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.
Maharashtra and West Bengal lead the way in bank fraud.
Amid a rise in Omicron cases, the Ministry of Home Affairs (MHA) has issued an advisory against cybercriminals targeting potential victims by offering them free tests for detecting Omicron variant of COVID-19.
The CBI has registered 11 cases against cyber criminals involved in financial fraud using the internet and the agency conducted searches at 87 locations while 28 locations were raided by the state police forces, they said.
'The first and most basic responsibility of any government is to protect its people from external threats and internal harm.' 'Budget 2025-2026 has to focus on meeting this responsibility,' asserts R Jagannathan.
More people using the internet for financial and e-commerce transactions has led to job creation in a niche segment. Specialists who can help deal with rising technology (tech) frauds are in high demand amid the surge in electronic transactions during the pandemic. Demand for tech fraud experts has risen upwards of 35 per cent, reveals employment and human resource services company TeamLease Services.
'So, we would work with our members to ensure that we as an SRO create some sort of due diligence for fintechs.'
A 39-year-old software engineer in Bengaluru lost Rs 11.8 crore to fraudsters who impersonated police officials and claimed his Aadhaar card was being misused for money laundering. The victim was threatened with "digital arrest" and tricked into transferring money to various bank accounts over a period of time, believing his family would be arrested if he didn't comply. The fraud occurred between November 25 and December 12, and police have registered a case under the IT Act and relevant sections of the Bharatiya Nyaya Sanhita (BNS) for cheating and cheating by impersonation. Further investigation is underway.
The advisory has asked government staffers to delete such an e-mail if received in their inbox.
In such frauds customers get calls asking them to share their OTP in order to postpone their loan EMIs. Once the OTP is shared the amount is immediately siphoned away by fraudsters.
'More than 114 cases have been registered for spreading fake messages, rumours and fake news on WhatsApp.' 'People on various groups are reporting such crimes.' 'The most heartening development is people are now not tolerating such things.'
It said a "sudden rise" in terrorist-financing investigations was seen in 2023 and this was attributed to events arising out of incidents in Manipur that led to such probes in more than 50 cases.
The Indian insurance industry is set to focus on customer-centric technological adoption and expansion into rural areas to drive growth in 2025.
The police took action after cyber patrolling revealed that 60 fake lottery apps, 25 fake Facebook profiles and 20 websites are connected to the scam, the SPMC release said.
Mastercard recently launched an authentication product called Identity Check Express that enables customers to verify transactions on their own.
What is digital house arrest? It is a tactic cybercriminals use to confine victims to their homes and scam them, explains Tamal Bandyopadhyay.
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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.
The senior IPS officer said that 45 percent of cyber financial frauds taking place in the country are originating from the South East Asia.
'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.'
As Tendulkar had never given permission to the company to use his name and photographs and it was leading to maligning of his image, he instructed his aide to take legal action, the complaint said.
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."
'Every telecom user wishes to know who is calling. This will help in preventing cyber frauds using telecom services.'
'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.'
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.
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.
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.
The Delhi government's Women and Child Development and Health departments issued public notices on Wednesday distancing themselves from the ruling Aam Aadmi Party's promised schemes of providing Rs 2,100 to women and free treatment for the elderly, triggering a fresh row ahead of assembly polls.
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.
Like Air India, there have been recent cyber attacks on some major airlines, including one in Canada, and a global airlines alliance
'Avoid rushing into any financial transactions or disclosing personal information.'
Cyber thieves have been using RBI logos to send out mails to cheat customers
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.
A specialised force with 1,000 personnel to be formed in the state for the same.
Cyber criminals are using apps and young women to trap people through mobile phone calls and video chats.
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.'
