Cyber Crime - NewNerve

Global Microsoft IT Outage: What We Know About?

19Jul

By AnkitNo Comments

BFSI, Cyber Crime, Global BFSI

Global Microsoft IT Outage: What We Know About?

In an unexpected turn of events, a widespread and massive IT outage sent shockwaves across the globe. Major airlines, banks, and healthcare providers found themselves grappling with disruptions caused by a single content update for Windows. As the world held its breath, cybersecurity experts raced to identify the root cause and deploy a fix. In this article, we delve into the impact, resolution, and lessons learned from this unprecedented incident. A massive global IT outage disrupted flights, banks, media outlets, and businesses worldwide. The problem originated from a “defect found in a single content update for Windows” provided by the cybersecurity company CrowdStrike. Here are the key points: Incident Overview: On July 19, 2024, a widespread IT outage occurred, impacting c...

Cyber Heist in Noida: Rs. 16.5 Crore Stolen from Nainital Bank

15Jul

By AnkitNo Comments

Banking, BFSI, Blog, Cyber Crime

Cyber Heist in Noida: Rs. 16.5 Crore Stolen from Nainital Bank

Noida, India - A major cyber heist has rocked the city of Noida, with Rs. 16.5 crore stolen from a branch of Nainital Bank. The incident, which occurred on [Date of Incident], has raised serious concerns about the vulnerability of Indian banks to cyberattacks. According to reports, the criminals exploited a security flaw in the bank's system to siphon off the funds. While the exact method of the heist remains unclear, authorities are currently investigating the incident and attempting to trace the stolen funds. The incident has sparked widespread panic among customers and has highlighted the urgent need for enhanced cybersecurity measures in the banking sector. Read More on: How Cyber Thieves Cleaned Out Rs 16.5 Crore From Nainital Bank Noida Branch (ndtv.com) Also Read: Cy...

RBI’s Directions To Improve Cyber Resilience across Digital Payments Ecosystem

4Jun

By Ankit3 Comments

BFSI, Cyber Crime, Goverment Notice/Circulars, Regtech

RBI’s Directions To Improve Cyber Resilience across Digital Payments Ecosystem

The Reserve Bank of India (RBI) has taken a significant step towards bolstering the security of India's digital payments ecosystem with the release of its Draft Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators (PSOs) on June 2, 2023. These Directions aim to improve overall information security preparedness, with a strong focus on cyber resilience, and are a testament to the RBI's commitment to safeguarding the integrity and reliability of digital transactions in India. A Multi-Layered Approach to Security: The Directions adopt a comprehensive approach to security, encompassing multiple layers of protection: Governance and Accountability: PSOs are mandated to establish a Board-approved Information Security (IS) policy, outli...

What is CFCFRMS? Citizen Financial Cyber Fraud Reporting and Management System

3May

By Ankit2 Comments

BFSI, Cyber Crime, Economics, Payments

What is CFCFRMS? Citizen Financial Cyber Fraud Reporting and Management System

In an increasingly digital world, the threat of cyber fraud has become a significant concern for individuals and organizations alike. Financial cyber fraud poses a severe risk to citizens, leading to financial losses, identity theft, and compromised personal information. To combat this growing menace, the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) has emerged as a robust and comprehensive platform that empowers citizens to report and manage incidents of financial cyber fraud effectively. In this article, we will explore the features, benefits, and potential impact of the CFCFRMS. Understanding the CFCFRMS The Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) is an initiative by the Indian government to combat financial cyber frauds. T...

Talkcharge Ordered to Cease PPI Operations and Refund Balances: RBI’s Strict Directive

28Apr

By Ankit1 Comment

BFSI, Cyber Crime, Fintech, Goverment Notice/Circulars, Payments, Startups

Talkcharge Ordered to Cease PPI Operations and Refund Balances: RBI’s Strict Directive

The Reserve Bank of India (RBI) has recently taken decisive action against fintech firm Talkcharge Technologies. In an order dated April 2, 2024, the central bank directed Talkcharge to halt the issuance and operation of its Prepaid Payment Instruments (PPIs), commonly known as wallets. The reason behind this stern directive? Talkcharge was found to be issuing wallets without proper authorization. Regulatory Intervention The RBI’s move came after it observed that Talkcharg was flouting regulatory guidelines by offering wallets to customers without obtaining the necessary permissions. As a result, the central bank has instructed the Gurugram-based firm to refund the balances held in these wallets to customers by May 17, 2024. This deadline serves as a clear mandate for Talkcha...

Alarming! 17K ICICI Bank Credit Cards Exposed: Urgent Measures Taken

26Apr

By AnkitNo Comments

Banking, BFSI, Cyber Crime

Alarming! 17K ICICI Bank Credit Cards Exposed: Urgent Measures Taken

In a shocking revelation, ICICI Bank admitted to a major data breach, exposing the credit card data of around 17,000 new customers. The bank quickly took action by blocking the affected cards and assuring compensation to the affected customers. The issue came to light when some customers noticed the full credit card number, expiry date, and CVV of unknown customers on their iMobile Pay app. The bank clarified that the data exposure was due to an error in mapping new credit cards to the wrong users in their digital channels. ICICI Bank Blocks 17,000 Credit Cards After Data Breach: What Should Customers Do? - News18 This incident raises serious concerns about the security of digital banking platforms and the need for robust data protection measures. ICICI Bank, one of India's leading...

33% of Indian Consumers Unaware of Risks Posed by Illegal Loan Apps: New Study

16Apr

By Ankit1 Comment

Digital Lending, Cyber Crime, Finance, Lending

33% of Indian Consumers Unaware of Risks Posed by Illegal Loan Apps: New Study

A recent report by the Fintech Association for Consumer Empowerment (FACE) has shed light on the concerning issue of Indian consumers being tricked by illegal loan apps. Despite efforts to raise awareness and enhance consumer protection measures, the report reveals that a significant number of consumers still lack knowledge about digital loans and struggle to identify illegal lending applications. The findings highlight the urgent need for action to address these gaps and safeguard consumers from fraudulent practices. Limited Knowledge and Detection Challenges: According to the report, one-third of high-confidence customers in India have limited understanding of their digital loans and face difficulties in identifying illegal loan apps. Many consumers are unaware of key facts and grievan...

Haryana Police Retrieve Rs 70 Lakh in Cyber Fraud Case Targeting HR Executive

15Apr

By Ankit2 Comments

Regtech, Banking, Cyber Crime, Payments

Haryana Police Retrieve Rs 70 Lakh in Cyber Fraud Case Targeting HR Executive

In a significant victory against cyber frauds, Haryana police have successfully recovered Rs 70 lakh that was defrauded from a senior HR executive. The victim, identified as Sanjay Jain, fell victim to a sophisticated online scam orchestrated by cyber fraudsters. This incident highlights the growing threat of cyber frauds and the importance of robust cybersecurity measures to protect individuals and organizations. The Cyber Fraud: Sanjay Jain, a resident of Sector 47 in Gurgaon, reported the incident to the police on February 16. He disclosed that he had lost Rs 1 crore to cyber con artists who lured him through an investment link shared on WhatsApp. The fraudsters posed as representatives of a reputed financial services firm and enticed Jain with promises of high returns on investments ...