PNB reported the maximum number of such frauds.
One must be extremely cautious while shopping with a credit card.
While most of these payment players continue to run Indian data through the global processes of data analytics and fraud detection, the industry seems divided over whether the regulator would allow this to continue.
The total amount of fraud reported by banks showed a drop in 2020-21 - for the first time in eight years - though there is an emerging trend of private sector banks reporting a larger number of frauds related to card and internet banking. According to the latest data released by the Reserve Bank of India, commercial banks reported Rs 1.38 trillion of frauds in 2020-21, as compared to Rs 1.85 trillion in the previous year. The first half of the current fiscal year saw banks reporting frauds worth Rs 36,342 crore.
The onus is on companies to put in place a vigil mechanism to detect and deter fraud.
'There are unscrupulous traders who create fake invoices by showing bogus e-way bills, movement of goods.' 'Since the entities registered across different states, and kept on changing their numbers, tracing them was difficult.'
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
In addition to educating Delhiites and holding a joint awareness campaign against cyber frauds, Truecaller will also display official numbers of the Delhi police representatives on the app's government directory services.
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.
57% of the respondents indicated that their organisations did not conduct independent fraud risk assessment
Historically, the RBI has tried to keep the crooks at bay by issuing a circular a day. What it needs is more onsite supervision. Merely checking high-frequency data with the help of technology is insufficient, notes Tamal Bandyopadhyay.
Like last year, the agency will receive applications between April 1 and April 5. If the cap is not reached, it will continue to accept applications for five more days.
AI-driven and deepfake-enabled cyberattacks are anticipated to become increasingly prevalent in 2025 with sectors like healthcare and finance most prone targets, according to a recent report. The India Cyber Threat Report 2025 by the Data Security Council of India (DSCI) and Seqrite, spotlighted the evolving tactics of cybercriminals and the rise of AI-driven attacks as a major concern. "Artificial Intelligence (AI) will be used to develop highly sophisticated phishing campaigns utilising deepfake technology and personalised attack vectors, making them harder to detect.
This was reflected in India Inc's lackadaisical attitude towards sensitising employees on fraud prevention.
The advisory has asked government staffers to delete such an e-mail if received in their inbox.
About 1.2 trillion tax evasion cases have been detected and as many as 59,000 entities identified for verification in order to ascertain whether they are fake.
The entire amount is to be provided for four quarters.
'The central bank has highlighted that the slowdown in growth has been limited to a few sectors and overall growth is expected to pick up in the second half of the year.'
Theft, bribery and corruption, and regulatory non-compliance are the top three frauds
...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
The latest fraud is a failure of management supervision and accountability, as no bad debt was generated and no cash was involved
Housing finance company (HFC) PNB Housing is planning to focus on reducing delinquencies in 2023-24.
The Trump trade shock is a chance to push long-overdue reforms, rather than tinker with tariffs to appease the US, suggests M Govinda Rao.
An Indian national from Gurgaon has been sentenced to three years in federal imprisonment on charges of call centre fraud that intended to cheat Americans of millions of dollars, a US attorney said.
The highest-ever goods and services tax (GST) evasion has been done by the online money gaming industry.
Banking industry solutions provider i-Flex said on Friday it will collaborate with US-based security solutions provider Bharosa to offer banking customers with advanced security solutions for combating threats of consumer identity theft.
A common feature in India is the lag between the occurrence of frauds and the time they are actually reported.
Banks will also have to seek borrower's status report from Central Economic Intelligence Bureau on the account turning NPA
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.
In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
Mastercard recently launched an authentication product called Identity Check Express that enables customers to verify transactions on their own.
Section 45, which says no claim can be rejected after three years of a policy being in force, remains a bone of contention
Here's what you must know about the new rule, its implications, and whether it affects taxpayers' rights and privacy.
The challenge before the management is ensuring simultaneous disclosure of key information to stock exchanges and investigating agencies.
The size of corporate fraud in India almost doubled after 2009, and such cases also increased in number, said a report from Thought Arbitrage, a think tank in Delhi.
Among bank groups, PSBs, which constitute the largest market share in bank lending, have accounted for the bulk of frauds reported in 2018-19.
Public sector banks accounted for a bulk of frauds reported in 2018-19 -- 55.4 per cent of the number of cases reported and 90.2 per cent of the amount involved -- mainly reflecting the lack of adequate internal processes, people and systems to tackle operational risks, the RBI report said.
The CBI has registered an FIR against an officer of Punjab National Bank (PNB), now suspended, for allegedly cheating the state-run lender to the tune of Rs 168.59 crore through 34 fake bank guarantees, officials said Thursday. Nearly four years after LoU (letter of undertaking) scam allegedly perpetrated by uncle-nephew duo of Mehul Choksi and Nirav Modi bled the PNB to the tune of about Rs 13,000 crore, bank official Priya Ranjan Kumar followed similar modus operandi to issue 34 fake bank guarantees without making any entries in its core banking system Finacle, according to the CBI FIR. "As per the interim investigation report dated November 27, 2022, it emerges that the fraud has been perpetrated by the bank staff in collusion with some unknown persons through illegal and unauthorized usage of the bank's systems.
'This year's detection of frauds and probable recovery will be mainly driven by several compliance measures put in place, and amendments made to the GST regime to plug revenue leakages particularly in new-edge sectors.'
