Credit Vidya helps lenders assess credit and fraud risk for thin-file and new-to-credit customers.
The Enforcement Directorate on Wednesday continued raids for the seventh day as it visited 17 locations across the country, including four shell companies in Mumbai, even as the Income Tax department attached assets worth Rs 145 crore in the alleged Rs 11,400-crore Punjab National Bank fraud.
'With free software on the Internet and apps, creating a deepfake video can take 3 to 5 minutes. Anyone can make these videos.'
So how does one protect themselves from misuse of their credit cards? Here are a few helpful suggestions.
IIIT-D team builds algorithm that will help identify synthetic images.
Use of blockchain technology will ensure that banks will not be blindsided like in the case of the Nirav Modi-Mehul Choksi blowout at PNB, says Raghu Mohan.
The RBI on Monday imposed penalty aggregating to Rs 6 crore on Bank of India and Punjab National Bank for contravention of norms, including one related to "Frauds - Classification and Reporting". A penalty of Rs 4 crore has been imposed on Bank of India and Rs 2 crore on Punjab National Bank. In a statement, the RBI said the statutory Inspection for Supervisory Evaluation (lSE) of Bank of India was conducted with reference to its financial position as on March 31, 2019.
SFIO is looking into the role of Grant Thornton LLP which had valued the brand.
Believe it or not, the regulator is even stretching its arm to identify stressed borrowers and gauge the 'distance to default' as a measure of a particular bank's fragility, reveals Tamal Bandyopadhyay.
Reserve Bank has almost finalised the structure of Central Fraud Registry.
Mumbai-based Dream11, which is run by Sporta Technologies Private Limited, reported a profit of Rs 181 crore (Rs 1.81 billion) in FY2020, making it one of the few Indian consumer-tech unicorns to have turned profitable.
News of all that's transpired on and off the football field
'India has a lot of potential, not just in commercial aspects, but also in hiring of people and sourcing of products.'
'We revolutionised the system in a manner so that the chances of leakage will be much lower than it was in the beginning.'
German prosecutors launched an investigation on Monday into fraud allegations against former Volkswagen boss Martin Winterkorn.
The staff at post offices misappropriated Rs 95.62 crore of public money between November 2002 and September 2021, the Comptroller and Auditor General has said. The money may seem small but it is what common citizen invested in post office savings, the oldest and the largest banking system in the country. The system serves the investment needs of urban and rural clients through schemes such as savings bank, recurring deposits, time deposits, national savings certificates, kisan vikas patras, public provident fund, monthly income account scheme, sukanya samriddhi accounts and senior citizens savings scheme.
Bangalore police may seek Interpol help to solve the crime.
'Investigation directorates have intensified actions in detecting serious irregularities.' 'They are seriously handicapped because of non-availability of manpower.'
The government wants a collaborative model with a public-private partnership to fact-check social media content.
The new wing will be known as the corporate finance investigation department, which will be headed by one of Sebi's executive directors. This department will have information technology solutions experts, particularly to detect the menace of frauds.
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 probe agency is learnt to have taken possession of multiple physical and digital records during a search operation conducted on the premises of the South Korean firm in Delhi and Mumbai this week.
The search and survey operation was started at 44 locations in Mumbai and Surat on November 6, on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly in Brihanmumbai Municipal Corporation.
Based on repeated appeals from Choksi, who is wanted in the Rs 13,000 crore bank fraud in Punjab National Bank and is holed in Antigua and Barbuda after fleeing from India in 2018, the CCF removed his name from the Red Notice list in November 2022, the CBI said in a statement.
It compromises security by sending SMSes to unknown contacts.
"Our preliminary estimates show we may have to provide for around Rs 60 billion in the balance sheet for the quarter ending on March. The due date for LoUs amounting to Rs 60 billion is falling in the present quarter. This will be a contingent liability for the bank," said a senior executive, on condition of anonymity.
Police informed that Gosavi is wanted in a case registered with Pune city police in 2018, wherein a chargesheet has been submitted to the court.
A new law that defines how companies should process users' data came into force with the President giving assent to the Digital Personal Data Protection (DPDP) Act passed by Parliament in the just-concluded monsoon session. The law arms individuals with greater control over their data while allowing companies to transfer users' data abroad for processing, except to nations and territories restricted by the Centre through notification. It also gives the government power to seek information from firms and issue directions to block content.
The broader Nifty declined by 73.90 points, or 0.71 per cent, to end at 10,378.40.
With this, India joins 60 other countries that collect PNR details of international passengers.
PNB is fully committed to its clean banking policy. That is why we are the first one to detect and report this to the various law enforcement agencies," PNB's CMD Sunil Mehta said on Thursday.
'If the RBI had done the right things, these mistakes would not have happened in banks, public or private,' says Ajay Shah.
Experts say, auditors must not allow themselves to be intimidated by the client management into conducting audits by conversation. It is important for auditors to conduct proper interviews and ask probing and searching questions.
Damage from new shenanigans can be contained if regulators move quickly when something does not smell right, counsels Debashis Basu.
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.
It further asked the government to make suitable arrangements for smooth functioning of the bank.
Concerned by age frauds at national level tournaments, the Sports Ministry on Friday directed state federations to ban overage athletes for two years when caught for the first time and hand a five-year penalty if the offence is repeated.
The actor had appeared in the a TV commercial for the brand along with Sidharth Malhotra.
A new mobile banking 'Trojan' virus -- SOVA -- which can stealthily encrypt an Android phone for ransom and is hard to uninstall is targeting Indian customers, the country's federal cyber security agency said in its latest advisory.
The top three industries in India susceptible to economic crimes are financial services, manufacturing and professional services
