Online Frauds

Planning your retirement? PGIM India Mutual Fund launches a new fund

The victims were also falsely promised that once they sent the money, the sting operation would result in the arrest of the purported perpetrators

Citizens have been getting duped on the pretext of reviewing content and earning quick money

Nishad Singh, a 27-year-old Indian-origin former top executive of failed cryptocurrency trading platform FTX has pleaded guilty to the charges of alleged billion-dollar fraud at the now collapsed exchange. Singh was the former co-lead engineer of FTX Trading Ltd. He has pleaded guilty to six conspiracy charges, including conspiracy to commit wire fraud, conspiracy to commit money laundering and conspiracy to violate federal campaign finances laws. Singh is the third top executive and close confidante of FTX founder Sam Bankman-Fried to plead guilty and cooperate with prosecutors. Gary Wang, co-founder of FTX, and Caroline Ellison, the former head of FTX's sister hedge fund Alameda Research, both pleaded guilty last year and are cooperating against Bankman-Fried. In December last year, federal authorities charged Bankman-Fried with orchestrating a scheme to defraud equity investors in FTX. The Securities and Exchange Commission charged Singh on Tuesday. In a parallel action, the

The thing is that high-tech Chinese cyber criminals have devised a new strategy to dupe people and are defrauding Indians via fake loan applications

The ICC has allegedly lost close to USD 2.5 million after becoming a victim of cyber crime, according to a report. The incident of phishing, which originated in the USA, took place last year, ESPNCricinfo reported. "The route used by fraudsters to commit the financial scam was Business E-mail Compromise (BEC), also known as e-mail account compromise, which the Federal Bureau of Investigation (FBI) describes as 'one of the most financially damaging online crimes'," the report stated. An investigation is underway as the ICC, which is not commenting on the matter, reported the incident to law enforcement agency in the US. How the scam took place is not yet known. "It is not yet known what route exactly the fraudsters took to get the money transferred from the ICC account - whether they had got in touch directly with someone at the head office in Dubai, or had targeted an ICC vendor or consultant. "It is also not confirmed whether the transaction was done in one single payment or the

As far as detection is concerned for the 2019-2022 period, 1,292 cases were solved, including 346 in 2022, out of the 12,261 registered cases, the report said

Mid-market firms with revenues of $10 million to $1 billion faced 45% of attacks; only 21% were large ones with over $1 billion in revenue; smaller firms suffered 34% of attacks

The National Cyber Crime Reporting portal is a citizen-centric initiative that enables citizens to report cybercrimes online

According to a report, the volume of ransomware threats detected spiked to more than 1.2 million per month between the January-June period this year

Payment system participants will be provided access to this registry for near-real time fraud monitoring. The aggregated fraud data will be published to educate customers on emerging risks

As part of its efforts to strengthen customer protection, Reserve Bank is considering setting up a fraud registry to create a database of fraudulent websites, phones and various modus operandi used for digital fraud. Such a database will help prevent these fraudsters from repeating the fraud as the websites or phone numbers would be blacklisted, RBI executive director Anil Kumar Sharma said on Monday. "There is no definite timeline for setting up of the fraud registry. At present, we are talking to different stakeholders including different departments like payments and settlement and supervision of RBI," he said. Payment system participants will be provided access to this registry for near-real time fraud monitoring. The aggregated fraud data will be published to educate customers on emerging risks. Sharma also said that the customers of the Core Investment Company (CIC) would come under the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS), 2021. Prime Minister Narendra Modi l

Protect family's data, finances; consider floater cover as well

The government has tightened GST norms. But some of the changes have caused "inconvenience" to taxpayers, to say the least.

The boom in UPI transactions has also led to a rise in the number of online frauds

Apple protected customers from more than $1.5 billion in potentially fraudulent transactions on the App Store in 2021, the company has informed.

29% think existing laws surrounding privacy are enough to enable elders to protect their privacy online

Hackers and fraudulent customers have stolen Rs 7.38 crore by tampering and manipulating the authorisation process of Razorpay

A total of 2,652 complaints against digital loan apps (DLA) were received by 'Sachet' - a portal established by the RBI

Banking sources indicate there have been brazen violations of Section 17 of the RBI's Master Direction on KYC norms