The Reserve Bank of India is considering establishing a Digital India Trust Agency (DIGITA) to combat cyber fraud and illegal lending apps. The agency will verify digital lending apps and maintain a public register of verified ones. Apps without DIGITA's signature should be considered unauthorised for law enforcement. DIGITA will be responsible for vetting digital lending apps, promoting transparency and accountability.
The Ministry of External Affairs (MEA) has rescued and repatriated about 250 Indian nationals from Cambodia, 75 of whom were rescued in the last three months. The Indians were lured with employment opportunities but forced to undertake illegal cyber work. MEA spokesperson Randhir Jaiswal stated that they are collaborating closely with Cambodian authorities and have issued advisories to Indians about such scams. MEA remains committed to helping Indian nationals in Cambodia and is working to crackdown on those responsible for these fraudulent schemes.
The Department of Telecommunications (DoT) in New Delhi warned mobile users about potential scams involving calls from foreign numbers like +92 on WhatsApp. They cautioned against sharing personal information if callers claim to be government officials threatening to disconnect mobile numbers due to illegal activities. DoT urged proactive reporting of such incidents on the Sanchar Saathi portal and advised contacting cyber-crime helpline if victimized.
Hybrid work, a COVID-19 legacy, drives fraud risks. Cybercrime, moonlighting, and expense fraud surge. Robust checks and continuous monitoring crucial. Organizations must invest in tools to combat fraud and maintain compliance.
Companies that participated in Aon’s 2023 Global Risk Management Survey listed business interruptions and failure to attract or retain top talent as the other top concerns
Digital banking frauds: Mule Accounts are being used to launder money and what's worst is that legitimate Indians are lending their bank accounts and others for some incentive and helping in furthering this type of fraud. According to BioCatch, a Israeli company, Bhubaneswar has the largest concentration of this type of activity.
India and the US will hold the Homeland Security Dialogue to discuss various security issues, including counterterrorism, cyber security, extradition, and more. Ajay Bhalla will lead the talks, and topics such as illegal mobility, aviation security, and drug seizures will be addressed.
Telangana CID busts cybercrime kidney racket involving UPI payments. Investigation reveals no real organ trade. Organ donors and seekers possibly exploited by an organized gang. Previous cases of illegal kidney trade reported.
The finance ministry said that banks and financial institutions will share information in a standardised format for ease of analysis by law enforcement agencies and further ensure round-the-clock availability of resources to promptly address complaints, which will improve the fraud-to-hold ratio.
KYC Updation Fraud: The Reserve Bank of India (RBI) has cautioned individuals about KYC updation frauds which has been ongoing lately. An individual is required to periodically update their KYC with their banks as per specified timelines. However cybercriminals are targeting gullible individuals in the name of KYC updation and hence if an individual is not cautious it can lead to financial loss.
The Ministry of Home Affairs (MHA) has issued a warning about frauds via gaming apps, urging caution when engaging in online gaming. The Indian Cybercrime Coordination Centre (14C) under the MHA's Cyber Wing has advised people to download apps only from authentic sources, check game app publishers' information for legitimacy, and avoid falling into the trap of in-app purchases and subscription offers.
The three-day conference will deliberate on challenges posed by artificial intelligence (AI), cyber security, counter-terrorism, left-wing extremism and narcotics smuggling.
Over 4.52 lakh cyber crime cases were reported on the National Cybercrime Reporting Portal (NCRP) in 2021, which rose by 113.7% in 2022, with 9.66 lakh cases being reported on the portal.
“As on date, among outcomes of the Sanchar Saathi portal are that 55.52 lakh mobile connections taken on fake/forged documents were disconnected, 1.32 lakh mobile handsets were blocked for involvement in cyber-crime /financial fraud and 13.42 lakh suspected mobile connections reported by citizens were disconnected failing re-verification,” Devusinh Chauhan, minister of state for communications, told Parliament Wednesday.
A meeting chaired by the Financial Services Secretary also deliberated on how to ensure better coordination among various agencies to check cyber fraud. Joshi said there was a need to create awareness about cyber fraud in society to protect gullible customers from being duped. During the meeting, the Indian Cyber Crime Co-ordination Centre made a presentation on the latest statistics of digital payment frauds as reported in National Cyber Crime Reporting Portal (NCRP), including challenges and issues faced in countering such issues.
The government is taking steps to combat cyber fraud in the financial sector by blocking IMEI and imposing withdrawal limits on suspicious accounts. Representatives from RBI, TRAI, NPCI, and the Ministry of Information Technology discussed the need to address 'inert' and 'mule' bank accounts, which are often used in fraudulent activities.
The government assessed the readiness of banks and financial institutions to combat cybersecurity challenges and rising digital payment fraud. Financial services secretary Vivek Joshi revealed the suspension of seven million mobile numbers due to suspicious transactions. So far, Rs 900 crore defrauded money has been saved, benefiting 350,000 victim
To check digital frauds, the government has disconnected 70 lakh mobile numbers so far involved in cybercrime or financial frauds, Financial Services Secretary Vivek Joshi said on Tuesday.
The Finance Ministry has called a meeting to discuss steps to combat digital payment fraud and cyber security issues. The meeting, chaired by Financial Services Secretary, will focus on financial cyber security and the latest statistics of digital payment frauds. The Indian Cyber Crime Co-ordination Centre will present on the challenges and issues faced in countering such issues.
Finance Minister Nirmala Sitharaman has urged people to become more aware of cyberfrauds and take control of technology to prevent them from abusing the system. Sitharaman also highlighted the need for organizations with systemically sensitive information to have sufficient technology and staff trained to firewall daily and continuously assess the firewall's capabilities.
The CBI conducted searches in an ongoing investigation of a case at around 24 locations and recovered Rs 2.2 crore cash including foreign currency, cryptocurrency accounts, property papers and other incriminating evidence.
Services companies in India, including IT and BPO, saw the highest share of attacks between March 2021 and September 2023, according to Singapore-based cybersecurity firm Cyfirma.
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