News for 'fraud detection'

Sebi to widen AI surveillance net to detect financial misstatements

Sebi to widen AI surveillance net to detect financial misstatements

Rediff.com25 Aug 2026

The Securities and Exchange Board of India (Sebi) is set to expand its artificial intelligence (AI)-based surveillance beyond trading data to include corporate filings, aiming to proactively flag financial misstatements and manipulation in quarterly results without relying solely on investor complaints.

Three Arrested In Rs 62 Lakh Commercial Fraud Cases

Three Arrested In Rs 62 Lakh Commercial Fraud Cases

Rediff.com1 days ago

Delhi Police have arrested three individuals in two separate commercial fraud cases totalling Rs 62.68 lakh. Two accused allegedly defrauded garment suppliers of Rs 45 lakh, while a third cheated a medical supplies firm of Rs 17.68 lakh using fabricated bank transfer screenshots. Investigations are ongoing, with links to other cases being examined.

What If the Biggest Bank Fraud Risk Is An Employee?

What If the Biggest Bank Fraud Risk Is An Employee?

Rediff.com21 Aug 2026

Bank fraud is no longer just an external cyber threat -- insiders with legitimate access can exploit banking systems, trusted credentials and institutional blind spots to quietly siphon money.

Can top professionals fall for cyber fraud? IIT Madras study says...

Can top professionals fall for cyber fraud? IIT Madras study says...

Rediff.com29 Sep 2026

An IIT Madras study reveals that financial cybercrime victims in India are often highly educated professionals, challenging the notion that only careless or financially unaware individuals are targeted. The research highlights that digital literacy doesn't guarantee protection, as fraudsters exploit stress and emotional vulnerabilities.

Why Bank Frauds Keep Rising

Why Bank Frauds Keep Rising

Rediff.com7 Aug 2026

'It's not about individuals operating the mule accounts being more or less skilled. Instead, 'lower-level' refers to the role the individual account plays in the broader mule network.'

Fintech 'Valuable Partner' in Building Future Financial System: RBI Governor

Fintech 'Valuable Partner' in Building Future Financial System: RBI Governor

Rediff.com9 Sep 2026

RBI Governor Sanjay Malhotra stated that the central bank consistently views fintechs as 'valuable partners' in shaping India's future financial system, crediting the sector with expanding financial inclusion, enhancing customer experience, and streamlining credit delivery, particularly for MSMEs.

How UIDAI Is Using AI To Outsmart Aadhaar Fraudsters

How UIDAI Is Using AI To Outsmart Aadhaar Fraudsters

Rediff.com9 Sep 2026

UIDAI Chairman Neelkanth Mishra announced the extensive deployment of Artificial Intelligence to detect and counter fraud in Aadhaar, describing it as a "cat-and-mouse game." He highlighted the dramatic increase in daily Aadhaar authentications and the launch of the Aadhaar Face Authentication SDK and Sandbox to enhance security and ease of integration for ecosystem partners.

How Bank Staff Exploit Depositors' Trust For Fraud

How Bank Staff Exploit Depositors' Trust For Fraud

Rediff.com12 Aug 2026

A sophisticated cross-bank syndicate is systematically defrauding non-resident Indians (NRIs) and elderly citizens by exploiting their fixed deposits through forged documents and fictitious loans, often involving colluding bank employees and real estate deals.

Aadhaar: 'Fraudsters Get Smarter, But We're Also Getting Smarter'

Aadhaar: 'Fraudsters Get Smarter, But We're Also Getting Smarter'

Rediff.com10 Sep 2026

'It's A Cat And Mouse Game.'

How Did a 590 Crore Fraud Go Undetected At IDFC First Bank?

How Did a 590 Crore Fraud Go Undetected At IDFC First Bank?

Rediff.com23 Feb 2026

The quantum of fraud detected by the bank is more than the 503 crore net profit it reported for the October-December quarter of 2025-2026.

'India Inc lacks fraud-detection in audit plans'

'India Inc lacks fraud-detection in audit plans'

Rediff.com25 Jun 2009

Even as India Inc talks of increasing corporate governance norms after the Satyam scam, a study by global consultancy firm Ernst & Young has said that more than half of the companies surveyed do not take into account risk of frauds in their annual audit plans.

