Fraud - NewNerve

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...

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...

International Transactions on Credit Card: 2 simple ways to Disable it

27Mar

By Ankit2 Comments

Banking, Payments

International Transactions on Credit Card: 2 simple ways to Disable it

In today’s interconnected world, credit cards and digital transactions have become an essential part of our financial lives. They offer convenience, security, and flexibility. However, with the increasing prevalence of online transactions and global travel, it’s crucial to understand the risks associated with international credit card usage. In this article, we’ll delve into why international transactions pose a higher risk and explore steps to safeguard your finances by disabling them. Why Is the Risk Higher on International Transactions? Lack of 2-Factor Authentication (2FA): In India, domestic credit card transactions require 2-factor authentication (2FA). This means that both a PIN (for point-of-sale transactions) and an OTP (for online transactions) are necessary for adde...

Axis Bank Credit Card Fraud: 5 Actions to Take Immediately

27Mar

By Ankit1 Comment

Payments, Banking

Axis Bank Credit Card Fraud: 5 Actions to Take Immediately

The recent Axis Bank credit card fraud fiasco has left many customers in India concerned and vulnerable to fraudulent international transactions. It is crucial for affected individuals to take immediate action to safeguard their financial interests and protect themselves from further harm. This article aims to provide an overview of the situation and offer guidance on the necessary steps to mitigate the risks associated with this incident. Understanding the Axis Bank Credit Card Fraud: Axis Bank, one of India's leading financial institutions, recently faced a significant security breach resulting in fraudulent international transactions on some of its customers' credit cards. This incident has raised concerns among the affected individuals, as unauthorized transactions can have severe fi...