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Prime Minister Narendra <keyword id="19899684" type="General" weightage="20" keywordseo="Modi" source="keywords">Modi</keyword> on Friday said the government is making necessary <keyword id="20861068" type="General" weightage="20" keywordseo="policy-changes" source="keywords">policy changes</keyword>, like removal of <keyword id="20279287" type="General" weightage="20" keywordseo="Angel-Tax" source="keywords">Angel Tax</keyword>, to promote the <keyword id="19945816" type="General" weightage="100" keywordseo="fintech" source="keywords">fintech</keyword> sector, even as he asked the <keyword id="19962476" type="General" weightage="20" keywordseo="regulators" source="keywords">regulators</keyword> to take additional measures to check cyber frauds which can have a crippling impact on startups. Lauding the fintechs for democratising <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, Modi said the sector, which has attracted USD 31-billion investment in the last 10 years, has played a key role in denting the parallel economy. The Prime Minister was addressing the Global Fintech Fest (GFF) 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council. He said the domestic economy and the capital market are in a celebratory mood at a time when the nation is also going through a festive period. Modi underlined that the government is making all necessary changes on the policy level to assist the fintech sector and gave examples of doing away with Angel Tax, allocating Rs 1 lakh crore to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act. Broadly, fintech refers to entities utilising technologies for providing financial services. Expressing the need to put an end to <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, he urged the regulators to take major initiatives to boost digital literacy. It is equally important to ensure cyber fraud does not come in the way of the growth of fintech and startups in the country, Modi said. In his speech, the Prime Minister also cautioned about the dangers of a parallel economy for the world. Fintech, he said, has played an impactful role in denting such a system and credited the emergence of transparency. He said that digital technology has introduced transparency in India and gave the example of the implementation of Direct Benefit Transfer used in hundreds of government schemes that has prevented leakages in the system. "Today, people can see the benefits of aligning with the formal banking system," he said. Modi further said the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of 'Cash is King' and made way for approximately half of the <keyword id="20004116" type="General" weightage="20" keywordseo="digital-transactions" source="keywords">digital transactions</keyword> in the world taking place in India. "India's <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> has become a major example of fintech in the world," he said, adding that it has enabled 24X7 banking services in every village and city in all weather conditions. Underlining the role of fintech in democratising financial services, the Prime Minister gave examples of readily available loans, credit cards, investments and insurance. He said that fintech has made access to credit easy and inclusive, and gave the example of PM SVANidhi scheme that has enabled street vendors to avail collateral-free loans and further expand their business with the help of digital transactions. "Sustainable <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> is India's priority today," he said and emphasised that the government is creating robust, transparent and efficient systems to strengthen financial markets with advanced technologies and regulatory frameworks. About 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and other countries are participating in the fest.

Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

Union Finance Minister Nirmala Sitharaman on Thursday said that while government institutions, <keyword id="6368751" type="General" weightage="20" keywordseo="banks" source="Orion">banks</keyword> and <keyword id="114713" type="General" weightage="20" keywordseo="insurance-companies" source="Orion">insurance companies</keyword> were building greater awareness over cyber fraud, there was a need for people also to be more alert against cheats who were out to game the system. Speaking at the 'DATE with Tech' event in the national capital, Sitharaman said the government regularly examines public sector banks and the RBI checks its own systems in order to prevent <keyword id="70382" type="General" weightage="20" keywordseo="cyber-frauds" source="Orion">cyber frauds</keyword>, in which victims are tricked via <keyword id="10861" type="General" weightage="20" keywordseo="phone" source="Orion">phone</keyword> or <keyword id="6369206" type="General" weightage="20" keywordseo="sms" source="Orion">SMS</keyword>, while insurance firms assess their own systems as well. "India is in a transitional stage, we are at a stage where we are transforming from what was before to what is now, which is completely digital," Sitharaman added. She said there is worry on a small scale about people receiving arbitrary calls that trap them and cause them to lose money. "Those people who game the system probably are one notch ahead of us in terms of using and misusing technology. On that, there is a lot of work required. It is a never-ending game because technology is such an animal that keeps moving and racing much ahead of you. You have to be sure that you got the reins in your hand," Sitharaman said. The Union Minister said big organisations with systemically sensitive information should have sufficient technology and staff that are properly educated to firewall their systems on a daily basis. They also need to continuously assess whether the firewall is still capable of doing its job. She also highlighted India's achievement in developing a comprehensive digital infrastructure known as the "India Stack". This initiative, funded by public resources, integrates various digital elements, marking a significant leap in the nation's digitiaation journey which has been appreciated by other countries as well. Sitharaman said in the recent G20 Digital Public Infrastructure conference people were really surprised that a country like India could not only utilise the talent which is available with public funds and be able to scale it up at the ground level.

