Frauds

The auditors have raise concerns over possible financial discrepancies, prompting Bizongo to launch an internal investigation via existing consultant PwC while dealing with leadership changes and escalating lender disputes.

'Digital arrests', Aadhaar and other scams: How to safeguard yourself against rising cybercrimes

Common Scams in India: Be hypervigilant when dealing with unknown service providers or strangers, especially if they ask you to download any app or install a software.

In a first, Karnataka police to deploy AI tools for fund trail analysis, dark web monitoring

The Karnataka Criminal Investigation Department (CID) will also use tech tools for disinformation analysis and intelligence collection.

Cases of fraud at PSBs rise nearly sixfold in FY24 over FY23

However, an analysis of eight top public sector banks showed that while the total number of frauds surged, the total amount involved was Rs 7,134 crore, down by more than 50%.

Number of frauds in banking sector rises in FY24, amount declines 47%

The RBI report also said that with an aim to curb frauds and enhance the payment experience further, the introduction of real-time payee name validation before the actual fund transfer will be explored in compliance with newly enacted "The Digital Personal Data Protection Act, 2023".

How well do corporate governance, laws work against preventing corporate frauds?

A recent SEBI ruling about a company allegedly involved in fraudulent transactions and siphoning off funds through related party transactions has some lessons

Karnataka to conduct socio-economic and behavioural analysis to tackle investment frauds

The Office of the Special Officer & Competent Authority, tasked with investigating scams like the I-Monetary Advisory (IMA) scam under the Karnataka Protection of Interest of Depositors in Financial Establishments Act, will carry out a detailed study on investment patterns, repercussions, and necessary interventions.

BEWARE of this trading scam | SEBI warns against frauds in the name of Foreign Portfolio Investors

SEBI has warned investors of people posing as employees or affiliates of the market regulator-registered Foreign Portfolio Investors (FPIs) and promising trading opportunities to people. The regulator clarified that the FPI investment route is unavailable to resident Indians. So how are these fraudsters managing to scam people, what is their modus operandi and how can you be more vigilant going ahead. Watch this video for more!

Fraud cases reported by banks decline to 6-year low in 2022-23: RBI report

The RBI report added that the average amount involved declined during 2022-23, with majority of the cases concentrated in card-related transactions or internet-related frauds

Spotting multibaggers, detecting frauds and checks & balances before investing | The Wealth Formula

On the second episode of The Wealth Formula with Mahalakshmi, we have an accomplished value investor who wears multiple hats – an investor, a teach and an entrepreneur. With more than three decades of experience in public markets, he was earlier a partner at Sage One Capital and now runs his own investment firm called Oaklane Capital. He teaches at the Flame University Pune. And his entrepreneurial endeavor involves developing an AI assisted tool called the needle.ai which helps you filter out the unnecessary information and cut out the noise which is of course very important for all investors. Listen in to Kuntal Shah!

Facing Issues While Shopping Online? Know Your Rights

We all prefer buying things online when it comes to shopping. But at times we end up getting cheated in the process. Well, as a customer you must know that you have various ways to deal with such issues. Watch this video to know more!

MC Explains | As Kotak Bank writes to RBI on standard fraud disclosure norms, 7 key questions answered

Private banks reported more frauds than their public sector bank peers in FY22 but the amount involved was lower than that of PSU lenders

Kotak Bank says wrote twice to RBI noting significant variance in frauds reported by other banks

The private bank claimed there is a significant variance in what is chosen to be reported to the regulator by other banks.

No successful data breach yet, but tighter third-parties checks must for preventing privacy breach, HDFC Bank CISO says

More awareness among customers and employees essential to prevent data leakage, the CISO said

Indian banks reported 248 data breaches in last four years, says government

Of the total 248 successful data breaches, 41 were reported by PSBs, while private sector banks reported 205 data attacks

India’s top 25 wilful defaulters owe about Rs 59,000 crore to banks, says Centre

Mehul Choksi promoted Gitanjali Gems Ltd is the top wilful defaulter with Rs 7,110 crore in dues

RBI annual report | Bank frauds got smaller in FY22 but bankers didn’t get smarter

The number of frauds has increased in FY22 but the amount involved has dropped sharply. Detection and reporting of frauds, however, continues to be slow and inadequate

Bank frauds: RBI looking into role of forensic audits

The banking authority will also issue norms for declaration and processing of red-flagged accounts.

No "witch hunt" in future for genuine decisions: Government to banks

MoS Finance Anurag Thakur said that banks should treat the Insolvency and Bankruptcy Code as the last resort for resolution of stressed assets and approach the NCLT only when other options have been explored.

RBI data shows rise in ATM frauds for FY18-19; Maharashtra tops the list: Report

Tamil Nadu came in second, with losses worth Rs 3.63 crore for the same period and Delhi recorded 179 cases which cost the national capital Rs 2.9 crore

Consumers should ask relevant questions on use of their data: Experian India

Risk-based pricing in India is still at a nascent stage. With the strengthening of credit bureau presence, credit score-based underwriting and alternative methods of risk evaluation, we can expect risk-based pricing to pick up over time.

Banks lax on compliance and risks avoidance, finds Deloitte fraud survey

Banks appear to be underestimating their ability to prevent frauds and this may impact the nature of anti-fraud compliance programmes being developed

Karnataka Bank discloses fraud of Rs 86.5-cr loans extended to Gitanjali Gems

The private sector bank said it has no exposure to the LoUs relating to the Punjab National Bank fraud worth Rs 13,000 crore

Govt must reduce stake in public sector banks to check on frauds

In 2014, PJ Nayak committee report on ‘Governance of Boards of Banks of India’ recommended that Govt must distance itself from several bank governance functions