May 2024 - NewNerve

Cybercrime in India: A Looming Threat as Losses Exceed ₹1,750 Crore in First Four Months of 2024

27May

By Ankit1 Comment

BFSI

Cybercrime in India: A Looming Threat as Losses Exceed ₹1,750 Crore in First Four Months of 2024

A Staggering Rise in Cybercrime: India's digital landscape is booming, but a dark side lurks beneath the surface. Cybercriminals are exploiting the country's rapid digital adoption, leading to a surge in cyber fraud that has cost Indians over ₹1,750 crore in the first four months of 2024 alone. This alarming trend underscores the urgent need for heightened awareness, robust security measures, and collaborative efforts to combat this escalating threat. According to the Indian Cyber Crime Coordination Centre (I4C), the number of cybercrime complaints registered on the National Cybercrime Reporting Portal has skyrocketed. In May 2024, an average of 7,000 complaints were filed daily, representing a 113.7% jump compared to the period between 2021-2023. This alarming increase reflects a s...

Paytm’s Pivot: Job Cuts and a Focus on UPI to Navigate the Crisis

27May

By Ankit2 Comments

Fintech, Payments

Paytm’s Pivot: Job Cuts and a Focus on UPI to Navigate the Crisis

In the face of escalating losses, Paytm's parent company One97 Communications is taking decisive action to streamline its operations and chart a path towards recovery. In an effort to mitigate escalating losses, the company's parent, One97 Communications, is implementing significant cost-cutting measures. These include a potential reduction of 15-20% of its workforce, translating to a loss of 5,000-6,300 employees. This move aims to save approximately Rs 400-500 crore. The company's employee costs have risen considerably, with a 34% surge in FY23, reaching Rs 3,124 crore. This increase pushed the average cost per employee to Rs 10.6 lakh, up from Rs 7.87 lakh in the previous year. The cost-cutting initiative has already begun, with reports indicating that over 1,000 employees were...

India’s Election Under Siege: 300% Surge in Cyber Attacks

24May

By AnkitNo Comments

Fintech, Insurtech, Lending

India’s Election Under Siege: 300% Surge in Cyber Attacks

As India prepares for its crucial general election, a wave of cyberattacks threatens to disrupt the electoral process. Cybersecurity firm Resecurity has identified a staggering 300% surge in attacks targeting voter data and public opinion, orchestrated by various hacktivist groups exploiting geopolitical tensions. The #OpIndia campaign, launched last year, saw a dramatic increase in cyber activity following the initiation of #OpIsrael, coinciding with heightened online protests related to the Israel-Gaza conflict. With a vast population and growing economy, India has become a prime target for foreign threat actors and nation-state groups. Resecurity's report highlights the importance of safeguarding elections from cyber threats to preserve democratic integrity, particularly in the cu...

Bharat Bill Payment System (BBPS)- Basic Transaction Flow and Payment Architecture

23May

By AnkitNo Comments

Payments, Fintech, Technology

Bharat Bill Payment System (BBPS)- Basic Transaction Flow and Payment Architecture

Here's a breakdown of a basic transaction flow and payment architecture for an app providing Bharat Bill Payment System (BBPS) services: 1. User Interface (UI): User Login/Registration: The user logs in or registers on the app, providing necessary details. Bill Selection: The user selects the bill category (electricity, gas, water, etc.), biller (specific company), and enters the bill payment details (account number, customer ID, etc.). Bill Amount Display: The app retrieves the bill amount from the biller's system and displays it to the user. Payment Method Selection: The user chooses their preferred payment method (UPI, debit card, credit card, net banking, etc.). Payment Confirmation: The user reviews the payment details and confirms the transaction. 2. Payment Proc...

Niro Crosses Rs 1,000-Cr Loan Disbursals: A Remarkable Milestone in Consumer Lending

22May

By AnkitNo Comments

Fintech, Digital Lending, Lending, Startups

Niro Crosses Rs 1,000-Cr Loan Disbursals: A Remarkable Milestone in Consumer Lending

Niro, the embedded consumer-lending platform, has achieved a significant milestone by surpassing Rs 1,000 crore ($125 million) in overall disbursals since its launch in 2022. Within just 27 months, Niro has transformed the lending landscape, offering personal loans ranging from Rs 30,000 to Rs 5 lakh. Let’s delve into the details of this remarkable achievement and what it means for the fintech industry. The Journey to Rs 1,000 Crore: Niro’s journey began with a vision—to make credit accessible to all, especially through non-traditional channels. In the first 20 months, Niro disbursed Rs 500 crore, demonstrating its rapid growth. The subsequent Rs 500 crore was disbursed in just over seven months, highlighting Niro’s agility and customer demand. Strategic Partnerships: N...

