Page 2 - Online Fraud

Axis Bank credit card users impacted by fraudulent overseas transactions

Multiple customers having Axis Bank credit cards have been impacted by fraudulent overseas transactions, a senior official from the third largest private sector lender said on Thursday. Sanjeev Moghe, head of cards and payments at the city-based lender, said starting Tuesday evening, customers witnessed unauthorised transactions where they received transaction alerts on certain low-value purchases being carried out at some e-commerce sites. There has been "no data breach" at the bank's end, Moghe said, asserting that the scale of such transactions is very limited and customers' data is safe and secure. Amid growing social media chatter about such unauthorised transactions going through, Moghe said the bank's internal mechanisms stopped some transactions but added that many customers have been impacted. The bank witnessed spends of about Rs 500 crore per day by its credit card customers, Moghe said, adding that when compared with it, the extent of such transactions has been "very ..

Payments from crypto ransom attacks doubled to record $1 bn in 2023

Scammers targeting institutions such as hospitals, schools and government offices for ransom pocketed $1.1 billion last year, compared with $567 million in 2022

Over 20K people in Kerala lost Rs 201 cr to online frauds in 2023: Police

Highlighting the menace posed by online financial frauds, Kerala Police has said that last year alone it resulted in a total loss of around Rs 201 crore to 23,753 people in the state. Police said that its Cyber Wing was able to recover 20 per cent of this amount and also blocked 5,107 bank accounts, 3,289 mobile numbers, 239 social media accounts and 945 websites that were used to commit the frauds. In a release issued by the State Police Media Centre, the police urged people to report online financial frauds within two hours of the incident to 1930 number. This would increase the chances of recovering the amount lost by the victim of the fraud, it said. "Delay in making complaints is a major problem faced by Kerala Police. If the information is reported to the cyber helpline number 1930 within two hours of the loss of money, the chances of recovering the money are very high. "But often the police receive complaints after 10 days of depositing the money. This gives the fraudsters .

Explained | Mahadev betting app row

The Mahadev betting app case is back in news, following the Centres's move to shut down 22 illegal online gambling platforms, including the notorious Mahadev app. Watch the video to know more

Indian American arrested in US in $13 mn tech fraud, faces 20 yrs in prison

An Indian American has been arrested in New Jersey on charge of being part of a technical support scam that targeted more than 7,000 victims defrauding them of more than USD 13 million, a US Attorney announced Thursday. Charged with one count of conspiracy to commit wire fraud, Manoj Yadav appeared before US Magistrate Judge Jos R. Almonte in Newark federal court. "The defendant and his conspirators are alleged to have misled their numerous victims into thinking that they were a legitimate technology support company affiliated with a major software company," US Attorney Philip R Sellinger said. After claiming to provide technical support for issues involving the software company's popular accounting software, they allegedly charged the victims exorbitant fees for purported support services that were not authorized by the software company, he alleged. "We allege Yadav lied to software users and forced them to pay for services that would usually come free with their initial purchase,

This engineering student cheated Amazon of Rs 20 lakh with fake invoices

The police have seized 16 Apple iPhones, two MacBook laptops, one mobile phone, one desktop with hard disk and one air cooler. All the items were ordered from Amazon and marked for return

Kerala woman duped of Rs 7.74 lakh via Telegram for work-from-home job

Falling into the trap, the victim believed the scamster was a representative from a genuine organisation with an actual job offer

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

829 mn cyber attacks blocked; 59% of targeted websites in India: Indusface

Mid-market firms with revenues of $10 million to $1 billion faced 45% of attacks; only 21% were large ones with over $1 billion in revenue; smaller firms suffered 34% of attacks

Pesticide sale via e-com sites welcome but may see more fakes, fear players

A section of players is wary of the proliferation of counterfeit products unless more checks and balances are put in place

Crypto losses reach $428 million in Q3 globally; hacking cases top concern

The world saw crypto losses up to $428 million in the third quarter (Q3), down 36 per cent from Q2, from hacks and frauds, a new report has shown

The rise in the incidence of digital fraud

Over the years, there has been a significant change in the types of frauds affecting the banking industry

Reserve Bank of India cautions against frauds in the name of KYC updation

The central bank has been receiving complaints about customers falling prey to frauds being perpetrated in the name of KYC updation.

Indian team backs IBM's Telum chip aimed to stem $30 bn consumer fraud loss

IBM Telum Chip: The team owned a significant portion of the logic design, verification and validation, in addition to the complete physical design of the new dedicated on-chip accelerator

'Visit EC website for info': Delhi CEO cautions people against cyber fraud

Two incidents of cyber fraud were reported in the last month

Nepal Police cracks multi-million rupee online fraud involving Indians

So far, 34 Nepali citizens have been found involved in the scam while 15 victims of the fraud are in contact with police.

Consumer trust highest in India despite maximum number of e-frauds: Report

65% of Indian businesses have experienced an increase in online fraud-related losses over the past 12 months

ICICI Lombard partners MobiKwik to offer cyber-insurance cover of Rs 50,000

The cyber-insurance can be availed digitally through an app at only Rs 99 per month and with a sum insured of Rs 50,000

Online frauds: Ten tips to protect yourself from the ever-evolving threat

As we become increasingly dependent on online financial transactions, here are a few ways to help you avoid losing your hard-earned money to fraudsters

Indian customers to get new technology to tackle online frauds: Mastercard

Mastercard's Executive VP for Asia Pacific Rama Sridhar said the company was committed to the strategic market by investing in people, resources and creating solutions for the Indian customers