'A mule operates someone else's account to transfer illegal money.'
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.
In 2025 alone, at least 50 suicides linked to online gambling losses have been reported across India. According to FIRs, the victims were addicted to betting, largely driven by cricket, rummy and poker.
Here's how you are most likely to get ripped off in cyberspace--and how to protect yourself.
In an age where personal data is a valuable commodity, investing in cyber insurance is not just a prudent choice; it is becoming a necessity for individuals and families alike, says T A Ramalingam.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
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.
He said the transformation brought about by the fintech sector in India is not just limited to technology, but its social impact is far-reaching. He also stressed that fintech has dented the parallel economy and is bridging the gap between villages and cities on the financial services front. The prime minister also said that in the last 10 years, the fintech space has attracted investments of more than $31 billion and fintech startups have grown by 500 per cent.
Private sector banks reported the maximum number of frauds in 2022-2023.
Customers taking small and convenient steps and some degree of care and precaution while paying digitally will ensure safety and security from new threats that emerge every day, says Avinash Luthria
Since its launch in April, helpline 155260 has been able to prevent more than Rs 18.5 million of defrauded money from reaching the hands of fraudsters.
Indian fintechs and associated entities are hoping that the Union Budget 2024 will provide a boost and empower firms to extend their reach beyond Tier-II regions, with an emphasis on supporting enterprises led by women. The fintech industry, which has witnessed regulatory reforms over the last year, expects the Budget, scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, will further encourage financial inclusion, empower micro-small-medium enterprises (MSMEs) with lending solutions, and push for upskilling initiatives for the country's young workforce.
President Droupadi Murmu addressed both Houses of Parliament, highlighting the government's achievements in various sectors, including economic growth, social welfare, and infrastructure development. She emphasized the government's efforts to lift the economy out of "policy paralysis" and create a more inclusive society. Murmu also acknowledged the challenges posed by digital fraud and cybercrime and stressed the need for a social infrastructure revolution. The President's speech is considered a policy statement, outlining the government's vision and roadmap for the future.
If you have questions related to online insurance frauds, then Piyush Ranjan, chief technology officer, Coverfox Insurance, will answer your queries.
Indian startups raised a total of $1.65 billion (about Rs 14,418 crore) in funding at a median valuation of $83.2 million in February 2025, according to data from Traxcn. This brings the total funding in FY25 (April-February) to $25.4 billion, spread across 2,200 rounds, the data showed.
The size of Reserve Bank's balance sheet increased by 11.08 per cent to Rs 70.47 lakh crore as on March 2024, leading to the highest-ever dividend payout to the government, according to the central bank's annual report. In actual terms, the increase was Rs 7,02,946.97 crore over Rs 63.45 lakh crore as on March 2023.
Telecom service providers and the Maha Kumbh Mela administration are on their toes to ensure smooth connectivity at the grand event set to witness record teledensity.
Customers using mobile wallets, prepaid payments cards, and paper vouchers such as Sodexo have been absolved of liability for fraud if it is reported within three days.
What is digital house arrest? It is a tactic cybercriminals use to confine victims to their homes and scam them, explains Tamal Bandyopadhyay.
Nearly two million e-mandates for recurring payments have been registered with banks and card networks after the Reserve Bank of India (RBI) made it mandatory from October 1 to take prior consent of a customer before debiting her account, sources in know of the matter said. Industry estimates peg the recurring transactions at approximately 2.5 per cent of the total volume of transactions, and about 1.5 per cent in terms of value. Of these, around 75 per cent of domestic recurring transactions, and about 85 per cent international recurring payments are below Rs 5,000.
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.
'We will take tough calls where needed in the interest of doing what is right.'
Will allowing business correspondents to hawk insurance products help in reviving 5-lakh strong field agents as a viable channel?
User protection and a proposal for a licensing framework for companies seeking to operate in the cryptocurrency area will be part of an upcoming consultation paper on the sector, said a senior industry executive. Even as specific regulations around crypto are yet to take shape, companies are setting up baseline user protection processes, including a redressal mechanism, fraud detection, regular filing of suspicious transaction reports (STRs), among others.
The size of the Indian financial services market could touch around $340 billion in the next few years.
...and say bye to the humanities-science divide, says Ajit Balakrishnan.
One of every four people in the 27-37-year age group, the most prolific in using digital banking apps, reported a fraud in the past year
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 country's largest lender State Bank of India has seen a perceptible increase in the number transactions happening at its multiple digital channels, with the percentage moving from 60 per cent in the pre-pandemic period to 67 per cent currently, chairman Dinesh Khara said. The rise in the number of digital transactions at the bank was largely driven by pick up in e-commerce during the pandemic-induced lockdown, which restricted movement, he said.
Digital-pay companies see 10x growth spurt after demonetisation, report Ayan Pramanik & Shine Jacob/Business Standard from Bengaluru.
The fraud was operated from call centres in India to defraud hundreds of elderly and vulnerable people in the US, CBI officials said.
During the trip, check your bank account and credit card statements regularly for unauthorised transactions.
'EV-charging is the next big opportunity after fuelling'
The Reserve Bank of India (RBI) on Thursday extended the card-on-file (CoF) tokenisation deadline by six months to June 30, 2022, in view of various representations received from industry bodies. Card-on-file, or CoF, refers to card information stored by payment gateway and merchants to process future transactions. The earlier deadline was December 31, 2021. "In light of various representations received in this regard, we advise...the timeline for storing of CoF data is extended by six months, ie., till June 30, 2022 and post this, such data shall be purged," RBI said in a notification addressed to all payment system providers and payment system participants.
Cloned journals have become more rampant in the post-pandemic world.
At the heart of Paytm's slide lies the abject failure of its Super App strategy, notes Indrajit Gupta.
'A credit line on UPI is going to make banks think about credit fundamentally as they digitise the credit process entirely.'
Airtel CEO Gopal Vittal on Thursday warned about a rise in cyber frauds amid a massive surge in online transactions during the second wave of the pandemic, and asserted the company is working "relentlessly" and coming out with safety features to ensure customers are not vulnerable to fraudsters. In an e-mail outreach to customers, Vittal highlighted the modus operandi being adopted by fraudsters and also drew attention to cyber frauds related to digital payments. "With the growing second wave of the pandemic and lockdowns in various parts of the country, there has been a massive increase in online transactions. "Unfortunately, there has also been a corresponding increase in cyber fraud," Vittal said.
The Union finance ministry will meet CEOs of public sector banks to discuss issues related to cybersecurity in the wake of the Rs 820 crore (Rs 8.2 billion) fraud that hit Kolkata-based UCO Bank last month.
Absence of comprehensive data protection and privacy laws will be barriers in the government's digitalisation drive.
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