Page 10 - Cyber Fraud

Bengaluru Police bust Rs 854 cr cyber investment fraud, arrest six people

The Bengaluru Police have busted a Rs 854 crore cyber fraud scam and arrested six people who allegedly cheated thousands of victims across India on the pretext of an investment scheme, officials said on Saturday. Out of the total cheated amount, Rs five crore had been frozen, they said. The accused gang lured the victims through Whatsapp and Telegram. Initially, they were asked to invest smaller amounts ranging from Rs 1,000 to 10,000 on the pretext that they would earn Rs 1,000 to 5,000 per day as a profit, a senior police officer said. Thousands of victims invested money ranging from Rs one lakh to 10 lakh or more, he said. The money invested by the victims was dumped into different bank accounts through online payments. However, after completing the investment process, when the victim tried to withdraw the amount, they never got any refund, he added. Once the amount was collected, the accused diverted the consolidated money to mule accounts (related to money laundering), the ..

Global companies to hike security spending as threats rise: Survey

A survey of 1,775 chief security officers in 30 countries found their companies had lost more than $1 trillion in revenue in 2022 as a result of non-cyber security incidents

Housing.com ties up with BOXX to provide insurance plan from cyber fraud

Real estate portal Housing.com on Monday said it has tied up with global insurtech player BOXX to offer cyber security plan for protecting its customers from digital fraud. This collaboration aims to provide digital security for Indian homebuyers by introducing the comprehensive 'Cyber Protect' plan. "With support from BOXX and Bajaj Allianz General Insurance, the plan empowers customers to safeguard their digital lives and secure them against digital fraud -- all for an affordable monthly premium of just Rs 199," Housing.com said in a statement. This added safeguard protects financial transactions and contributes to an overall secure online environment. Established in 2012 and later acquired by REA India in 2017, Housing.com is a prop-tech platform for homeowners, home seekers, landlords, developers, and real estate brokers. New homes, resale homes, rentals, plots, commercial spaces, and co-living spaces are listed on its platform.

Centre makes police verification of SIM dealers mandatory to curb frauds

Briefing reporters on the new rules, Vaishnaw said the need to create greater accountability for SIM card dealers came after detailed field tests and discussions with telecom service providers

Maharashtra: Software professional loses Rs 17.2 lakh to cyber fraud

A 42-year-old software professional from Maharashtra's Thane district lost Rs 17.2 lakh after he was scammed by two persons who promised him easy money through a part-time job, an official said on Thursday. A man and a woman got in touch with the complainant, who is employed with a top Indian IT firm, on August 3 and offered him a part-time job related to hotel bookings, the official said. The duo sent him a link through the Telegram app to carry out the job, the police said. The techie was first told to make some payment towards registration. The duo then smooth-talked him to pay more on some pretext or the other promising him easy money. After extracting Rs 17.28 lakh from the IT professional over the next few days, the duo became evasive when he asked them about the money promised to him, the official said. Based on a complaint from the techie, the Ambernath police on Tuesday registered a case under the IT Act. The police gave the names of the accused as Rahul Sharma and Sneha.

Cyberfraud is an area which requires lot of attention: Rakesh Asthana

Former CBI chief Rakesh Asthana said on Saturday incidents of cyberfraud are increasing and this is a domain that now requires a lot of attention. He cited his own case in which he became a victim of cyberfraud when he was serving as the Border Security Force (BSF) director general, and some fraudsters withdrew Rs 40,000 from his account using his Aadhaar biometrics. "This is an area which requires a lot of attention not only from the police and the government law-enforcement bodies but also from private investigating agencies. You can assist the law enforcement agencies," Asthana said at an event, National Corporate Investigators Conclave-2023, organised by the Association of Professional Detectives & Investigators (APDI). Talking about his case, Asthana, who also served as the Delhi Police chief, said the crime was linked to several places in Bihar and Jharkhand from where 40 people were arrested. Multiple laptops and mobile phones were seized, he said One of the masterminds was

Financial frauds in India rose 65% between 2021 and 2022: Finance Ministry

National Payment Corporation of India informed the Parliamentary Committee that, on average 2,000 customers are impacted by cyber frauds in India every month