Banks, RBI keeping close watch to tackle cyber fraud: Sitharaman

Keeping the upcoming festive season and growing online frauds in mind, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> on Tuesday announced a partnership with <keyword id="72592" type="CITY" weightage="20" keywordseo="Bajaj-Allianz">Bajaj Allianz</keyword> General Insurance Company to offer ‘Digital Suraksha Group Insurance for customers in the country. The "Digital Suraksha Group Insurance" policy will cover financial losses caused by various kinds of online frauds and cyber attacks that might occur during digital transactions. The customers can choose for a one-year cover at premiums as low as Rs 183 for a cover of Rs 50,000, Rs 312 for Rs 1 lakh, and Rs 561 for Rs 2 lakh for a 12-months tenure, with covers also extending up to Rs 10 lakh. "As the festive season nears, we want to ensure that the customers' online shopping experience, across any digital medium, is devoid of stress and apprehensions," said Ranjith Boyanapalli, Head, Fintech and Payments Group, Flipkart. The policy can be availed while buying certain models of mobiles, laptops, tablets, and audio devices on Flipkart. The insurance compensates for direct financial loss (up to the sum insured) due to unauthorised digital financial transactions as a result of identity theft arising out of cyber attacks, phishing/spoofing and SIM-jacking. The policy covers online transactions for debit cards, credit card, digital wallets, UPI/Internet banking (All bank accounts, credit and debit cards and mobile wallets), the company said in a statement. "With this Digital Suraksha Group Insurance introduced on Flipkart's platform, at less than 50 paise per day, you can protect yourself against the financial risk of getting defrauded online," said Tapan Singhel, MD and CEO, Bajaj Allianz General Insurance. The claim is admissible if a loss of funds is reported within 90 days of the occurrence and multiple claims/incidents are covered up to the sum insured. The policy offers worldwide cover and offers protection while travelling international. "During this Covid-19 era, as you shop online, this insurance will provide coverage against various cyber threats, thus making your online experience worry-free," Singhel said. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/google-doodle-celebrates-zohra-sehgal-everyones-favourite-dadi-an-indian-royal-and-doctor-who-star/articleshow/78377815.cms">Google Doodle celebrates Zohra Sehgal — Everyone's favourite dadi, an Indian royal and Doctor Who star</a> <a href="https://www.businessinsider.in/business/startups/news/super30-alumni-founded-startup-wants-to-take-forward-the-legacy-of-his-alma-mater/articleshow/78377011.cms">Super30 alumni founded startup wants to take forward the legacy of his alma mater</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-infosys-central-bank-of-india-dhfl-anuh-pharma-shalby-balaji-telefilms-and-others/articleshow/78376167.cms">Top stocks to watch— Infosys, Central Bank of India, DHFL, Anuh Pharma, Shalby, Balaji Telefilms and others</a>

Flipkart partners with Bajaj Allianz to offer cyber fraud insurance for online transactions

New Delhi, July 6 (IANS) What if your boss or senior messages you on Facebook and asks for money telling you that his wife is in hospital and seriously ill? Chances are that you might transfer the said amount as early as possible considering the seriousness of the situation. Now, in an interesting case of cyber fraud, Delhi Police has arrested a man who posed as the victim's senior by creating a fake Facebook ID and then contacting the victim and asking for immediate transfer of Rs 60,000 into his Paytm account to get his wife treated in hospital. The victim transferred Rs 58,000. "The matter came to light when the complainant gave a call to his senior inquiring about the health of his wife in a goodwill gesture. However, he was shocked to know that no such money request was made by his senior on Facebook. It was then he realised that he had been duped. We later registered a case at Burari police station and started the investigation," said DCP North Monika Bhadwaj. During the course of investigation technical surveillance was mounted and on the basis of surveillance the accused was zeroed in and his location was found to be in Lohawan, Mathura (UP). Delhi Police then raided several places in Mathura and the accused Ravi Kumar was arrested. During interrogation, accused Ravi Kumar disclosed that he belongs to village Devasaras, which is known as hub of OLX/PAYTM cheaters, police said. He used to have a mobile repairing shop. He came in contact with one Kanhaiya, who was actively involved in the OLX/PAYTM frauds. He started working with Kanhaiya. He obtained a SIM card on a fake ID and opened a Paytm wallet. He created a fake Facebook ID of the victim's senior and sent a money request to the complainant. The accused further disclosed that one of his associates Khalid used to bring Paytm wallets of other village boys into which he transferred the fraud amount. Khalid was hired by him to withdraw the said amount and in return the accused shared 10 per cent of the total amount withdrawn with Khalid who is still absconding. --IANS zaz/kr

