activity, fraudsters have shifted their focus to target unsuspecting people from travel and leisure, communities (online forums) and logistics sectors, a report said.
If you want to keep your CIBIL Score alive and kicking (healthy) make sure you steer clear from the above mentioned common credit score killers.
A superficial drama that never rises above its boring sentimentality, notes Mayur Sanap.
Tokenisation is the process of replacing debit and credit card numbers with a set of characters or tokens.
While we are slowly moving towards a future where using hard cash will be obsolete, it is indeed a wise idea to start using E-payment cards for pocket money. We need to keep up with the times while we follow our children into the future.
If RBI's recommendations are finalised, it will give more teeth to the existing fair practice code
The number of frauds in the banking sector during the first half of the current financial year has increased substantially to 14,483 cases, although the amount involved is only 14.9 per cent of the previous year's amount, according to a RBI report. The report on Trend and Progress of Banking in India 2022-23, underlined the need to protect the banking system and the payments system from the risks of fraud and data breaches emanating from cyber threats. As many as 14,483 frauds were reported involving an amount of Rs 2,642 crore in the first half of current financial year, as compared to 5,396 cases (Rs 17,685 crore) in the same period a year ago.
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.
The advisory has asked government staffers to delete such an e-mail if received in their inbox.
About 50 per cent of respondents said they spent close to five hours on the Internet daily.
The US Justice Department in its three-month long investigation found there were 150,000 cyber victims.
While 30 complaints were received each month, four to five could actually be followed up as real cases of cybercrime, Ashim Kar Choudhury, in charge of the cyber cell, told PTI. "Cybercrime is a crime committed primarily through Internet contact and includes credit card fraud, identity theft, child pornography, indecent chat-room behaviour, e-mail fraud, threat and hacking of sites," he said.
Handle cards like you would handle cash.
In the excitement over the allocation of bank licences for the private sector, a new category of licence offered by the Reserve Bank of India (RBI) last year went almost unnoticed. That was when the RBI consolidated the rules for prepaid payment instruments (PPI), popularly understood as e-wallets or gift cards. In the process, the regulator has fast-forwarded a bottom-up card usage industry in India that is completely different from the world of bank-linked credit and debit cards.
Lenders get a clear idea about your financial health, risk profile and personality trait
Consumer activist Jehangir B Gai explains a RBI circular that says the customer is not liable for unauthorised transactions that occur due to contributory fraud, negligence, or deficiency on the bank's part.
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.
For Indian parents, sending a child abroad for a three-year degree could deplete 48% of their retirement savings, while a four-year degree may consume up to 64%.
Here are five things that fraudsters are likely to say or do that should set the alarm bells ringing in your head.
With digital adoption fast gaining currency, India is likely to see retail digital payments double to $7 trillion by 2030 from current levels, a study by Kearney and Amazon Pay said. In the report 'How Urban India Pays', Kearney-Amazon Pay said strong adoption of digital payments in online purchases has potentially led to a permanent shift in consumer behaviours, fuelling offline adoption as well.
Maharashtra and West Bengal lead the way in bank fraud.
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.
As you swipe your credit/debit card with carefree abandon at merchant outlets, banks are losing money to the tune of Rs 3,800 crore annaully, says Soumya Kanti Ghosh
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