IBM India MD Highlights India's Pivotal Role In Shaping AI Future

IBM India MD Highlights India's Pivotal Role In Shaping AI Future

Rediff.com13 Oct 2026

IBM India and South Asia MD Sandip Patel stated that India is at a defining moment with a unique opportunity to shape exponential technologies like artificial intelligence, emphasizing that "when India builds, it builds for billions," leading to scalable impact. Speaking at the IBM Think 2026 event, Patel highlighted that the AI revolution is still in its early stages, requiring enterprises to redesign their operations around agents, real-time data, automation, hybrid architecture, and trust. He also introduced the concept of "digital swaraj" or sovereignty in the Indian context, stressing the importance of control over operating environments, data, technology, and AI execution. IBM also announced an MoU with MeitY Startup Hub to accelerate India's deep tech innovation and startup ecosystem, providing startups access to IBM's technology expertise and platforms like watsonx and Sovereign Core.

Andhra Pradesh, PNB Launch Quantum Finance Hub For Banking Innovation

Andhra Pradesh, PNB Launch Quantum Finance Hub For Banking Innovation

Rediff.com23 Jul 2026

Andhra Pradesh and Punjab National Bank (PNB) have signed an MoU to establish the PNB Quantum Finance Hub at Amaravati Quantum Valley. This initiative aims to foster innovation and adopt next-generation technologies like AI and Quantum Computing in the banking sector, focusing on cybersecurity, fraud detection, and customer experience.

Sitharaman Slams 'Naraz Foofa Jis' Questioning India's Growth

Sitharaman Slams 'Naraz Foofa Jis' Questioning India's Growth

Rediff.com11 Sep 2026

Finance Minister Nirmala Sitharaman criticised commentators who express pessimism about India's demographic dividend, asserting that the country's youth are actively driving economic growth and innovation. She also highlighted the dual nature of AI and the need for robust safeguards in emerging technologies like quantum computing to balance innovation with safety.

How Hyderabad Police Plan To Combat Cyber Fraud

How Hyderabad Police Plan To Combat Cyber Fraud

Rediff.com21 Apr 2026

Hyderabad Police Commissioner V C Sajjanar has proposed a Joint Working Group with the RBI and banks to address the issue of mule bank accounts used in cyber fraud. The proposal follows 'Operation Octopus,' which exposed vulnerabilities in KYC verification. Sajjanar also recommended strict directives for banks to fix accountability and adopt advanced technology to detect suspicious transactions.

How Mizoram Police Recovered Rs 1 Crore From Cybercrime Victims

How Mizoram Police Recovered Rs 1 Crore From Cybercrime Victims

Rediff.com9 Oct 2026

Mizoram police have successfully recovered over Rs 1 crore for cybercrime victims this year and arrested nine alleged cybercriminals. The state has also established a dedicated State Cyber Crime Coordination Centre (S4C) to enhance its efforts in detection, investigation, and public awareness against cybercrime.

TRAI Chairman Anil Kumar Lahoti Emphasises Safeguards For AI In Telecom Networks

TRAI Chairman Anil Kumar Lahoti Emphasises Safeguards For AI In Telecom Networks

Rediff.com14 Sep 2026

TRAI Chairman Anil Kumar Lahoti has called for robust safeguards, human oversight, and intervention capabilities as Artificial Intelligence becomes increasingly integrated into telecom networks. While acknowledging AI's potential to transform network management and threat detection, Lahoti stressed the need for responsible AI deployment, risk assessments, and clear accountability to ensure consumer trust and prevent misuse, especially in combating online fraud.

Supreme Court: No personal hearing needed before banks tag loan accounts as fraud

Supreme Court: No personal hearing needed before banks tag loan accounts as fraud

Rediff.com8 Apr 2026

The Supreme Court has ruled that borrowers are not entitled to a personal hearing before banks classify their loan accounts as "fraud" under RBI directions, clarifying that a written response to a show-cause notice and access to the forensic audit report (with redactions) are sufficient for natural justice.

Gorakhpur Police Uncover Major Cyber Fraud Racket

Gorakhpur Police Uncover Major Cyber Fraud Racket

Rediff.com10 Jun 2026

Three alleged cyber fraudsters, including the mastermind, have been arrested in Gorakhpur for operating a fake merchant QR code racket. They used forged documents and mule accounts to channel money from cyber crimes, with transactions worth crores of rupees linked to cases across several states.

