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Reserve Bank of India to leverage data analytics for identification of fraud cases

Reserve Bank of India to leverage data analytics for identification of fraud cases

Posted On : Saturday, May 18, 2019, 9:55 AM
The central bank of India, RBI has decided to encourage the use of data analytics to recognize fraud cases and manage the instant response and recovery actions to it. The move is a part of RBI’s vision 2019-21 for payments and settlements in electronic space. Along with this, certain other measures are also included in the vision aiming at deepening digital payments and reduce the circulation of cash with time. The central bank has set 4 goals of Vision 2021 which includes 36 peculiar actions over the time span of 36 months. These action points will usher in ease for the users and improve the efficiency of electronic/digital payments. The measures also include coordinating the turnaround time for solving customer complaints.
Paytm Mall Says Up To Rs. 10-Crore Cashback Fraud Detected

Paytm Mall Says Up To Rs. 10-Crore Cashback Fraud Detected

Posted On : Wednesday, May 15, 2019, 12:02 PM
Paytm Mall on Tuesday said it has been hit by a cashback fraud which could be in the range of Rs. 5-10 crore. The fraud was detected through a tool that the company developed in partnership with global professional services firm EY (formerly Ernst and Young), said a Paytm Mall spokesperson. He said Paytm went for a deeper audit after it found that some small sellers were getting a large percentage of the cashbacks offered at Paytm Mall. The audit reportedly revealed that a number of employees were colluding with junior employees to earn the cashbacks.
There are tens of thousands of cyber criminals in the world, says kaspersky

There are tens of thousands of cyber criminals in the world, says kaspersky

Posted On : Wednesday, May 8, 2019, 10:07 AM
According to new research by Kaspersky Lab, “there are several tens of thousands of hackers in the world who must be constantly trained.” If hackers don’t keep up with the latest technological developments, they can lose their jobs. The researchers believe that there are only a few hundred elite hackers. Kaspersky Lab has identified at least 14 prominent hacker groups from Russia, and found that overall, threat actors specializing in financial crime make up the largest group of hackers.
Mumbai court grants life term to senior citizen for Rs 1 crore fraud

Mumbai court grants life term to senior citizen for Rs 1 crore fraud

Posted On : Wednesday, May 1, 2019, 5:45 PM
A special court in Mumbai on Tuesday sentenced a 67-year-old man to life imprisonment for fraudulently withdrawing Rs 1.04 crore from a bank by forging signatures of a Dubai-based NRI during 1996-99. The court also imposed a cumulative fine of Rs 5.03 crore on Narendra Patel. CBI court judge S R Tamboli convicted Patel under sections 467 (Forgery of valuable security), 420 (Cheating and dishonestly inducing delivery of property) and other relevant sections of the Indian Penal Code (IPC). According to prosecution, Hussain Nensey, a resident of UAE, had in 1996 opened a term deposit of Rs one crore for three years in the SBI's Hughes Road branch in south Mumbai.
Consumer complaints on digital payments grew by 9%: RBI

Consumer complaints on digital payments grew by 9%: RBI

Posted On : Friday, April 26, 2019, 10:33 AM
The Reserve Bank of India (RBI) said that ATM debit cards and credit cards contributed to 22.8 percent of the total consumer complaints it received between July 2017 and June 2018. Another 5.2 percent were related to mobile and electronic banking transactions. Including these figures, digital transactions (including mobile, internet, ATM debit and credit cards) accounted for 28 percent of the total consumer complaints received by the Banking Ombudsman in the above stated period. This is a 9 percent increase over the previous year (2016-17).
10 card cloning fraudsters held for cheating ICICI Bank

10 card cloning fraudsters held for cheating ICICI Bank

Posted On : Thursday, April 25, 2019, 11:50 AM
In one of the biggest cybercrimes in recent times, ten members of an inter-state gang were arrested for allegedly cheating ICICI Bank and withdrawing over Rs 3 crore with cloned cards, police said Wednesday. The fraudsters from Jharkhand and West Bengal verified card numbers through e-wallets and booking application and validated PIN number of more than 3,500 bank customers through Interactive Voice Response, they said. They withdrew the amounts from ATMs located in West Bengal, Jharkhand, Bihar, Uttar Pradesh, Delhi, Haryana, Punjab, Rajasthan, Maharashtra, Tamil Nadu, Karnataka and Kerala.
Thieves use facial recognition feature to steal Rs 1.03 lakh from sleeping man's phone

Thieves use facial recognition feature to steal Rs 1.03 lakh from sleeping man's phone

Posted On : Tuesday, April 16, 2019, 11:10 AM
Do you use the facial recognition feature to unlock your phone? If yes, then beware! This high-tech feature can be used by your dear ones to rob you. In a recent incident reported from China's Ningbo, a man was robbed off by his roommates using the facial recognition feature of his phone. While the man was sleeping in the dormitory of a restaurant where he works, his roommates stole his phone and unlocked it by pointing it at his sleeping face. The man, identified as Yuan, woke up next day to find out that he was robbed off more than 10,00 yuan (Rs 1.03 lakh). When he informed the police, investigation revealed that his roommates had transferred the money from his account to theirs. Although the facial recognition feature is designed in a way that it will not work when the user's eyes are closed. However, it was found during the police investigation that the Chinese man's phone unlocked even when his eyes were closed.
Indian gangs scamming elderly Americans, says US attorney general William Barr

