PayME Fintech Solutions

According to Indian Cyber Crime Coordination Centre (I4C) Indians lost more than Rs 1,750 crore to cyber criminals in the first four months of 2024 with over 7 lakh 40 thousand cybercrime complaints being registered on the National Cybercrime Reporting Portal run by the ministry of home affairs between January to April 2024.

Source: THE ECONOMIC TIMES

Nearly 800 digital payment fraud cases are reported every day in India, nearly 10 times more than what RBI’s annual report showed. This is because the central bank’s took into account cases above Rs 1 lakh only.

Source: THE ECONOMIC TIMES

Online company sends Slippers instead of ₹ 23,000 Sneakers, denies Refund

Source: NDTV

Insurance companies in India have experienced a rise in instances of fraud within the life and health insurance categories. This is the main finding in Deloitte’s Insurance Fraud Survey 2023. Nearly 60% of the survey respondents believe that there has been a significant rise in fraud, while further 10% said there is a marginal increase.

Source: Banking Frontiers

Sri Lankan police have detained over 200 foreigners, mostly Indians, for allegedly participating in online financial scams, according to a media report on Saturday. The Criminal Investigations Department discovered that the fraudulent funds were deposited in bank accounts in the UK, Dubai, and India.

Source: NDTV

Blockchain

Over the past five years, banking sector fraud cases have increased more than fourfold to 36,075. However, the financial impact has significantly decreased, dropping to approximately Rs 14,000 crore in FY24 from over Rs 1.85 trillion in FY20.

Source: Business Standard

Glad to announce that the three best performers of our company on June 2024 are Janhavi Tripathi from Human Resource Department, Md. Imran Mahmud from Public Relations Department and Mannu Baveja from Software Development Department. Hope they will keep doing best and other employees will be inspired to work more diligently to achieve this honour.

Source: THE ECONOMIC TIMES

Source: QUARTZ
03.07.2017

*archived article

An estimated 95% of transactions in India are paid for in cash but with the growing pe*******on of computers and smartphones, and increasing access to the internet, Indians are taking to digital channels for their banking needs. Cybercrime is becoming a greater threat as a result. The FSR labeled cyber-attacks as a high-risk zone for India’s banking sector. The RBI classifies bank fraud as transactions involving any cheating, negligence, misappropriation of funds, or forged documents. “Not only simple attacks using phishing, vishing and social engineering, but also increasingly audacious attacks by organised gangs with or without backing by state players have come to light,” the RBI said. The clamour to secure India’s banking system increased following a massive data breach of 3.2 million debit and credit cards last year, one of the biggest attacks in the country. Another red flag was the recent global ransomware attack that affected the computer systems of governments and several companies in various countries, including India. The RBI recommended that banks invest in preventive software and frequently assess the risks at hand, not just for in-house operations but also for the external vendors that the lenders employ.

-Nupur Anand
03-07-2017
Source: QUARTZ