Wednesday, January 22

Tag: Frauds

Cyber Heist in Noida: Rs. 16.5 Crore Stolen from Nainital Bank
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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...
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33% of Indian Consumers Unaware of Risks Posed by Illegal Loan Apps: New Study
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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...
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Haryana Police Retrieve Rs 70 Lakh in Cyber Fraud Case Targeting HR Executive
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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 ...
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Hidden Fees and Deceptive Tactics: UPI Users Beware!
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Fintech, Finance

Hidden Fees and Deceptive Tactics: UPI Users Beware!

Digital payments especially UPI have seamlessly integrated into the daily lives of millions of Indians. From paying street vendors to making local store purchases, recharging phones, and booking tickets, UPI (Unified Payments Interface) apps have become an integral part of our financial transactions. However, beneath the convenience lies a web of manipulative practices that exploit unsuspecting users. The Dark Patterns Unveiled : UPI payments The Central Consumer Protection Authority (CCPA) has identified 13 types of dark patterns employed by UPI payment apps. These patterns are designed to mislead users, violate consumer rights, and maximize profits for the platforms. Let’s delve into these deceptive tactics: False Urgency: Creating a sense of urgency to prompt hast...
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350,000 Daily Smishing Attacks: The Silent Threat via SMS
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BFSI, Banking, Payments

350,000 Daily Smishing Attacks: The Silent Threat via SMS

Did you know that SMS click-through rates are a staggering 20%, compared to email’s 3-5%? This disparity has made SMS a prime target for smishing attacks, with an average of 350,000 incidents occurring daily1. But what exactly is smishing, and why are these attacks so prevalent? What Is Smishing? Smishing refers to phishing attacks that utilize SMS as their medium. In these attacks, cybercriminals pose as legitimate organizations and trick people into giving away confidential and sensitive information. The term “smishing” combines “SMS” (short message service) and “phishing.” How Do Smishing Attacks Work? Impersonation: Attackers send fraudulent SMS messages that appear to come from organizations individuals are already associated with, such as their bank, uni...
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Safeguarding Your Finances: Understanding UPI Frauds and Mitigating Risks
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Blog

Safeguarding Your Finances: Understanding UPI Frauds and Mitigating Risks

Understanding UPI Frauds: With the rapid growth of digital transactions in India, the Unified Payments Interface (UPI) has emerged as a popular and convenient mode of transferring money. However, with the increased adoption of UPI, there has also been a rise in various types of frauds targeting unsuspecting users. In this article, we will explore common types of UPI frauds and provide valuable tips on how the general public can mitigate the risks associated with them. Types of UPI Frauds: Phishing Attacks: Fraudsters often use deceptive emails, messages, or fake websites to trick users into revealing their UPI credentials. Mitigation: Be cautious of unsolicited messages or emails. Always verify the authenticity of the website and double-check the sender's details befor...
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