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How emotional investing can lead to fraud?

Tuesday, October 22, 2019, 2:20 AM

How emotional investing can lead to fraud?

How emotional investing can lead to fraud? Most of the frauds that take place these days are due to emotions. Fraudsters cheat people using psychol ...

Brand Updates

 
OYO, Zomato and Other Unicorns Come Together To Fight Online Fraud

Thursday, October 3, 2019, 11:15 AM

OYO, Zomato and Other Unicorns Come Together To Fight Online Fraud

In the face of increasing online frauds leading to financial losses, Indian tech giants have decided to come together to address the issue and save customers from such cybercrimes. A TOI report, citing people aware of the development, said that the companies who have taken cognizance of the issue are MakeMyTrip, OYO, Paytm, Swiggy, Zomato, and Uber. Last week, the companies together met the Reserve Bank of India (RBI) representatives and made a joint representation on the issue. The presentation also addressed the plan on how to curb these online frauds, which are reportedly engineered via fake toll-free numbers and serial bank account generators. These companies also shared a database of about 4,000 SIM card numbers and 350-400 bank account numbers with the RBI, State Bank of India (SBI) and the telecom companies. The tech giants have also reached out to Google about how its search engine is used by cybercriminals to make their fake toll-free numbers appear on top of search results.

Scam Alerts

 
One-third of Indian businesses hit hard by internal, external fraud: Report

Thursday, October 3, 2019, 10:51 AM

One-third of Indian businesses hit hard by internal, external fraud: Report

Nearly a third of Indian businesses experienced frauds by internal as well as external parties in the last 12 months, with data theft being the topmost fraud event, says a report. According to Kroll's annual global fraud and risk report, 33% of Indian companies suffered reputational damage due to third parties, while the global figure stood at 29 percent. The highest incidence of fraud was by way of data theft with nearly 41 percent of Indian firms affected by it in the last 12 months, compared to the global average of just 29 percent. As per the report, the main areas of concern for India going forward will be the growing risk from data theft (84 percent), reputational damage due to third-party relationships (81 percent) and adversarial social media activity (81 percent).

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Victim of card fraud? Things you must do immediately

Friday, September 13, 2019, 6:57 PM

Victim of card fraud? Things you must do immediately

Debit and credit card usage is rising in India. These cards are accepted at almost all places. You c ...

Brand Updates

 
Goldman Sachs VP, ex-staffer held for siphoning off Rs 38.40 crore

Wednesday, September 11, 2019, 10:32 AM

Goldman Sachs VP, ex-staffer held for siphoning off Rs 38.40 crore

A 36-year-old Vice President of global investment bank Goldman Sachs, Ashwani Jhunjhunwala along with another former employee Vedanth Rungta have been arrested after being accused of siphoning off $ 5.4 million (approx. Rs 38.40 crore) through fraudulent transactions, according to the Bengaluru police. The main suspect Jhunjhunwala, who has been working with the company as VP – Foreign Exchange and Equity Settlements, for the past four years, is accused of committing the fraud after incurring losses of more than Rs 50 lakh in online poker and was believed to have been aided in the fraud by the former employee Rungta.

Scam Alerts

 
Man held for posing as WHO official, cheating people

Monday, August 26, 2019, 12:33 PM

Man held for posing as WHO official, cheating people

The Mangaluru police have arrested a man who allegedly cheated several people by posing as a top WHO official, and his driver. Basit Shah alias Shaukat Ahmed Lone (30) and his driver Baljinder Singh (48) were held on Saturday. During questioning, Basit Shah said he had been posing as WHO director and cheating people in many states. Shah initially claimed that he belonged to Mumbai. However, police enquiries revealed that he was using a fake name and that he belonged to Kashmir and his original name was Shaukat Ahmed Lone. The Commissioner said the accused ran a matrimonial site and cheated and exploited many women from Goa, Mumbai, Chhattisgarh, Punjab, Jharkhand and other states besides Karnataka.

Real Life Stories

 
Man duped of Rs 4.70 lakh in immigration fraud

Thursday, August 22, 2019, 6:41 PM

Man duped of Rs 4.70 lakh in immigration fraud

The police have booked a person for allegedly duping a victim of Rs 4.70 lakh for immigration fraud. The accused had assured the victim of the Singapore work permit, but after getting the money, he sent him to Malaysia on a tourist visa. In the complaint lodged with the police, Naseeb Kaur said accused Ravi Kumar had promised a work permit of Singapore to her son Gurjant Singh and had taken Rs 4.70 lakh, but later he cheated us by sending him to Malaysia on a tourist visa. A case under Section 420 of the IPC and Section 24 of the Immigration Act has been registered against the accused at the Canal Colony police station. However, no arrest has been made so far in this case.

Real Life Stories

 
24 year old from Pune lost Rs 81,200 to job fraud

Saturday, August 17, 2019, 6:48 PM

24 year old from Pune lost Rs 81,200 to job fraud

A placement firm in Pune cheated a 24-year-old student of Rs 81,200 on the pretext of offering a job in a private company. He was even sent a fake appointment letter. In the last 6 months, he was made to transfer a total of Rs 81,200 to various bank accounts on the pretext of procedures related to arranging documents and scheduling interviews. After some days he received a job offer letter which turned out to be a fake. The senior inspector who is investigating the case said, “According to primary investigation, a case has been registered against six unidentified persons for duping the victim in a job fraud case. We have collected the contact details of the accused and will soon trace them.”

Real Life Stories

 
Woman loses Rs 69K to card fraud even without revealing OTP, PIN

Wednesday, August 14, 2019, 6:50 PM

Woman loses Rs 69K to card fraud even without revealing OTP, PIN

A celebrity make-up artist from Mumbai recently lost Rs 69,000 to debit card fraud; even without sharing the one-time password (OTP) or PIN. She had registered a first information report (FIR) on August 5th. According to the police, it could be a case of card cloning or a data leak. She got to know that she had lost money; only after she received four messages on her mobile phone, saying a total of Rs 69,000 was transferred from the bank account. She immediately called her bank’s customer care number and asked them to block the card; to stop any further misuse. A couple of years ago, she had lost Rs 2,000 to a similar fraud; but had managed to get the money back.

Brand Updates

 
ICICI Lombard using AI for fraud detection

Wednesday, August 7, 2019, 11:47 AM

ICICI Lombard using AI for fraud detection

Private sector insurer ICICI Lombard is using artificial intelligence (AI) and machine learning to not only improve claims processing and settlement but also to detect frauds in segments such as motor and health insurance. “We use machine learning to figure out when the surveyor is assessing motor claims to see which parts are outliers. Auto parts are priced differently across the country, but in case some garage charges very high, the algorithm can throw it up. It shows anything which is 5% too high or too low as an outlier,” Girish Nayak, Chief of Customer Service, Operations and Technology said. Similarly, in the case of medical claims, the insurer is using machine learning AI to check if a hospital may be sending claims for a particular illness at a particular price. “In such cases, you know there is something wrong and you send someone to check it. This can increase efficiency and help detect frauds better,” Nayak said.

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