Online Fraud

The scammers forced Bahuguna to switch off all electronic devices, forbade him from communicating with anyone, and coerced him into making multiple financial transactions

The year 2024 brought innovations in AI applications, from healthcare to fighting online fraud, and more. However, this election year also raised concerns about AI biases and deepfakes

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New York's lawsuit comes as consumers are losing billions to financial fraud to scammers using more advanced tools

Victims first receive an SMS, supposedly from India Post, about undeliverable parcels due to incorrect addresses, with a link to update details. Soon after, a scammer calls, urging quick action

Sri Lankan police have arrested at least 200 foreigners, the majority of them Indians, for allegedly engaging in online financial scams, a media report said on Saturday. The Criminal Investigations Department also found that funds obtained through such frauds have been deposited in bank accounts in the UK, Dubai and India. News portal NewsFirst.lk quoted officials from the Criminal Investigation Department who said that there were Chinese, Bangladeshi, Pakistani and Nepali nationals among those arrested but a majority of them were Indian nationals. About 400 computers used by the suspects are being subject to investigation. Earlier on Friday, police spokesman SSP Nihal Thalduwa said some 60 Indians were arrested on Thursday from the Colombo suburbs of Madiwela and Battaramulla and the western coastal town of Negombo. The CID had conducted simultaneous raids in these areas leading to the seizure of 135 mobile phones and 57 laptops. The crackdown was the result of a complaint from

At least 60 Indian nationals part of a group engaged in online financial scams have been arrested by Sri Lanka's Criminal Investigations Department. They were arrested on Thursday from the Colombo suburbs of Madiwela and Battaramulla and from the western coastal town of Negombo. According to Police Spokesman SSP Nihal Thalduwa, the CID conducted simultaneous raids in these mentioned areas, leading to the seizure of 135 mobile phones and 57 laptops. The crackdown follows a complaint from a victim who was lured into a WhatsApp group promising cash for social media interactions. Further investigation revealed a scheme where victims were coerced into making deposits after initial payments. In Peradeniya, a father-son duo admitted to aiding the fraudsters, Daily Mirror Lanka newspaper reported. Key evidence uncovered during a luxury house raid in Negombo led to the initial arrest of 13 suspects and the seizure of 57 phones and computers. Subsequent operations in Negombo yielded 19 ...

One reason for cyber frauds is limited investments in governance protocols

Bank advised users not to post anything on its X page. The bank page has 0.25 million followers

Over half of the respondents reported unauthorised charges on their credit cards by both domestic and international merchants

Scammers often target individuals to trick them into giving away money or sensitive information

Feature involves sending an immediate alert to the account holder before allowing any unusual or suspicious transaction initiated through their bank account

"Pig butchering," a term that refers to the practice of fattening a hog before slaughter, originated in China and went global during the pandemic

Fraud has increased for 54% of Indian organisations year-on-year, according to LexisNexis True Cost of Fraud Study - Asia Pacific

Multiple customers having Axis Bank credit cards have been impacted by fraudulent overseas transactions, a senior official from the third largest private sector lender said on Thursday. Sanjeev Moghe, head of cards and payments at the city-based lender, said starting Tuesday evening, customers witnessed unauthorised transactions where they received transaction alerts on certain low-value purchases being carried out at some e-commerce sites. There has been "no data breach" at the bank's end, Moghe said, asserting that the scale of such transactions is very limited and customers' data is safe and secure. Amid growing social media chatter about such unauthorised transactions going through, Moghe said the bank's internal mechanisms stopped some transactions but added that many customers have been impacted. The bank witnessed spends of about Rs 500 crore per day by its credit card customers, Moghe said, adding that when compared with it, the extent of such transactions has been "very ..

Scammers targeting institutions such as hospitals, schools and government offices for ransom pocketed $1.1 billion last year, compared with $567 million in 2022

Highlighting the menace posed by online financial frauds, Kerala Police has said that last year alone it resulted in a total loss of around Rs 201 crore to 23,753 people in the state. Police said that its Cyber Wing was able to recover 20 per cent of this amount and also blocked 5,107 bank accounts, 3,289 mobile numbers, 239 social media accounts and 945 websites that were used to commit the frauds. In a release issued by the State Police Media Centre, the police urged people to report online financial frauds within two hours of the incident to 1930 number. This would increase the chances of recovering the amount lost by the victim of the fraud, it said. "Delay in making complaints is a major problem faced by Kerala Police. If the information is reported to the cyber helpline number 1930 within two hours of the loss of money, the chances of recovering the money are very high. "But often the police receive complaints after 10 days of depositing the money. This gives the fraudsters .