Cyber fraud dupes man posing as his boss on Facebook

In this age of increasing cyber crimes, it’s not easy to evade the <keyword id="96298" type="UNKNOWN" weightage="20" keywordseo="cyber-criminals">cyber criminals</keyword> from posing a threat to our personal data and money. In a recent case, cyber criminals conned banks, credit-card networks and a payment-security firm while moving hundreds of millions of dollars, as per the US government. 
 
The analysts have also said that this thing can easily happen again and it won’t be easy to stop this. 
 
On Tuesday, United States prosecutors announced indictments against a hacking ring which is linked to stock manipulation, gambling and fake pharmaceuticals. Reportedly, conmen veiled recipients as pet-supply and dress stores to move money through the global banking system. On being objected upon by financial firms, the group pretended to be shocked, paid fines and opened new accounts. 
 
Also, in a shocking turn of events, the hackers even hacked a security company, which was ironically supposed to detect their con. 
 
"Shame on this firm for being a victim, because if you're in that position you know the bad guys are coming after you," said Julie Conroy, a security specialist at payments researcher Aite Group. Big banks from around the globe have made a pledge to step up their efforts to stop these crimes; some would even pay billions of dollars in fines for past failings. 
 
Al Pascual, director of fraud and security at Javelin Strategy &amp; Research said that this was going to become much more common. "The level of complexity and sophistication here is very unique. But that being said, it's not as though others aren't trying to replicate it or are actively replicating these very steps,” he said. 
 
These tactics, via which money is laundered, were just one aspect of the actual picture, which is bigger and scarier. Gery Shalon, a 31-year-old Israeli from the Republic of Georgia who was arrested in July is at the center of all this. He is said to have used hacking as the backbone of a criminal conglomerate, which is reported to run illegal Internet casinos and elaborate pump-and-dump stock schemes. Shalon is being waited to be transferred to New York for trial. 
 
As per security analysts, the case clearly indicates how financial firms need to be more aware about their customers and the merchants who accept payments in form of cards. Regulators also need to consider making some change in its rules so that it is easier for the firms to share information with each other about cases they feel could be potential threats. 
 
"Everyone is subject to sophisticated data breaches, none of us are immune. From the best banks to the worst to the watchdogs. Good criminals can break in anywhere." 
 
<a href="https://s3.amazonaws.com/thinkific/courses/course_card_image_000/004/5721439493428.original.jpg?1439493428">Image source</a>

Banks facing the highest risk from cyber
criminals

The number of cyber frauds in India has spiked as more people start using <keyword id="48346" type="TECHNOLOGY" weightage="80" keywordseo="Mobile-banking">mobile banking</keyword>, <keyword id="285745" type="ORGANIZATION" weightage="80" keywordseo="NEFT">NEFT</keyword> and <keyword id="6356014" type="ORGANIZATION" weightage="80" keywordseo="RTGS">RTGS</keyword>, a recent study by PwC and ASSOCHAM states. 
 
"Whether it's financial transactions, customer experience, marketing of new products or channel distribution, technology has become the biggest driver of change in the financial services sector. Most financial institutions are therefore insisting on cashless and paperless transactions," the report said. 
 
The mobile frauds jumped from less than Rs 10 Crores in 2011-12 to around Rs 70 Crores in 2014-15. 
 
The most common kind of frauds include documentation frauds, diversion of funds, identity theft and cyber related theft targeting customers directly. In cyber frauds the customers were cheated through site cloning, hacking, debit card scheming, social engineering and computer viruses amongst others. 
 