14,007 cyber fraud cases were registered in 2021: Govt in Parliament

As many as 14,007 cyber fraud cases were registered in 2021, Parliament was informed on Monday. Quoting National Crime Records Bureau (NCRB) data, Minister of State for Finance Bhagwat Karad said "total number of cyber fraud cases which includes...frauds committed through online apps is 14,007 in 2021 (latest published data pertains to the year 2021)." RBI issued regulatory guidelines on digital lending on September 2, 2022 aimed at firming up the regulatory framework for digital lending while enhancing customer protection and making the digital lending ecosystem safe and sound, he said in a written reply in Lok Sabha. As many as 1,062 complaints related to digital lending apps' received by the Offices of the RBI Ombudsman (ORBIOs) against REs under Reserve Bank Integrated Ombudsman Scheme, 2021 (RB-IOS) were received between April 1, 2022 and March 31, 2023, he said. This regulatory framework is based on the principle that lending business can be carried out only by entities that

AstraZeneca Pharma India gets GCGI approval to import heart failure drug

AstraZeneca Pharma India on Monday said it has received approval from the Drugs Controller General of India to import heart failure treatment drug Dapagliflozin tablets. The company has received permission from the DCGI to import pharmaceutical formulations of a new drug for sale, the drug firm said in a regulatory filing. Dapagliflozin tablets are indicated for the treatment of heart failure in adults, it added. The receipt of this permission paves the way for the launch of the product in India for the specified indication, subject to the receipt of related statutory approvals and licenses, it said. Shares of the company on Monday ended 0.86 per cent down at Rs 3,769.40 apiece on the BSE.

Once 'most wanted hacker', Kevin Mitnick passes away at the age of 59

Kevin Mitnick, once the world's most wanted hacker, was battling with pancreatic cancer. Known for data and credit card theft, he later became a renowned consultant and public speaker

How better cyber sense, zero trust can help overcome the new 'CEO scam'

According to the recent PwC report, CEOs of Indian companies are increasing cyber investments, adjusting supply chains, and changing their physical footprint in response to geopolitical conflict

Work-from-home scams rising in India; here's all you must know about them

Work-from-home scams have become increasingly common in India, with people falling prey to fraudulent schemes that promise easy money

53-year-old Mumbai man sells flat for Rs 1.3 cr, loses all to cyber fraud

The police found money was transferred to eight bank accounts in West Bengal and Uttar Pradesh

Kangra Co-op Bank's account with RBI loses Rs 7.79 cr in cyber fraud case

In a stunning case, cyber frauds have allegedly siphoned off Rs 7.79 crore from the Kangra Co-operative Bank's current account maintained by the Reserve Bank of India (RBI), according to a police complaint filed by the bank. The fraud took place in three separate transactions on as many consecutive days, the first being on April 19, 2023. Since the bank is financially supervised by the RBI and the current account which has been subjected to fraud is also with the regulator itself, the cyber theft has left top officials clueless. They have not been unable to ascertain the person who has withdrawn the amount through fraudulent transactions, even though Kangra Bank officials said they have been able to identify accounts in which the money has been transferred. Sahdev Sangwan, Kangra Bank Senior Manager (IT), complained to the Delhi Police based on which an FIR was lodged in the first week of May and a probe is underway. Sangwan said in his complaint that Kangra Bank holds a current .

Here's how banks are coping with surge in cyber attacks, phishing, fraud

An RBI report on financial stability highlighted that the overall number of online banking frauds and card frauds increased from 1,532 in H1FY22 to 2,321 in H1FY23

Artificial imposter: How AI technology fuelling rise in online voice scams

The artificial intelligence survey was conducted by MSI Research via an online questionnaire between April 13 and April 19, 2023 among a sample of 7,054 adults aged 18 and over from seven countries

Cyber thugs create fake websites of D-Mart, Big Basket to dupe people; held

The Noida Police on Tuesday said they have arrested six members of a cyber gang which allegedly created fake websites of D-Mart, Big Basket, Big Bazaar and duped people of crores of rupees. Through these websites, the thugs offered products at discounted or cheap rates in order to lure gullible buyers, then during payment they gained information about their credit/debit cards and used the details to fraudulently withdraw money from their bank accounts, a senior official said. "On April 3, the cyber helpline team of Gautam Buddh Nagar police arrested the six members of the gang which created fraudulent websites in the name of companies like Big Bazaar, D-Mart, Big Basket and duped crores of rupees from people," Additional DCP (Central Noida) Rajeev Dixit said. The members of this gang are residents of Ghaziabad and Gautam Buddh Nagar, Dixit said, adding that the people duped by them are not only from Delhi NCR area but several other parts of the country. Those held have been identif

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Gang of 4 cyber cheats busted in Delhi for selling products on fake website

The gang used to dupe victims by offering articles on discount by using fake websites created in the name of leading Company Montblanc Simplo GMBH

Indian firms paying an average Rs 8.2 cr for email-driven cyber attack

Indian firms are among the most likely to be hit with a successful email attack, and those affected faced an avg potential cost of over $1 million for their most expensive attack, a report said