Banks will take 3-4 months to deploy FCNR(B) flows: Setty

Banks will take 3-4 months to deploy FCNR(B) flows: Setty

Rediff.com11 Sep 2026

State Bank of India Chairman C S Setty stated that banks will take three to four months to deploy the significant funds mobilised through foreign currency non-resident (bank), or FCNR(B), deposits, which is unlikely to cause "abnormal lending". He also highlighted the need for agentic artificial intelligence (AI) costs to fall sharply for its widespread deployment in India, envisioning its role in transforming banking from fraud detection to personalised financial assistance.

Baba ji, don't daydream about my jawani: Kangana slams Ramdev

Baba ji, don't daydream about my jawani: Kangana slams Ramdev

Rediff.com20 Aug 2026

Actor and BJP MP Kangana Ranaut has publicly responded to yoga guru Baba Ramdev's critical remarks about her controversial comments on Gen Z. The exchange escalated on Instagram after Ramdev questioned Kangana's past, prompting her to reference his 2024 Supreme Court case regarding Patanjali's misleading advertisements.

Beware Of These Scams!

Beware Of These Scams!

Rediff.com1 Sep 2026

Do not share OTPs, PINs, authentication codes, card numbers, card verification values (CVVs), KYC details, security answers, Internet-banking passwords or Aadhaar-based authentication credentials through SMS, e-mail or phone calls.

Govt panel asks states for data on demographic changes over 15 years

Govt panel asks states for data on demographic changes over 15 years

Rediff.com29 Sep 2026

The Union Home Ministry's High-Level Committee on Demographic Changes has requested states and Union Territories to provide detailed data on "visible changes" in religious demography over the last 15 years. This includes information on birth registrations, religious structures, vehicle registrations, property transfers in tribal areas, and educational institutions, aiming to assess demographic shifts and recommend policy measures.

Fake GST Credit Jumps To Rs 75,000 Cr In FY26

Fake GST Credit Jumps To Rs 75,000 Cr In FY26

Rediff.com29 Jul 2026

Central tax authorities detected input tax credit (ITC) fraud worth Rs 74,781.56 crore across 30,162 cases in FY26, more than doubling the number of cases from the previous year, according to the Ministry of Finance.

Gujarat Police Uncovers Rs 310 Crore Cyber Fraud Racket

Gujarat Police Uncovers Rs 310 Crore Cyber Fraud Racket

Rediff.com14 Jun 2026

Gujarat's Gir Somnath police have busted a massive cyber fraud racket involving over Rs 310 crore in suspicious transactions through mule bank accounts, arresting five individuals. This operation, part of the state-wide "Operation Mule Hunt 2.0," is considered the district's largest cybercrime case to date, aiming to recover victims' money and curb illegal account rentals.

Interstate Cyber Fraud Racket Busted; Five Arrested

Interstate Cyber Fraud Racket Busted; Five Arrested

Rediff.com5 May 2026

Delhi Police have arrested five individuals from Uttarakhand's Udham Singh Nagar for their involvement in an interstate cyber fraud racket. The syndicate supplied mule bank accounts to cyber criminals, routing cheated money from online investment and task-based scams.

GST Council allows small online sellers to use warehouses in other states

GST Council allows small online sellers to use warehouses in other states

Rediff.com12 Oct 2026

India's GST Council has approved changes allowing small online sellers to register in states without physical premises by using an e-commerce operator's warehouse as their principal place of business, aiming to boost national sales for small businesses.

US to substantially hike fees for EB-5 investor visa

US to substantially hike fees for EB-5 investor visa

Rediff.com30 Sep 2026

The US Citizenship and Immigration Services (USCIS) has announced a significant increase in fees for the EB-5 Immigrant Investor Programme, effective November 30. This programme allows foreign investors, including many from India, to obtain permanent residency by investing in US commercial enterprises and creating jobs. The fee hikes, some more than doubling, are intended to fund USCIS operations, which are largely supported by fees rather than taxes.

FCNR(B) funds find a runway ahead of festival season-led credit demand

FCNR(B) funds find a runway ahead of festival season-led credit demand

Rediff.com25 Sep 2026

RBI Deputy Governor Rohit Jain highlighted that banks are well-positioned to deploy $133 billion mobilised through FCNR(B) deposits, especially with strong credit demand ahead of the festival season, while also stressing the importance of robust technology governance and cyber defences in the financial sector.