"Mobile banking application being mapped to an incorrect mobile number: For bank customers who do not use mobile banking, an employee of the bank could attach an associate's mobile number to the bank account and install a mobile application on his mobile device. The customer's account is compromised by the associate and he or she does not get any notification about the same," the report said. 
 
(Image credit: Indiatimes)

Cyber frauds increased after growth in
mobile banking, NEFT and RTGS

<div class="image-container float_right" style="width:480px"><div class="image"><a href="http://www.flickr.com/photos/23905174@N00/2438005410/">Flickr/Don Hankins</a></div></div>NEWARK, N.J./BOSTON (Reuters) - Federal prosecutors said on Thursday they have charged five men responsible for a hacking and credit card fraud spree that cost companies more $300 million and two of the suspects are in custody, in the biggest cyber crime case filed in U.S. history.
They also disclosed a new security breach against Nasdaq, though they provided few details about the attack.
Other companies targeted by the <keyword id="11094" type="UNKNOWN" weightage="60" keywordseo="Hackers">hackers</keyword> include a <a class="cite">Visa</a> Inc licensee, J.C. Penney Co, <a class="cite">JetBlue</a> Airways Corp and French retailer <a class="cite">Carrefour SA</a>, according to an indictment unveiled in <a class="cite">New Jersey</a>.
Authorities have been pursuing the hackers for years. Many of the breaches were previously reported, though it appeared the one involving <a class="cite">Nasdaq OMX Group</a> Inc was being disclosed for the first time.
Prosecutors said they conservatively estimate that the group of five men from <a class="cite">Russia</a> and <a class="cite">Ukraine</a> helped steal at least 160 million payment card numbers, resulting in losses in excess of $300 million.
Authorities in <a class="cite">New Jersey</a> charged that each of the defendants had specialized tasks: Russians <a class="cite">Vladimir Drinkman</a>, 32, and <a class="cite">Alexandr Kalinin</a>, 26, hacked into networks, while <a class="cite">Roman Kotov</a>, 32, mined them for data. They allegedly hid their activities using anonymous web-hosting services provided by <a class="cite">Mikhail Rytikov</a>, 26, of <a class="cite">Ukraine</a>.
Russian <a class="cite">Dmitriy Smilianets</a>, 29, is accused of selling the stolen data and distributing the profits. Prosecutors said he charged $10 for U.S. cards, $15 for ones from <a class="cite">Canada</a> and $50 for European cards, which are more expensive because they have <a class="cite">computer chips</a> that make them more secure.
The five hid their efforts by disabling <a class="cite">anti-virus software</a> of their victims and storing data on multiple hacking platforms, prosecutors said. They sold payment card numbers to resellers, who then sold them on online forums or to "cashers" who encode the numbers onto blank plastic cards.
"This type of crime is the cutting edge," said <a class="cite">New Jersey U.S.</a> Attorney <a class="cite">Paul J. Fishman</a>. "Those who have the expertise and the inclination to break into our computer networks threaten our economic wellbeing, our privacy and our national security."
The indictment cited <a class="cite">Albert Gonzalez</a> as a co-conspirator. He is already serving 20 years in prison after pleading guilty to helping mastermind one of the biggest hacking fraud schemes in U.S. history, helping steal millions of credit and debit cards.
Prosecutors say the defendants worked with Gonzalez before his arrest in Miami, then continued on a crime spree after his capture.
Drinkman and Smilianets were arrested in June 2012, while traveling in <a class="cite">the Netherlands</a>, at the request of U.S. authorities. Smilianets was extradited last September and is expected to appear in <a class="cite">New Jersey Federal court</a> next week. Drinkman is awaiting an extradition hearing in <a class="cite">the Netherlands</a>.
Prosecutors declined comment on the whereabouts of the other three defendants.
<a class="cite">Tom Kellermann</a>, a vice president with security software maker <a class="cite">Trend</a> Micro, said he thinks the prospects are dim that they will be caught because authorities in some countries turn a blind eye to cyber criminals.
"There is an enormous shadow economy that exists in <a class="cite">Eastern Europe</a>. In some countries, sophisticated hackers are seen as national assets," he said.
<a class="cite">Kalinin</a> and Drinkman were previously charged in <a class="cite">New Jersey</a> as "Hacker 1" and "Hacker 2" in a 2009 indictment charging Gonzalez in connection with five breaches.
<h3>NASDAQ BREACH</h3>