Project Agora: Enhancing Cross-Border Payments Through Tokenization, 2024

22May

By AnkitNo Comments

Blog, International Reports, Review

Project Agora: Enhancing Cross-Border Payments Through Tokenization, 2024

Project Agorá, a groundbreaking initiative launched by the Bank for International Settlements (BIS) in collaboration with leading central banks and the Institute of International Finance (IIF), aims to revolutionize cross-border payments. By leveraging tokenization and smart contracts, Project Agorá seeks to enhance the functioning of the global monetary system. Let’s explore the details: 1. Objective and Scope of Project Agora Enhancing Efficiency: Project Agorá focuses on improving the speed, integrity, and efficiency of cross-border payments within the existing two-tiered banking system. Tokenization: It investigates how tokenized commercial bank deposits can seamlessly integrate with tokenized wholesale central bank money. Smart Contracts: Smart contracts ...

Chat GPT-4o: The Next Generation of AI Accessibility

22May

By Ankit1 Comment

AI, Blog

Chat GPT-4o: The Next Generation of AI Accessibility

OpenAI has unveiled Chat GPT-4o, a significant upgrade to its already powerful ChatGPT-4 model. This new iteration boasts faster processing speeds and enhanced capabilities across text, vision, and audio modalities, making it a game-changer for AI accessibility. What is Chat GPT-4o? GPT-4o represents OpenAI's latest flagship model, integrating advanced reasoning capabilities across various input formats in real time. It can understand and respond to text, images, and audio, making it a versatile tool for a wide range of applications. Free Access for All The most notable feature of GPT-4o is its free accessibility to all users. OpenAI has made the decision to democratize access to this powerful technology, empowering everyone to explore its potential. Accessing GPT-4o You can acce...

Impact of various Financial Frauds on the Indian economy

22May

By AnkitNo Comments

Blog, BFSI

Impact of various Financial Frauds on the Indian economy

The impact of financial frauds on the Indian economy is significant and multifaceted, affecting both individuals and the overall financial landscape. Here's a breakdown of the key areas impacted: 1. Financial Losses: Direct Losses: Fraudulent activities result in direct financial losses for individuals, businesses, and financial institutions. This includes stolen money, unauthorized transactions, and unpaid loans. Indirect Losses: Fraud can also lead to indirect losses, such as the cost of fraud prevention measures, damage to reputation, and loss of customer trust. 2. Impact on Banking and Fintech Sector: Erosion of Trust: Fraudulent activities can erode public trust in the banking and fintech sector, leading to reduced customer confidence and participation. Increased...

Common Financial Frauds in Indian Banking and Fintech, 2024

21May

By AnkitNo Comments

Fintech, Banking, Blog

Common Financial Frauds in Indian Banking and Fintech, 2024

The Indian banking and fintech system, while offering incredible convenience, is unfortunately susceptible to various types of financial fraud. Here are some of the most common ones: 1. Online Financial Fraud: Phishing: This involves criminals sending fake emails or messages that appear to be from legitimate institutions, tricking users into revealing their login credentials or personal information. Malware Attacks: Malicious software can be installed on your device to steal your banking credentials or track your online activity. Skimming: This involves using devices to steal credit card information from ATMs or point-of-sale terminals. Card Cloning: Stolen credit card information can be used to create counterfeit cards for fraudulent transactions. 2. Mobile Banking Fraud...

Financial Viability of UPI Services: Seeking Regulatory Solutions

21May

By AnkitNo Comments

Blog, Payments, Review

Financial Viability of UPI Services: Seeking Regulatory Solutions

The impact of charging for UPI transactions in India is a topic of significant interest. Let’s explore this based on recent articles and reports: Unified Payment Interface (UPI) Revolution: The Unified Payment Interface (UPI), launched by the National Payments Corporation of India (NPCI) in 2016, has revolutionized digital payments in India. UPI enables citizens to transfer money from one bank account to another instantly. India leads globally in terms of real-time payment transactions, with 48.6 billion transactions processed in 2021. Since its inception in April 2016, UPI has saved the Indian economy approximately $67 billion. Notably, UPI transactions have seen tremendous growth, with 9.41 billion transactions, worth INR 14.89 lakh crore ($181 billion), processed in May 2023 alon...