Indian gangs scamming elderly Americans, says US attorney general William Barr

Posted On : Wednesday, April 10, 2019, 5:43 PM
US attorney general William Barr told lawmakers on Tuesday that large criminal organisations based in India are among those scamming the elderly in America and that he had set up a strike force to combat the growing menace that he called a “sleeping giant” of frauds. US authorities have indicated and prosecuted many Indians for imposter scams involving the elderly and others, such as phony tech support rackets and Internal Revenue Service calls threatening incarceration for overdue income tax payments over the past some years.
Indian Railways’ first cyber crime cell to start in Pune

Indian Railways’ first cyber crime cell to start in Pune

Posted On : Tuesday, April 9, 2019, 10:46 AM
The first cyber cell of the Indian Railways will open in Pune within a month. The cell will look after cybercrime and fraud cases related to the Railways, a senior Pune rail division official said. “Investigations, including cyber fraud cases, will be precise. The team will be able to probe the cases scientifically, observe and crack the use of software used to cheat people, monitor the online money transactions made by travel agents and screen cellphones of the accused and the victims,” a Pune rail division official told TOI. The cell will also send messages about the dangers and examples of cyber fraud to passengers.
Woman loses Rs 75,000 while getting refund for online purchase

Woman loses Rs 75,000 while getting refund for online purchase

Posted On : Monday, April 1, 2019, 2:43 PM
Police have filed a first information report (FIR) against an unidentified cyber-fraudster for scamming a 26-year-old woman of Rs 75,000 by posing as a customer service executive for an online shopping portal. According to the police, the complainant purchased a saree for Rs 1,100 from an online shopping portal but when it arrived defected, she called the company’s customer care representative for a refund. The woman on the phone asked her to send her bank account number and IFSC (Indian Financial System Code). On March 25, the complainant received messages from her bank alerting her that Rs 75,000 had been withdrawn from her account.
Toyota Hacked – Hackers Leaked 3.1 Million Customers Sensitive Information Online

Toyota Hacked – Hackers Leaked 3.1 Million Customers Sensitive Information Online

Posted On : Saturday, March 30, 2019, 11:03 AM
Toyota major subsidiaries network compromised by unknown hackers and they gained unauthorized access to the network where Toyota stored nearly 3.1 million customers sensitive information. Toyota Motor Corporation is a Japan-based, world’s second-largest automotive manufacturer who produces more than 10 million vehicles per year. This security incident affected Japan-based Toyota subsidiaries networks where cyber criminal accessed the server and they may have been leaked 3.1 million customer personal data online.
Two arrested for cyber fraud, Rs 3.68 lakh recovered

Two arrested for cyber fraud, Rs 3.68 lakh recovered

Posted On : Friday, March 29, 2019, 4:11 PM
The cyber crime police have arrested two persons for allegedly siphoning off over Rs three lakh from a bank account by swapping SIMs and forging other details. The entire stolen amount of Rs 3.68 Lakh has been recovered after the Rachakonda Cyber Crime cell obtained details from those arrested. According to police, a complaint was filed by Saranga Sandhya regarding illegal transactions from her deceased husband's account. In her complaint, the woman had given details of unauthorized transactions to the tune of Rs 3,68,056/- from her husband's account through IMPS with SIM swap.
Nigerian arrested for cheating man of Rs 5.9 lakh

Nigerian arrested for cheating man of Rs 5.9 lakh

Posted On : Friday, March 29, 2019, 11:46 AM
A 35-year-old Nigerian man has been arrested for allegedly cheating a man of Rs 5.9 lakh, posing as a woman on social media, police said. The victim came in contact with a lady named Holly David on Facebook in January 2017, according to the police complaint. The woman claimed to be a UK resident and told Banerjee that she would come to India on February 6, 2017 on a British Airways flight. On February 6, 2017, Banerjee received a call wherein the caller claimed to be a customs officer from Mumbai and told him that "Holly David" was at the Mumbai Airport and she had to pay Rs 55,000 as customs clearance to travel in India, Singla said. Similarly, Banerjee was asked to pay more money at regular intervals. In total, Banerjee transferred Rs 5.90 lakh from his bank account.
Sebi imposes Rs 32.5 lakh fine on four entities for fraudulent trade

Sebi imposes Rs 32.5 lakh fine on four entities for fraudulent trade

Posted On : Thursday, March 28, 2019, 2:33 PM
Regulator Sebi slapped a total fine of Rs 32.5 lakh on four entities for fraudulent and manipulative trading in illiquid stock options segment on the BSE. Probing the period from April 2014 to September 2015, Sebi found that 81.38 percent of the trades executed in the bourse's stock options segment were non-genuine and led to the creation of the artificial volume. The investigation revealed that the four entities were among those that executed reversal of trades by reversing their buy or sell positions in a contract with the same counterparty during the same day.
Facebook says it is limiting false stories for India elections

Facebook says it is limiting false stories for India elections

Posted On : Wednesday, March 27, 2019, 12:08 PM
Facebook is taking steps to reduce the spread of false information on its platforms ahead of India's general election, company officials said Monday. Facebook listed a variety of measures it is taking, from blocking fake accounts to employing third-party fact-checking organizations, through the campaign and voting, with polling scheduled to take place in stages from April 11 to May 19. Calling the Indian elections a "top priority," Samidh Chakrabarti, director of Facebook's Product Management for Civic Integrity division, said the company has put in a "tremendous amount of efforts over the last two years" to prepare for the polls.