Financial Frauds

Story in numbers: PMLA registrations up four-fold, higher than a decade ago

According to the Enforcement Directorate (ED) data on PMLA, 5,422 cases are under investigation, 400 have been arrested and 25 convicted until March 31, 2022

RBI to migrate payments fraud reporting module to Daksh on January 1

Reporting on the existing Electronic Data Submission Portal (EDSP) to stop completely once migration happens

Not just FTX's Sam Bankman-Fried: A look at five biggest CEO frauds ever

The manner of Sam Bankman-Fried's fall from grace is something the world has seen earlier, too. Here are five such biggest and most sensational instances

Tech to detect pesky calls underway; joint action on financial frauds: TRAI

Telecom regulator Trai on Monday said that it is working on various technologies to detect pesky calls and messages along with a joint action plan with other regulators to curb financial frauds. The Telecom Regulatory Authority of India (Trai) said that Unsolicited Commercial Communication (UCC) or pesky communication is a major source of inconvenience to the public and impinges on the privacy of individuals. "Now complaints are reported against Unregistered Telemarketers (UTMs), where a surge has been seen in pushing various kinds of UCC SMSes. Additionally, UCC calls are also one of the concerns which need to be dealt with equally along with UCC SMSes," it said. Trai in coordination with various stakeholders is taking necessary steps to check UCC from UTMs also. These steps include implementation of UCC detect system, provision of Digital Consent Acquisition, intelligent scrubbing of the Headers and Message templates, using AI (Artificial Intelligence) and ML (Machine Language), .

Blocked 700 crypto accounts between April-Sep over irregularities: WazirX

The crypto exchange received 828 requests from law enforcement agencies, of which 764 were Indian and 64 were foreign

RBI considers setting up of fraud registry to check banking frauds

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

Cyber frauds: Banks step up efforts to promote safe banking habits

Apart from HDFC Bank's 'Vigil Aunty', a host of private sector general insurers also offer individual cyber insurance policies

42% Indians experienced financial fraud in last three years: Report

While digitisation of payments and banking has benefitted both common people and government, financial fraud has been on the rise, with nearly 42 per cent of Indians becoming victims in last 3 years

As cybercrime cases rise in Odisha, govt alerts people against cyber fraud

Worried over rise in cyber crimes in Odisha, with fraudsters impersonating senior officers online to raise funds, state govt has asked Netizens to exercise caution during all financial transactions

RBI's fourth regulatory sandbox cohort is on prevention of financial frauds

The RBI has also decided to facilitate on-tap applications for themes of cohorts earlier closed

As electronic transactions surge, it's boom time for tech fraud fighters

Pandemic pushes companies to police e-transactions; financial services firms and e-commerce companies are among the major drivers of demand

83% Indians trust robots more than humans to manage their finances

In India, 106 per cent of business leaders saw an increase in financial anxiety and stress, and their sadness grew by 47 per cent due to coronavirus pandemic

Sebi bars TV anchor Hemant Ghai, wife and mother for 'fraud in trading'

The accused allegedly bought shares ahead of giving buy recommendations

CBI registers case against pvt firms for causing Rs 4,736 cr loss to banks

The Central Bureau of Investigation has registered a case against a private company based at Hyderabad on allegations of causing loss to banks to the tune of approximately Rs 4,736.57 crore

62% cybercrime complaints in 2020 linked to financial frauds: Delhi Police

Sixty-two per cent of the cybercrime complaints lodged in 2020 were related to financial frauds, police said in a statement

Indian-origin brothers pull off coup, buy UK supermarket chain Asda

Pull off an acquisition bigger than the Tatas' Corus and JLR deals, will hold controlling stake while Amazon will own a minority share

Indian-origin man pleads guilty to operating unlicensed money transfer biz

A 24-year old Indian-origin man has pleaded guilty to operating an unlicensed money transmitting business that provided essential services to a fraudulent technical-support company

Frauds reported in H1 rise to Rs 1.13 trillion, 97% happened earlier

Also, during the first half of FY20, banks reported 398 cases of large-value frauds (above Rs 50 crore) worth Rs 1.05 trillion and 21 cases of frauds above Rs 1,000 cr, worth a cumulative Rs 44,951 cr

With rise in financial frauds, forensic audits prove handy for India Inc

Audit firms are also reporting a rising demand for background checks of senior executives when they join a company

13 US financial firms to pay $386 mn to settle price-fixing allegations

Pennsylvania's lawsuit consolidated claims by various government agencies and labor unions, including the city of Baltimore and pension systems in St. Louis, Oklahoma, Puerto Rico and Birmingham