Banks Advised To Use RBI's AI Tool To Combat Cyber Fraud

Banks Advised To Use RBI's AI Tool To Combat Cyber Fraud

Rediff.com30 Apr 2026

Financial Services Secretary M Nagaraju has urged banks to adopt the MuleHunter AI tool developed by RBI to identify and prevent mule accounts used in cyber financial frauds. The meeting also discussed 'Operation Octopus' by Hyderabad Police and emphasised coordinated efforts and intelligence sharing.

MP Man Held In Multi-Crore Amity University Fraud Case

MP Man Held In Multi-Crore Amity University Fraud Case

Rediff.com30 May 2026

Delhi Police have arrested a man from Madhya Pradesh in connection with a multi-crore bank fraud case involving forged cheques and fraudulent withdrawal of funds from an Amity University account.

Man Arrested For Matrimonial Fraud Across Telangana And Andhra Pradesh

Man Arrested For Matrimonial Fraud Across Telangana And Andhra Pradesh

Rediff.com19 May 2026

A man allegedly involved in nearly 20 criminal cases across Telangana and Andhra Pradesh relating to cheating and matrimonial fraud was arrested, police said.

ED probes 5,300 Indian SIMs used in Cambodia-based cyber fraud

ED probes 5,300 Indian SIMs used in Cambodia-based cyber fraud

Rediff.com8 Jun 2026

The Enforcement Directorate is investigating a large-scale cyber fraud operation involving 5,300 Indian SIM cards used from Cambodia by a Malaysian national-led gang, duping people of hundreds of crores. The probe follows raids in Rajasthan and Punjab, identifying 30 bank accounts linked to the fraud.

Rajasthan Man Nabbed For Online Shopping Fraud In Delhi

Rajasthan Man Nabbed For Online Shopping Fraud In Delhi

Rediff.com13 May 2026

Delhi Police have arrested a man from Rajasthan for allegedly running an online shopping fraud racket, cheating people through fake social media advertisements offering discounted branded suits and sarees.

Thane Builder Cheated Of Rs 46 Lakh In Aluminium Scrap Fraud

Thane Builder Cheated Of Rs 46 Lakh In Aluminium Scrap Fraud

Rediff.com10 Jun 2026

An FIR has been registered against a scrap firm owner and two others in Thane for allegedly siphoning off 21,000 kg of aluminium material worth Rs 46.20 lakh from a prominent builder using a modified transport vehicle.

Delhi Police Bust Cyber Fraud Ring, Arrest Two

Delhi Police Bust Cyber Fraud Ring, Arrest Two

Rediff.com19 May 2026

Delhi Police have dismantled a cyber fraud racket involving malicious mobile applications, arresting two individuals, including the alleged mastermind from Uttar Pradesh. The accused developed and supplied 'FUD' APK files to cyber fraudsters across the country, enabling them to gain remote access to victims' phones and siphon off money.

RBI Deputy Governor flags systemic risk from financial institutions' reliance on common tech providers

RBI Deputy Governor flags systemic risk from financial institutions' reliance on common tech providers

Rediff.com10 Sep 2026

Reserve Bank of India (RBI) Deputy Governor Rohit Jain has warned that financial institutions' increasing reliance on a small number of common technology providers, including cloud and AI model providers, could create a new source of systemic risk. He highlighted 'speed, concentration and opacity' as key risks, noting that a disruption at one provider could rapidly spread across multiple institutions, amplifying existing financial risks.

Man Held For Credit Card Fraud In Delhi

Man Held For Credit Card Fraud In Delhi

Rediff.com11 May 2026

Delhi Police have arrested a man from Bihar for allegedly committing credit card fraud of Rs 3.99 lakh. The accused used stolen credentials to make purchases through the victim's e-commerce account.

Delhi Police Busts Interstate Cyber Fraud Ring Linked To Cambodia

Delhi Police Busts Interstate Cyber Fraud Ring Linked To Cambodia

Rediff.com20 May 2026

Delhi Police have dismantled an interstate cyber fraud syndicate with links to foreign operators in Cambodia, arresting eight individuals involved in an online investment scam. The accused, including those with advanced educational qualifications, allegedly defrauded a complainant of Rs 24 lakh through a fake online trading platform.

How Delhi Police Busted An Interstate Cyber Fraud Ring

How Delhi Police Busted An Interstate Cyber Fraud Ring

Rediff.com8 May 2026

Delhi Police have dismantled an interstate cyber fraud syndicate, arresting 14 individuals allegedly involved in fraudulent transactions exceeding Rs 8 crore. The accused targeted job seekers with fake work-from-home opportunities via social media and job portals.