The Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) have intensified their investigations against Gaurav Mehta, a suspect in a Bitcoin Ponzi scam, following allegations that politicians may have been involved in using cryptocurrency to influence Maharashtra assembly polls. The ED searched Mehta's residence in Raipur and seized computers and digital devices. The CBI summoned him to appear before investigators. The ED is probing Mehta's potential links to politicians, politically exposed persons, and bureaucrats as part of its money laundering probe. The allegations came after BJP released purported voice notes suggesting that Congress and NCP leaders were attempting to use cryptocurrency for election campaigning. Both parties denied the claims, calling the voice notes fake.
Domains spoofing the legitimate Olympics Web site, while fake mobile apps masquerading as transport, booking, or other planning apps are also certain to be leveraged by fraudsters during the event, cybersecurity firms say, which puts Indian users also at risk.
'Every telecom user wishes to know who is calling. This will help in preventing cyber frauds using telecom services.'
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According to the report, there are 42 million cyber crime victims every year on a pan-India basis. During the last year, 52 per cent of such victims had suffered attacks such as malware, viruses, hacking, scams, fraud and theft.
'What we are actually missing in India is a platform wherein the government engages with cybersecurity experts, gets them employed and then utilises their capability to deter such attacks.'
'Avoid rushing into any financial transactions or disclosing personal information.'
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."
'There has been a marked increase in four types of cases.' 'One is fraud related to online deliveries, online shopping and online groceries and liquor.' 'Second fake news, third hate speech and fourth sextortion.'
The Delhi high court has asked Delhi police to file a status report on a plea seeking a direction to authorities to take action against Facebook and its senior officials for their alleged criminal acts and 'digital conspiracy'. The court was informed by the counsel for the Delhi Police Commissioner and its Cyber Crime Cell that the complaint made by the company Vas Data Services, which was running its operations through its website www.yepme.com, has already been closed. Justice Anu Malhotra, in its March 24 order, asked the state to submit its status report in this regard before the next date of hearing and listed the matter for further hearing on April 15.
Traditionally, financial institutions have operated risk functions in silos. However, the nature of unknown threats today requires industry participants to work together, says Vikram Limaye.
The cell was formed after attacks on the Bangladesh central bank by international hacker groups siphoned off millions of dollars.
Citizens won't have faith in Digital India if their hard-earned money is looted by cyber criminals and cyber fraudsters from banks.
Gullible bank customers are getting fooled by callers who scare or lure them.
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.
'We found certain banks having lakhs of such accounts with apparently no valid reason.'
Like Air India, there have been recent cyber attacks on some major airlines, including one in Canada, and a global airlines alliance
After the recent attack on debit cards exposed the gaps in their security systems, banks are getting serious about data privacy.
The measures needed for implementing this new system would start rolling in few weeks, the minister added.
Cyber criminals are using apps and young women to trap people through mobile phone calls and video chats.
Fraudsters in Himachal Pradesh minted a series of a cryptocoins -- two of which were KRO and DGT -- to cheat thousands of investors of more than Rs 200 crore over a period of five years, beginning in 2018 -- the year the crypto reached fever pitch.
Cyber thieves have been using RBI logos to send out mails to cheat customers
'The district administration failed and it was a very costly failure.'
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.'
A specialised force with 1,000 personnel to be formed in the state for the same.
The US Justice Department in its three-month long investigation found there were 150,000 cyber victims.
The Reserve Bank of India's retail direct scheme is off to a good start but the central bank itself sees it as an additional avenue and not an alternative to the existing one. Still, a reasonable expectation is to have at least 100,000 investors within a month of it being operational, and that could be well under way, if the latest trend is to sustain. The registration in the retail direct platform has crossed 35,000.
Whether it is the virtual world or the physical one using your credit card with a few precautions go a long way in keeping it safe. Be cautious and do not become a statistic in the growing credit card fraud!
A Europe-like cyber security defence alliance is the need of the hour, say banking technology experts.
The National Stock Exchange (NSE) has made a fresh attempt at settling a regulatory investigation into the misuse of Trading Access Point (TAP) software at the bourse. The Securities and Exchange Board of India (Sebi) rejected a similar application in 2022. "NSE and its employees have filed a consolidated settlement application dated May 4, 2023, with Sebi.
'In restaurants, the waiter takes your card and then comes back with the machine. Don't allow that.' 'Let him come to you with the machine and then enter the card and the PIN yourself.'
Wedding.con is a watchable show, if only to caution people about the latest scams, notes Deepa Gahlot.
Virtually addressing a joint conference of the CVC and the CBI at Kevadia in Gujarat, Modi said no matter how powerful a person may be, stern action should be taken against those who work against the interest of the nation or its people.
The survey was based on the survey of 44 banks.
The most difficult case for the consumer is when your card is cloned and used online.
The global study covered 17 countries.
The asset quality of non-banking financial companies (NBFCs) deteriorated in April-September 2021 (H1FY22) owing to the second wave of the pandemic. Their gross non-performing assets (NPAs) rose to 6.8 per cent in September 2021 from 6 per cent in March 2021. The Reserve Bank of India's (RBI's) annual Trend and Progress report (FY21) said the sector might have to grapple with higher delinquencies as and when policy measures unwound. The pandemic posed significant challenges to NBFCs during the first wave (2020) also.
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According to Websense's cybersecurity predictions for 2015, as mobile apps are using auto-login capability these devices will face more attacks from cyber criminals for more credential-stealing or authentication attacks that can be used at a later date.
Protect yourself and minimise such frauds by following these simple rules
These directions on enhancing security of card transactions will come into effect from March 16, 2020, as per the RBI notification.
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