'I don't know when I will be able to access those funds.'
To educate customers on the modus operandi of financial fraudsters and share inputs on safe banking habits, banks are now coming up with awareness campaigns aimed at preventing customers from falling into the trap of fraudsters.
Policy owners need to avoid errors on their part to prevent claims from being denied.
The Enforcement Directorate said on Monday that it had conducted search operations at four locations in Mumbai and Delhi as part of its money laundering investigation into an alleged Rs 4,500 crore (Rs 45 billion) fraud by Pancard Clubs Limited and others, in which more than 5 million investors have been duped.
NPCI calls bids to cover all e-payment transactions where consumer followed procedure; both state and private insurers show interest.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
Capital market regulator Sebi on Tuesday rejected the competing open offer made by the US-based entity Danny Gaekwad Developments & Investments for acquisition of Religare Enterprises Ltd (REL) as it did not meet necessary regulations.
Religare Enterprises, a financial services firm, has disclosed that the Reserve Bank of India (RBI) turned down its application to appoint Rakesh Asthana as its whole-time director in May this year without citing any reasons. Asthana is a former top official of the Central Bureau of Investigation (CBI). In a notice to the stock exchanges, Religare said that while the company and Asthana were weighing the options of dealing with the letter of refusal by the RBI, it was also busy in preparing for the "herculean task" of making ready multiple applications to regulators.
The insurance sector seems to be the most vulnerable to frauds as companies are losing a whopping over Rs 15,000 crore (Rs 150 billion) every year due to exaggerated claims by customers or agents, a survey has found.
Will allowing business correspondents to hawk insurance products help in reviving 5-lakh strong field agents as a viable channel?
This case is the largest investigated by the Pandemic Response Accountability Committee Fraud Task Force to date, US Attorney for the Northern District of Texas Leigha Simonton said in a press release.
An Indian-American physical therapist assistant has been sentenced to over four years in prison and ordered to pay USD 1.9 million in restitution for his role in a $14.9 million health insurance fraud scheme.
Consider a combination of a base policy and a super top-up policy.
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.
The National Commission concluded that the claim had been rightly rejected on grounds of misrepresentation in the proposal form and breach of duty to maintain utmost good faith while applying for insurance coverage.
Regularly monitor your account for any suspicious activity. Keep your devices updated with the latest security patches to prevent vulnerabilities. Ensure the physical wallet you use is stored securely to avoid loss or theft.
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.
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.
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.'
Only investors with knowledge of cryptocurrencies, long-term conviction, and a long horizon should invest in this asset class.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries on HEALTH and AUTO insurance.
...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
This will help expand the distribution channels, said Subhash Chandra Khuntia, chairman of the insurance regulatory and development authority of India.
For Indian parents, sending a child abroad for a three-year degree could deplete 48% of their retirement savings, while a four-year degree may consume up to 64%.
He is accused of multi-year visa fraud, involving forged and fraudulent documents to get visas such as H1B for over 200 foreign workers.
Thanks to its indemnity cover, Citibank may not have to provide for the alleged multi-crore fraud by Shivraj Puri, the relationship manager at its Gurgaon branch.
While it's not difficult to fall prey to card fraud, individuals can protect themselves against losses.
The Commission concluded that the bank officials had evidently been negligent in failing to compare the signature prior to making payment, notes Jehangir B Gai.
The alleged fraud includes the use of fake bills.
Section 45 in the new Bill says no claim can be repudiated after three years of the policy being in force, even if a fraud is detected, has sent life insurers into a tizzy.
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.
Amritsar-born entrepreneur John Nath Kapoor was arrested by the FBI for bribing doctors to over-prescribe a powerful opioid to patients.
The GST intelligence unit detected tax evasion of more than Rs 1.98 lakh crore last year and arrested 140 masterminds who were involved in defrauding the exchequer, the finance ministry said on Thursday. In 2023, the Directorate General of GST Intelligence (DGGI) detected significant GST evasion in diverse sectors like online gaming, casinos, insurance and secondment (import of manpower services). "DGGI has achieved an increase in detection of cases of evasion and voluntary payments. In 2023, DGGI detected 6,323 cases involving evasion of duty of Rs 1,98,324 crore with a voluntary payment of Rs 28,362 crore.
From , May 15 (PTI) Four Indian Americans, including a physician and three co-owners of a health clinic from Chicago, have been charged with healthcare fraud estimated to be running into millions of dollars. Federal law enforcement officials said three Indian Americans Ankur Ro ...
The loss to policyholders due to massive mis-selling of insurance policies by trusted private sector and public sector banks will be well in excess of Rs 2 trillion, warns Harsh Roongta.
The onus is on you to reject financial products that don't suit your needs.
Christopher Wood, global head of equity strategy at Jefferies has rejigged his equity portfolios. In his Asia ex-Japan long-only portfolio, he has added Axis Bank (5 per cent weightage) and increased holding in Larsen & Toubro (L&T) by one percentage point. This, Wood said, will be paid for by removing the investment in ICICI Lombard General Insurance and reducing the investments in HDFC Bank and Reliance Industries (RIL) by one percentage point each.
We as customers have to be conscious and careful to sidestep numerous types of frauds made possible under a mindless shift to a digital ecosystem without customer-redress procedures, warns Debashis Basu.
'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.'
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