The <a class="cite">U.S. Attorney's Office</a> in Manhattan announced two other indictments against <a class="cite">Kalinin</a>, one charging he hacked servers used by Nasdaq from November 2008 through October 2010. It said he installed malicious software that enabled him and others to execute commands to delete, change or steal data.
The infected servers did not include the trading platform that allows Nasdaq customers to buy and sell securities, prosecutors said. Officials with Nasdaq said they could not immediately comment.
A source with knowledge of the breach said on Thursday the indictment was not related to a 2010 attack that Nasdaq had previously disclosed, which was targeted against Directors Desk, a service used by corporate boards to share documents and communicate with executives, among other things.
The source, who asked to remain anonymous due to the sensitivity of the matter, said that hackers appear to have used their access to the firm's network to create their own landing page on a Nasdaq website, where users were directed when they wanted to change their passwords.
The second indictment filed against <a class="cite">Kalinin</a> in Manhattan, which was unsealed on Thursday, charged that he worked with a sixth hacker, Russian <a class="cite">Nikolay Nasenkov</a>, 31, to steal bank account information from thousands of customers at Citibank and <a class="cite">PNC Bank</a> from 2005 to 2008, resulting in the theft of millions of dollars.
<h3>MAKING PROGRESS</h3>
<a class="cite">Mark Rasch</a>, a former federal cyber crimes prosecutor, told Reuters that the arrests show that law enforcement is making progress in identifying those responsible for major cyber crimes.
"They involve dozens or even hundreds of people huddled over computer terminals all over the world in a common purpose of stealing of disseminating credit card numbers," said Rasch, who was not involved in bringing the case.
Among the breaches cited in the <a class="cite">New Jersey</a> indictment, prosecutors charged that the group was responsible for the theft of more than 130 million credit card numbers from U.S. <a class="cite">payment processor</a> <a class="cite">Heartland Payment Systems Inc</a> beginning in December 2007, resulting in approximately $200 million of losses. That was the same case for which Gonzalez was convicted and which was the largest case of its kind before the latest indictments.
Heartland released a statement praising authorities for their work: "We hope that this indictment further delivers the message that prolific hacking organizations worldwide will be pursued and charged for crimes such as this one."
The indictment charged that they took approximately 30 million payment card numbers from British <a class="cite">payment processor</a> <a class="cite">Commidea Ltd</a> in 2008 and 800,000 card numbers from <a class="cite">Visa</a> Inc's licensee <a class="cite">Visa</a> <a class="cite">Jordan</a> in 2011.
An attack on <a class="cite">Global Payment Systems</a> that begin in about January 2011 resulted in the theft of more than 950,000 cards and losses of about $93 million, according to the indictment.
It charged the ring with stealing approximately 2 million credit card numbers from French retailer <a class="cite">Carrefour SA</a>, beginning as early as October 2007 and said the theft of card numbers from Dexia Bank Belgium resulted in $1.7 million in losses.
Other victims included Dow Jones, <a class="cite">Wet Seal</a> Inc and 7-<a class="cite">Eleven Inc</a>, according to prosecutors.
Dow Jones said in a statement that there was "no evidence" that information of Dow Jones or <a class="cite">Wall Street Journal </a>customers information was compromised as a result of the breaches.
Officials with Carrefour, Global Payments and JCPenney declined comment.
(Reporting by David Jones and Jim Finkle; Additional reporting by John McCrank, Christian Plumb, Phil Wahba, Beth Pinsker, Varun Aggarwal, Jennifer Saba, Beth Gladstone, Aman Shah and <a class="cite">David French</a>; Writing by Jim Finkle; Editing by Scott Malone, Alden Bentley and Claudia Parsons)

You Searched For "cyber fraud" and got 7 results

Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

PTI

Banks, RBI keeping close watch to tackle cyber fraud: Sitharaman

IANS

Flipkart partners with Bajaj Allianz to offer cyber fraud insurance for online transactions

IANS

Cyber fraud dupes man posing as his boss on Facebook

IANS

Banks facing the highest risk from cyber criminals

Cyber frauds increased after growth in mobile banking, NEFT and RTGS

BI India Bureau

US Indicts Hackers In Biggest Cyber Fraud Case In History

David Jones and Jim Finkle, R…

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